Senators want to hear from OneWest foreclosure victims

http://njtoday.net/2017/01/17/senators-want-hear-foreclosure-victims/

Twenty-five U.S. Senators signed a letter to Finance Committee Chairman Orrin Hatch (R-Utah) demanding that he allow victims of financial crisis profiteering to testify during the Treasury Secretary-designee’s Steven Mnuchin’s confirmation hearing.

The hearing for Mnuchin, President-elect Donald Trump’s pick as Treasury secretary, is scheduled for Thursday, the day before Trump is inaugurated.

“If confirmed to serve as Treasury Secretary, Mr. Mnuchin would be responsible for administering loan modification and foreclosure prevention programs established following the 2008 crisis.  And as the Chairman of the Financial Stability Oversight Council, Mr. Mnuchin would be responsible for helping spot and stop the next financial crisis – rather than profiting from it,” the lawmakers wrote.

“His bank’s treatment of families seeking to avoid foreclosure is critical to assessing his fitness to serve as the nation’s top economic policy official,” the senators said.

Mnuchin’s bank, OneWest, put thousands of families into foreclosure and seized their homes during his six-year reign as chairman following the 2008 financial collapse leading to Mnuchin and his investment team pocketing nearly $1.5 billion in profits.

One woman faced foreclosure proceedings initiated by Mnuchin’s bank on her home due to a shortfall in payments of less than one dollar.

“Before deciding whether Mr. Mnuchin should serve as the country’s top economic official, the Committee should hear from some of these families and other Americans who have had first-hand experience with Mr. Mnuchin or the businesses he has led,” the letter said.

The senators stressed the importance of the committee doing a thorough review of Mnuchin’s character and business practices before deciding if he should serve as the country’s top economic official.

Mnuchin is likely to face severe grilling from Democrats over his OneWest Bank tenure.

The letter was signed by U.S. Sens. Menendez, Cory Booker (D-N.J.), Elizabeth Warren (D-Mass.), Debbie Stabenow (D-Mich.), Richard Blumenthal (D-Conn.), Tammy Baldwin (D-Wisc.), Al Franken (D-Minn.), Edward Markey (D-Mass.), Chris Van Hollen (D-Md.), Richard Durbin (D-Ill.), Maizie Hirono (D-Hawaii), Bob Casey (D-Pa.), Jeff Merkley (D-Ore.), Kirsten Gillibrand (D-N.Y.), Ben Cardin (D-Md.), Sherrod Brown (D-Ohio), Bernie Sanders (D-Vt.), Tammy Duckworth (D-Ill.), Diane Feinstein (D-Calif.), Chris Murphy (D-Conn.) Gary Peters (D-Mich.), Maggie Hassan (D-N.H.), Patty Murray (D-Wash.), Sheldon Whitehouse (D-R.I.), and Jeanne Shaheen (D-N.H).

The text of the letter is as follows and can be downloaded here:

January 13, 2017

 

The Honorable Orrin Hatch

Chairman

Senate Finance Committee

United States Senate

Washington, DC 20510

 

Dear Chairman Hatch:

 

We ask that the Finance Committee’s hearing on the nomination of Steven Mnuchin to serve as Secretary of the Treasury include witnesses who can provide context on Mr. Mnuchin’s character and business practices.  As you know, Mr. Mnuchin led the bank OneWest for six years in the aftermath of the 2008 financial crisis, during which time the bank foreclosed on thousands of families and threw them out of their homes.  Before deciding whether Mr. Mnuchin should serve as the country’s top economic official, the Committee should hear from some of these families and other Americans who have had first-hand experience with Mr. Mnuchin or the businesses he has led.        

The Finance Committee has an obligation to hear from these witnesses.  The Constitution authorizes the President to appoint officers of the United States “by and with the advice and consent of the Senate.”  Consistent with that constitutional mandate, Senate Finance Committee Rule 11 states that,“[i]n considering a nomination, the committee may conduct an investigation or review of the nominee’s experience, qualifications, and suitability, to serve in the position to which he or she has been nominated.” 

Mr. Mnuchin’s tenure at OneWest – and his bank’s treatment of thousands of working families struggling to recover from the financial crisis – bear directly on his qualifications and suitability to serve as Secretary of the Treasury.  In the wake of the crisis, Mr. Mnuchin led a team of investors in purchasing a failed bank, which they rebranded as OneWest.  Under Mr. Mnuchin’s leadership, OneWest was known as a “foreclosure machine.”[1]  The bank foreclosed on more than 36,000 homeowners, including the Schaffers – an elderly California couple who lost their home of nearly 50 years even though they had qualified for a government-assisted loan modification[2] – and a 90-year-old woman in Florida after a payment error led to a 27-cent shortfall on her account.[3]  The Federal Reserve fined OneWest for foreclosure abuses during Mr. Mnuchin’s tenure.[4]  Yet within six years, Mr. Mnuchin and the rest of his investor group sold OneWest and pocketed nearly $1.5 billion in profits.[5]         

If confirmed to serve as Treasury Secretary, Mr. Mnuchin would be responsible for administering loan modification and foreclosure prevention programs established following the 2008 crisis.  And as the Chairman of the Financial Stability Oversight Council, Mr. Mnuchin would be responsible for helping spot and stop the next financial crisis – rather than profiting from it.  His bank’s treatment of families seeking to avoid foreclosure is critical to assessing his fitness to serve as the nation’s top economic policy official.

To fulfill the Senate’s constitutional duty, the Finance Committee should hear testimony from a broad range of individuals familiar with Mr. Mnuchin and his business practices.  We hope you will work with us to ensure that Mr. Mnuchin’s nomination hearing before the Finance Committee includes these voices.

Sincerely,

23 Responses

  1. Thumbs up David B! Looking at similar info.

  2. Thanjs Shadow looking at some documentation to fill in blanks. R u still in middle of case then?

  3. LETTER SENT TO MASS SOS AND MASS AND AG.

    AGAIN TO FURTHER ASSIST YOU , BELOW UNDER OATH,AND ALSO DECLARED UNDER PENALTY OF PERJURY, IS ALL ASSETS OF GMAC MORTGAGE,LLC. GOING BACK FROM 2010 TO 2012 TIME OF FILING.

    AS YOU WILL SEE, AFTER GOING THROUGH ALL PAGES, AS I HAVE. THERE IS NO MENTION OF MY MORTGAGE, OR NOTE. SO IT WOULD BE IMPOSSIBLE FOR MERS/ OR THIS FRAUD ASSISTANT SECRETARY OF GMAC MORTGAGE CORPORATION, WILLIAM LONG, TO BE ABLE TO PUT A ASSIGNMENT OF MY MORTGAGE IN AUGUST OF 2012, AT THE REGISTRY OF DEEDS OFFICE. IMPOSSIBLE. IT IS FRAUD.

    NO COMPANY, OR LEGAL ENTITY CAN ASSIGN A ASSET , THEY DO NOT OWN. AT TIME OF ASSIGNMENT. THAT IS FRAUD.

    AGAIN SEE IF YOU CAN FIND MORTGAGE NUMBER, 0589117308, OR EVEN MORTGAGE MIN NUMBER 1000375-0589117308-3. YOU WILL NOT FIND IT AS A ASSET , IN ANY AND ALL SCHEDULES.

    SO THE OFFICE OF THE SECRETARY OF STATE, OFFICE OF REGISTRY , IS AND HAS HELP IN THIS FRAUDULENT ACTIVITY.

    DAVID A BELANGER
    POA, 978-618-3105

    I WOULD LIKE TO HAVE A MEETING ON THIS ISSUE. ASAP WITH THE AG AND SECRETARY OF STATE.

    THANK YOU

    Chief Financial Officer 7/3/2012 / s / James Whitlinger I, James
    declare under penalty of perjury that I have read the foregoing summary and schedules, consisting of 622 sheets , and that they are true and correct ,
    concealing property, ASSETS.

    SOUTHERN DISTRICT OF NEW YORK, NEW YORK In re: GMAC Mortgage, LLC UNITED STATES BANKRUPTCY COURT Case No. 12-12032 (MG) DECLARATION CONCERNING DEBTOR’S SCHEDULES Date Filed 07/03/12 Entered
    ______________________________________ Signature: ______________________________________________________________ James Whitlinger Chief Financial Officer 7/3/2012 / s / James Whitlinger I, James Whitlinger, Chief Financial Officer of the corporation named as debtor in this case, declare under penalty of perjury that I have read the foregoing summary and schedules, consisting of 622 sheets , and that they are true and correct to the best of my knowledge, information, and belief. ——————————————————————————————————————————————————————————– Penalty for making a false statement or concealing property: Fine of up to $500,000 or imprisonment for up to 5 years or both. 18 U.S.C.§§ 152 and 3571. 12-12020-mg Doc 685 Filed 07/03/12 Entered 07/

    https://www.kccllc.net/rescap/document/1212020120703000000000033
    UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW …

    Southern District of New York, New York In re: GMAC Mortgage, LLC UNITED STATES BANKRUPTCY COURT Case No. 12-12032 (MG) B6 Summary (Official Form 6 – Summary) (12/07)

  4. I filed a 3rd party claim because I couldn’t get insurance
    One can not transfer, convey or sell…what one does not have.

  5. Hammertime….
    The beneficial interest holders , their creditors are unsecured.

  6. NPV like I said plenty of blame to go around. The roadmap was set a long time ago like u always say. Obama was just a bump in the road. Us giving? The billionaire’s club is about to TAKE IT ALL! The new billionaire EDUCATION Secretary it came out owns a student loan refinance company! These guys are going to make any rule or metric they want.

  7. Hammertime, what is left to give? Wilson gave them the currency with the creation of the Fed, Roosevelt put us on the fractional gold, and Nixon put the final fiat nail in our coffin. Clinton took down the act that protected us from this type securitization fraud, and Obama gave them trillions to recapitalize their balance sheet, most with the assets of smaller banks that the Obama administration felt were not too big to fail. Trump can only make it easier for them to steal with lower tier one capital requirements on the gouging of BASELIII, which is on its way, but you must admit… Obama gave them the road map.

  8. Hammertime, you are the exact reason that nothing gets done. While you sit here defending President Obama, you make no mention of the 8 year pass you are giving him, which coincidentally is the same period that the banks were given access to trillions to consolidate the assets of other lenders, commit massive foreclosure fraud, and inflation rest to levels that can never be absorbed without significant wage increases over the next 4 years. The Republicans are no better, but your silly comments try to decided which of the two is worse, which is the reason we have Trump in the first place. Obama let you down!

  9. Shadow are creditors unsecured or interest? Also if u can share what was result of ur case? Did u file adverse claim?

  10. It’s happening to anyone and everyone potentially so plenty of blame to go around not just President Obama. At this point like before Republicans want to give banksters a pass. Everybody understands this is Trump giving our country to Wall St right?

  11. Thanks for posting this.

    just tweeted senator hatch’s office asking “would you like to know about a military family(multiple vets 1 active duty) distressed by Onewest banks illegal eviction?”
    Let’s hope we hear back. This family’s story is heartbreaking.

    If they did it to a military family, they’ll do it to anyone.

  12. To the best of my knowledge the owner of beneficial interests Of which has been collatorized ….leaves their creditors unsecured until the tenants of the life estate term has expired.

    Owner of benifical interests or their agents ONLY have a right to protect their interests in the estate. And therefore can only collect from tenants the actual loss they incurred to protect their interests.

  13. In California, agents of the owner of the beneficial interest can initiate foreclosure. California sucks and so does Kamala Harris who refused to prosecute One West Bank when given all the evidence of an investigation. That is why we now have Mnuchin as the nominee for Treasury secretary, if she had prosecuted he would be ineligable. The Obuma administration refused to prosecute or investigage, they sat on their lazy assess posturing instead of doing their job.

  14. Oh former CA AG Harris? No response.

  15. I sent email to Sen Feinstein and Harris. Response from Feinstein’s office was more than usual response explaining they are getting swamped but the focus was on immigration not Mnuchin and Wall St. I posted on fb that I appreciated the response but they completely ignored foreclosure issue. Today I received a response expressing sorrow about my situation and that my concerns would be forwarded to Sen Hatch. Maybe we need to publicize our complaints!

  16. Please write to your State senators to bring new laws for foreclosure prevention. It would be a new President soon and he had not said much about foreclosure prevention programs.

    AMERICA CAN NEVER BE GREAT AGAIN IN THE WORLD WITHOUT PEOPLE HAVING HOMES TO COME BACK FROM WORK AND TO SEND KIDS TO SCHOOL. Hope our new President realizes this stark reality on his ambition to make this nation great again.

  17. Great reason for term limits in my hunble opine.

  18. I WISH this was more than political posturing. Where were these (D) “representative” demands for the last 4-8-12-16 years?

  19. Semper Fi they are so great about putting out bad, fake news these days!!!!

  20. This is a lie, they only put it out there for posturing. I called Gillibrand’s office as a goof. The reply was laughable… “If you want your voice to be heard you should get more involved with the community and start speaking out”

    She, like Schumer need to go!

  21. I’m available for the Wilbur Ross hearings.

  22. How do we vote against him?

  23. We need to find out how we can actually contact Hatch and insure he gets our message by ALL who have been, and continue to be, victimized by all the racketeering on behalf of lenders, our very own government under GSE-FHFA, and all other co-conspirators. Semper Fi

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