International Business Times:
Days after Trump’s decisive primary win in Indiana, his campaign indicated that it was growing. Team Trump has added a finance chair: Steven Mnuchin, the founder of a private equity firm that received a government-funded jackpot after the 2008 housing collapse.
Mnuchin, a former partner at Goldman Sachs, heads up Dune Capital. The investment firm put together a holding company in 2008 — attracting investors like J.C. Flowers, a George Soros investment fund and Paulson & Co. — that then bought up $32 billion worth of IndyMac bank assets for the cut-rate price of $13.9 billion. Renaming the bank OneWest, Mnuchin’s consortium invested $1.3 billion and got the Federal Deposit Insurance Corporation to assume responsibility for the majority of future losses. The FDIC lost an estimated $8.5 billion to $9.4 billion in the deal — while the holding company made money with the taxpayer-subsidized set-up.
“Steven is a professional at the highest level with an extensive and very successful financial background,” Trump said in a statement accompanying the announcement. “He brings unprecedented experience and expertise to a fundraising operation that will benefit the Republican Party and ultimately defeat Hillary Clinton.”
Aside from OneWest — which last year made $3.4 billion and has issued $2 billion in dividends to shareholders, according to Mother Jones — Dune is known for its holdings of public pension fund money. Private equity firms have been paid billions in fees from state pensions, and the financial institutions now receive roughly one-third to one-half of their new capital each year from the nation’s public pension system.
And we know back then how much OneWest was a living hell for homeowners after 2008 financial crisis trying to save their homes. From Wikipedia:
In enforcing its rights under the loans purchased from IndyMac, OneWest Bank has taken a much more aggressive approach to foreclosing on properties.
On November 25, 2009, Judge Spinner in Long Island, New York penalized OneWest for their “harsh, repugnant, shocking and repulsive” actions in trying to work out a distressed mortgage, by canceling the debt in favor of the borrower. A year after the New York Judge Spinner wiped away the debt, an appellate panel ruled that the judge had no right to do it. While Judge Spinner ruled that the bank’s practices warranted him erasing the homeowners’ debt, the appellate judges found that he had no authority to render such a judgment—and did not give the bank fair notice that such consequences were even on the table.
On December 8, 2009 OneWest worked with the Hennepin County, Minnesota Sheriff’s department to change the locks on a distressed home despite stating in a Nov. 25 e-mail that they were rescinding both the foreclosure and the sheriffs sale. OneWest Bank said, “You expressed concern that … you and your mother will be evicted from the property. Rest assured, that will not take place …”. Changing the locks was done without any court action which bypasses acknowledged and mandated Due Process on home foreclosures in Minnesota.
Additionally several judges have issued Temporary Restraining Orders and Preliminary Injunctions against OneWest preventing OneWest from foreclosing on properties where the borrower claims OneWest failed to follow proper procedure in foreclosing on the property or otherwise violated the borrower’s rights.
Yeah, trying to throw an 89 year-old widow out on the street, changing the locks on a women trapped in the snow, and engaging in “harsh, repugnant and repulsive” acts, etc., this is the presumptive GOP Presidential nominee’s finance chair man.