Mnuchin’s lies to the U.S. Senate are only symptomatic of the continuous stream of lies producing a new normal of bank arrogance and the continuing push to foreclose on homeowners as a means to gain illicit profits. Perhaps the flagrancy of his lies will awaken lawmakers to the fact that the entire financial system has a growing cancer caused by indifference to the crimes of the banks and resulting damage to tens of millions of Americans.
The paper said its analysis of nearly four dozen foreclosure cases in Ohio’s Franklin County in 2010 showed that the bank “frequently used robo-signers.”
The practice, prevalent throughout the mortgage industry in the aftermath of the financial crisis, involved employees at financial firms signing foreclosure documents en masse without properly reviewing them.
Democrats sharply criticized Mnuchin during his Jan. 19 confirmation hearing concerning OneWest’s foreclosures while he ran the Pasadena bank from 2009 to 2015. They called the institution, which formerly had been troubled subprime lender IndyMac Bank, “a foreclosure machine.”
“Mnuchin ran a bank that was notorious for aggressively foreclosing on homeowners, and now he’s lying about his bank’s dismal track record in his official responses to the Finance Committee,” Sen. Elizabeth Warren (D-Mass.) said Monday. “Working families simply cannot trust him to be the country’s top economic official.”