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Steven Mnuchin is a piece of work

HenryChinaski said:
The very nature of right wing ideology is a lack of empathy, sympathy and altruism. Those are the driving factors.
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:lol: You have never actually sat down and read anything by thinkers that aren't left wing, have you? Do you think the right wing only thinks of things like rights because they're selfish?
 
joG said:
It is just another attempt at whipping up hate and envy. It is dishonest liberal muck throwing.
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Independents will get the honesty in 21 months .
 
poweRob said:
King of Widow Foreclosures. This practice got its name because an elderly man would pull a reverse mortgage and as soon as he died, people like Mnuchin would call in all debt and foreclose on the widow left behind. Then he'd cash in on the government guaranteed loans and mooch that off the taxpayer while throwing these people out on the streets.

This guy is about as low-life sleaze as it gets. Great pick for your cabinet Trump!

Trump Treasury pick Steven Mnuchin has a 'widow foreclosure' problem

Reverse mortgages are advertised as a way for elderly homeowners to get the cash they need and stay in their homes for the rest of their lives.
They don't have to make payments as long as they live in the home, so few ever worry about foreclosure.

But a bank formerly run by Steven Mnuchin, President-elect Donald Trump's nominee for treasury secretary, has a record of aggressively foreclosing on these homeowners, according to some borrowers and fair housing advocates.

The practice is known as a "widow foreclosure," and it was far more common at Mnuchin's bank than at other lenders, according to housing rights advocates.

In addition, the bank allegedly pushed vulnerable borrowers into loans they didn't need and created obstacles to prevent families from repaying loans, which then forced homes into foreclosure and generated huge bank fees. The bank even started one foreclosure over an unpaid bill for 27 cents, according to allegations raised by surviving partners, their relatives and advisers.

In 2009, just after the financial crisis, Mnuchin formed a bank called OneWest to buy the remains of IndyMac, a failed subprime lender, from the FDIC for pennies on the dollar. Financial Freedom, a reverse mortgage lender, came with the purchase.

During the first six years Mnuchin ran the bank, Financial Freedom foreclosed on more than 16,000 reverse mortgages, according to records obtained under the Freedom of Information Act by the public interest group California Reinvestment Coalition.

That accounted for almost 40% of all government-guaranteed reverse mortgage foreclosures, and more than twice what a lender of Financial Freedom's size should have produced, according to the interest group.[/I]​
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Isn't this what he talked about during questioning that needed changing? And what should be changed is letting one spouse take out a reverse mortgage without the signature of the other. There's more to this story...​
 
Heard on NPR this morning that Mnuchin complied with all applicable FDIC and Fed regulations, and was deemed by them as 'doing a good job'.

This wonderful penchant of the political left giving away other people's money, I find it rather surprising that any of them do well in business.


Oh that's right. Michigan Restaurant Using Socialist Business Plan Closes SURPRISING NO ONE
 
poweRob said:
You don't even know what you are talking about. Read the article.

First damn sentence:

Reverse mortgages are advertised as a way for elderly homeowners to get the cash they need and stay in their homes for the rest of their lives.
They don't have to make payments as long as they live in the home, so few ever worry about foreclosure.​

Also, he focused on foreclosing government insured houses which means... GOVERNMENT BAILOUT money.

Read before speaking. It'll save you this embarrassment.
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The reverse mortgage loan recipient chooses the terms of the contract. They can have the loan called when one of them leaves the home or when both of them leave the home. The loan payout is higher with the contract ending when one person leaves. So blaming the reverse mortgage company is inaccurate. The widow is to blame for choosing the contract that throws her out of the house when the husband dies or leaves. I can see that the OP doesn't understand that.
 
reinoe said:
If the bill is short then it's short. Whether a widow is short $300000 or 30 cents it doesn't matter. If liberals cared so much about it then they would have started a charity group that paid the mortgages of people who were short on funding. But they didn't. Instead they demanded bailouts for the world's largest banks so that the bank executives could continue to receive bonuses or buy up smaller banks.
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I read the title as "Munchkin is a piece of work" and then saw your first sentence. :)
 
MaggieD said:
Isn't this what he talked about during questioning that needed changing? And what should be changed is letting one spouse take out a reverse mortgage without the signature of the other. There's more to this story...
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Read more egregious actions in post #8.
 
FAKE NEWS
There was no foreclosure on 27 cents, and it wasn't his company.

poweRob said:
King of Widow Foreclosures. This practice got its name because an elderly man would pull a reverse mortgage and as soon as he died, people like Mnuchin would call in all debt and foreclose on the widow left behind. Then he'd cash in on the government guaranteed loans and mooch that off the taxpayer while throwing these people out on the streets.

This guy is about as low-life sleaze as it gets. Great pick for your cabinet Trump!
Trump Treasury pick Steven Mnuchin has a 'widow foreclosure' problem

Reverse mortgages are advertised as a way for elderly homeowners to get the cash they need and stay in their homes for the rest of their lives.
They don't have to make payments as long as they live in the home, so few ever worry about foreclosure.

But a bank formerly run by Steven Mnuchin, President-elect Donald Trump's nominee for treasury secretary, has a record of aggressively foreclosing on these homeowners, according to some borrowers and fair housing advocates.

The practice is known as a "widow foreclosure," and it was far more common at Mnuchin's bank than at other lenders, according to housing rights advocates.

In addition, the bank allegedly pushed vulnerable borrowers into loans they didn't need and created obstacles to prevent families from repaying loans, which then forced homes into foreclosure and generated huge bank fees. The bank even started one foreclosure over an unpaid bill for 27 cents, according to allegations raised by surviving partners, their relatives and advisers.

In 2009, just after the financial crisis, Mnuchin formed a bank called OneWest to buy the remains of IndyMac, a failed subprime lender, from the FDIC for pennies on the dollar. Financial Freedom, a reverse mortgage lender, came with the purchase.

During the first six years Mnuchin ran the bank, Financial Freedom foreclosed on more than 16,000 reverse mortgages, according to records obtained under the Freedom of Information Act by the public interest group California Reinvestment Coalition.

That accounted for almost 40% of all government-guaranteed reverse mortgage foreclosures, and more than twice what a lender of Financial Freedom's size should have produced, according to the interest group.​
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