Items Tagged with 'CIT Group'

ARTICLES

  • Big changes at CIT: Exits reverse mortgage and servicing businesses

    Completes sale of Financial Freedom
    CIT Group, the parent company of CIT Bank, OneWest Bank, and Financial Freedom, announced Tuesday that it completed the previously announced sale of reverse mortgage company Financial Freedom to an unknown buyer. But that wasn’t the only piece of news that CIT dropped on Tuesday.
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  • 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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  • 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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  • 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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  • Steven Mnuchin's OneWest Bank accused of redlining

    Bank once owned by candidate to lead Treasury accused of discriminatory lending
    The bank formerly owned by one of the leading candidates to head up the Department of the Treasury in President-elect Donald Trump’s administration violated federal fair housing laws by redlining minority neighborhoods and engaging in discriminatory lending practices, according to two housing advocacy groups.
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  • CIT Group, OneWest Bank merge, boost capital position

    Grows assets to $67 billion
    "This transformational transaction will combine CIT's national middle market lending platform with OneWest's wholesale lending and branch banking franchise to create a unique provider of retail and institutional financial services," said John Thain, chairman and CEO of OneWest.
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