Treasury Secretary Nominee Steven Mnuchin Grilled Over Banks, Taxes
on January 19, 2017
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Treasury Secretary nominee Steven Mnuchin faced the Senate Finance Committee on Thursday for his confirmation hearing, answering questions about the dollar and his own investments.
Mnuchin worked at Goldman Sachs for 17 years before he "became an investor at ESL Investments and then with his own fund Dune Capital Management." He rescued IndyMac Bank for $1.6 million, renaming it to OneWest. The project succeeded for Mnuchin, who sold it to CIT Group for $3.4 billion in 2015. However, the project faced scrutiny over its foreclosure practices, which Mnuchin defended during his testimony:
About foreclosures, Mnuchin said OneWest extended 100,000 loan modifications to delinquent borrowers. "In the press it has been said that I ran a 'foreclosure machine.' This is not true. On the contrary, I was committed to loan modifications intended to stop foreclosures. I ran a 'Loan Modification Machine,'" Mnuchin said. He also sought to counter the idea that a foreclosure was financially beneficial to OneWest versus a modification.












