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Politics : Formerly About Advanced Micro Devices

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To: koan who wrote (985124)12/2/2016 3:47:38 AM
From: puborectalis  Read Replies (3) of 1570751
 
The shady history of the bank owned by Steven Mnuchin, Donald Trump’s pick for Treasury secretary, is only getting darker as details of the institution’s often ruthless practices resurface.

As a multi-millionaire hedge funder, Mnuchin fattened his personal fortune through his co-ownership of OneWest, a California-based bank that profited during the height of the financial crisis by engaging in an array of unethical practices. OneWest made predatory loans to the elderly via reverse mortgages and went on to aggressively foreclose on people’s homes, according to regulators and watchdogs. Housing advocacy groups accused the bank of racist lending practices like redlining, which is illegal under the Fair Housing Act.
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