Items Tagged with 'OneWest'

ARTICLES

  • Fed fines another 5 banks $35.1 million for mortgage servicing and foreclosure infractions

    These big banks yet to be penalized
    On Friday, the Federal Reserve Board announced another $35.1 million in civil penalties against five banks as part of its effort to terminate enforcement actions, issued in 2011 and 2012, against a total of 10 banks related to residential mortgage loan servicing and foreclosure processing.
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  • CIT Bank selling Financial Freedom, exiting reverse mortgage business

    Financial Freedom acquired as part of OneWest Bank deal
    CIT Bank is getting out of the reverse mortgage business. CIT announced late last week that it is selling Financial Freedom, the reverse mortgage company it acquired as part of its 2015 acquisition of OneWest Bank. In the last few months, Financial Freedom’s supposed business practices became big topics of discussion in various parts of Washington, D.C., due to Department of the Treasury Secretary Steven Mnuchin’s relationship to OneWest Bank.
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  • Trump chooses former OneWest CEO Joseph Otting to lead OCC

    Worked closely with Treasury Secretary Steven Mnuchin, who chaired bank
    One of the country’s top banking regulators is one giant step closer to having a banker leading it. The Trump administration officially confirmed the rumors on Monday evening, announcing that President Donald Trump intends to nominate Joseph Otting to serve as the next Comptroller of the Currency.
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  • Mnuchin's OneWest subsidiary agrees to $89M settlement for reverse mortgage violations

    Alleged misdeeds took place while Treasury Secretary was chairman
    Treasury Secretary Steven Mnuchin may be done with the OneWest Bank and its subsidiary, Financial Freedom. But it appears that another section of the government isn’t done with Financial Freedom quite yet. The Department of Justice announced Tuesday that Financial Freedom agreed to an $89 million settlement over reverse mortgage allegations, some of which allegedly took place while Mnuchin was chairman of OneWest.
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  • Trump reportedly considering former OneWest CEO to lead OCC

    Joseph Otting worked closely with Treasury Secretary Steven Mnuchin
    President Donald Trump is “expected to name” Joseph Otting to serve as the Comptroller of the Currency, one of the country’s top financial regulators, per a CNBC report. Otting served as the CEO of OneWest Bank from 2010 until 2015, working alongside Steven Mnuchin, the recently installed Secretary of the Department of the Treasury and the former chairman of OneWest.
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  • Democrats declare opposition to Mnuchin, delay confirmation vote

    Top Democrats speak out about Trump Treasury nominee
    The Senate Finance Committee planned to meet Monday evening to vote on the confirmation of Steve Mnuchin, the Trump administration’s choice to lead the Department of the Treasury. But that vote didn't happen. Senate Democrats instead moved to delay the vote, while other party leaders declared their opposition to Mnuchin as Treasury Secretary.
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  • Monday Morning Cup of Coffee: Trump shows he's serious about deregulation

    Also, The New York Times goes negative on Quicken Loans
    Newly installed President Donald Trump gave some indication of his deregulation strategy Friday night, when he signed an executive order seeking to repeal the Affordable Care Act. An executive order doesn't change the existing law, but does change the enforcement of the law, a course of action that could just as easily be applied to mortgage legislation like Dodd-Frank.
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  • NY AG reportedly investigating Nationstar Mortgage, OneWest Bank reverse mortgage divisions

    Still in early stages
    New York is ramping up its focus on the practices of reverse mortgage lenders as of late. After introducing plans to increase the regulations surrounding reverse mortgages in the state earlier this month, New York is now reportedly also investigating practices related to the servicing of reverse-mortgages at Financial Freedom, a part of OneWest Bank, and at Champion Mortgage, a unit of Nationstar Mortgage.
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  • Democrats want "victims of Mnuchin foreclosure machine" to testify at Treasury nominee hearing

    25 senators call for OneWest customers to speak at Mnuchin's hearing
    Senate Democrats recently began collecting complaints from consumers about Steve Mnuchin and OneWest Bank in preparation for Mnuchin’s confirmation hearing to serve as the next Secretary of the Department of the Treasury. What wasn’t known at the time is what exactly the Democrats planned to do with those complaints. But Friday, the Democrats showed their hand, asking the leadership of the Senate Committee on Finance to allow “victims of Mnuchin foreclosure machine” to testify at Mnuchin’s confirmation hearing.
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  • Steve Mnuchin, Trump Treasury pick, to face Senate on Jan. 19

    Former Goldman Sachs, OneWest Bank exec likely to be grilled by Democrats
    On Friday, the Senate Committee on Finance announced that the confirmation hearing for Steve Mnuchin, the Trump administration’s choice to lead the Department of the Treasury, will take place on Thursday, Jan. 19. The Democrats are expected to grill Mnuchin for his time with OneWest Bank, which was accused of redlining and illegal foreclosure activities under his leadership.
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