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Bloomberg: Mnuchin’s OneWest Eluded Most Penalties During Foreclosure Crisis

Livinglies's Weblog


By Llewellyn Hinkes-Jones

OneWest Bank, the mortgage servicer previously owned by now-Treasury Secretary Steven Mnuchin, avoided numerous lawsuits and settlements that affected other banks after the 2010 foreclosure crisis, a Bloomberg BNA analysis showed.

Compared with other banks, it was given a relatively light penalty during the Independent Foreclosure Review (IFR) by the Office of Thrift Supervision (OTS)—a 2011 review of potential foreclosure abuse by mortgage servicers that weren’t part of the National Mortgage Settlement.

OneWest also avoided successful prosecution in class action lawsuits over foreclosure abuse, while numerous other banks entered into large-scale settlements. Also, a California state investigation into the bank was never filed “despite a strong recommendation” by the attorney general’s office according to a leaked memorandum from the attorney general’s office.

Bloomberg Law®, an integrated legal research and business intelligence solution, combines trusted news and analysis with cutting-edge…

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