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Trump’s Treasury Pick Made Millions Kicking Old People Out of Their Homes

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Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes

Trump's Treasury Pick Excelled at Kicking Elderly People Out of Their Homes*/

– Bt Paul Kiel and Jesse Eisinger, ProPublicaIn 2015, OneWest Bank moved to foreclose on John Yang, an 80-year-old Korean immigrant living in Orange Park, Florida, a small suburb of Jacksonville.The bank believed he wasn’t living in his home, violating the terms of its loan.It dispatched an agent to give him legal notification of the foreclosure.
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Trump’s Treasury Pick Made Millions Kicking Old People Out of Their Homes

Trump’s Treasury Pick Made Millions Kicking Old People Out of Their Homes*/

– Photo: APLate last month, President-elect Donald Trump announced that he would nominate Steven Mnuchin, a former Goldman Sachs man and chairman of OneWest Bank, as Treasury Secretary.Last month, two California-based housing watchdog groups accused OneWest of racially discriminatory lending, which is par for the course really, given that Trump himself first made headlines when the Department of Justice accused him and his father of racially discriminatory housing practices back in the 1970s.Following the 2008 financial crisis, Mnuchin bought the failed mortgage lender IndyMac, rebuilding it (with $1.2 billion in aid from the FDIC) under the name OneWest, before selling it in 2015, making about $380 million on the sale.
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Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes

Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes*/

– When Steven Mnuchin ran OneWest, the bank aggressively and in some cases, wrongly, foreclosed on elderly homeowners with reverse mortgages.The bank had a disproportionate share of such foreclosures.Spencer Platt/Getty ImagesIn 2015, OneWest Bank moved to foreclose on John Yang, an 80-year-old Korean immigrant living in Orange Park, Florida, a small suburb of Jacksonville.
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