Steven Mnuchin nominated for US treasury secretary Read more“It was really, really traumatic,” Montes-Pack recalled one year later. The foreclosure – which he said was based on a predatory loan and improper paperwork – originated with lender OneWest Bank, at the time run by chairman and CEO Steven Mnuchin. The veteran Wall Street financier’s foreclosure practices are receiving fresh scrutiny this week after president-elect Donald Trump announced him as the nominee for US Treasury secretary. The firm was allegedly responsible for 39% of reverse mortgages in recent years even though it only has 17% of the market. Julie Cheney, a California resident whose parents lost their home to a OneWest foreclosure stemming from a reverse mortgage, testified against OneWest before it merged with a company called CIT Group last year.

Source: The Guardian December 02, 2016 14:00 UTC