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Steve Mnuchin’s Bank 'Robo-Signed' 6,000 Foreclosures a Week

forward.com | January 7, 2017

By Daniel J. Solomon

Steve Mnuchin’s financial skeletons could come back to haunt him as he tries to win confirmation as President-elect Donald Trump’s Secretary of the Treasury. A leaked memo from the California Attorney General’s office that alleges his bank routinely violated the state’s laws in foreclosing on homes.

A bank executive admitted “robo-signing” foreclosures every 30 seconds, for a total of 6,000 a week at the height of the 2009 financial crisis, according to the document, given to the Intercept by an unnamed source.

Mnuchin’s OneWest bank violated California rules by failing to observe notice and waiting period requirements, backdating documents key to the foreclosure process and fixing home auctions in their favor. Staffers at the office’s Consumer Law section recommended that Attorney General Kamala Harris investigate, which she declined to do so, vexing consumer advocates.

OneWest (originally IndyMac), which Mnuchin bought in 2009 and sold in 2015, already was facing scrutiny for its foreclosure practices, which included tossing out a homeowner in a blizzard and foreclosing on a property due to an underpayment of 27 cents. Democrats have vowed to closely scrutinize Mnuchin’s nomination for this reason.

 

 

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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