Mnuchin’s OneWest Tenure Questioned During Confirmation Hearing

Mnuchin’s OneWest Tenure Questioned During Confirmation Hearing

At his five-hour long confirmation hearing today, Treasury Secretary nominee Steven Mnuchin took questions about his positions on monetary policy, tax reform, foreign investment and economic sanctions, housing finance and the future of the Government Sponsored Enterprises, and on his personal and professional dealings with various companies including OneWest Bank.

Mnuchin was asked repeatedly about OneWest’s role in the foreclosure crisis and whether the lender did enough to prevent people from losing their homes. Mnuchin defended his work at OneWest, which he referred to as “loan modification machine” because of their efforts to help families avoid foreclosure. He emphasized that OneWest followed strict guidelines from FDIC and the HAMP program to determine which loans could be modified. In the case of foreclosures on reverse mortgages, he explained that Financial Freedom followed HUD’s foreclosure guidelines at the time.

To view the hearing online, visit the Senate Finance Committee webpage