Daily Archives: February 28, 2017

Senate Adds Another Foreclosure Kingpin To Trump’s Cabinet

The Senate voted on Monday evening to confirm Wilbur Ross as secretary of commerce. The 79-year-old billionaire private equity investor is President Donald Trump’s 10th cabinet nominee to be confirmed, and remarkably, is the second member of Trump’s cabinet who was deeply involved in companies that swept up the housing crisis with foreclosures marred by document fraud like robo-signing.

The first, Steven Mnuchin, Trump’s treasury secretary, invested in and ran OneWest bank, which foreclosed on tens of thousands of Americans in the aftermath of the 2008 financial crisis. During his Senate confirmation hearing, he denied that his bank used the illegal practice of robo-signing, but public documents obtained by The Columbus Dispatch showed that was a false statement.

Ross may not have been the CEO of a bank foreclosing on homeowners, but he was nevertheless intimately involved and invested in two companies that were accused of widespread wrongdoing. American Home Mortgage Servicing was accused of illegal foreclosure practices while it ran the second-biggest portfolio of subprime mortgages in the country.

American Home effectively outsourced the fraud, David Dayen reported”}}”>David Dayen reported, using “acompany called DocX”}}”>company called DocX, which forged millions of mortgage assignments, claiming to be the officers of dozens of different banks … documents were fraudulently signed after the fact to recreate a chain of title that lenders broke.” The company was eventually sold to Ocwen, which was fined $2.1 billion in 2013 for its unethical business practices. Ross served on Ocwen’s board from 2012 to 2014.

Read on.

Petition asks city of Decatur to stop doing business with Wells Fargo

An online petition is asking the city to discontinue its business relationship with Wells Fargo bank.

One of the concerns cited by petition organizers is Wells Fargo’s role in financing the Dakota Access Pipeline, a controversial oil pipeline project that is opposed by many Native Americans.

“Wells Fargo is the City of Decatur’s primary bank,” the petitions says. “Our property, business and other taxes and the City’s funds are deposited with Wells Fargo. According to Investopedia, deposits are the primary source of loanable funds for almost every bank. Wells Fargo loans our money to fund fossil fuel infrastructure projects, such the Dakota Access Pipeline (DAPL). We do not want our tax dollars to support the DAPL project.”

Read on.