Items Tagged with 'OneWest Bank'

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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  • Otting takes over as Comptroller of the Currency, pledges to reduce regulatory “burden”

    Former CIT Bank executive replaces acting Comptroller Keith Norieka
    President Donald Trump now has another of his handpicked choices leading one of the country’s top banking regulators. Joseph Otting, who the Trump administration nominated back in June, was officially sworn in on Monday as the next Comptroller of the Currency.
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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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  • It's official: Steven Mnuchin sworn in as Treasury Secretary

    Senate approves former OneWest exec for cabinet post in largely partisan vote
    Despite all the bluster, attempted parliamentary maneuvering, and name-calling from the Democratic party, the Senate voted Monday evening to approve Steven Mnuchin to serve as the next Secretary of the Department of the Treasury. As expected, the Senate approved Mnuchin in a partisan vote of 53-47, with one Democrat, Sen. Joe Manchin, D-West Virginia, splitting from his party and voting with the Republican majority.
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  • The battle behind Trump’s Treasury pick centers on robo-signing controversy

    The devil is in the mortgage servicing details
    The battle surrounding President Donald Trump’s U.S. Treasury Secretary pick Steven Mnuchin is nearing an end as the nomination finally cleared to move before the Senate floor. His process to get there was filled with a lot of roadblocks that date back to his supposed role in the financial crisis. Here’s what exactly was stopping his nomination from moving forward.
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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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  • Movement Mortgage CEO: Steven Mnuchin was not a "foreclosure king"

    Makes a nice soundbite, but simply isn’t true
    Senate Democrats dubbed Trump’s nominee to lead the Department of the Treasury, Steven Mnuchin, the "foreclosure king." However, Movement Mortgage CEO Casey Crawford says while this makes a nice soundbite, it simply isn’t true. Given that everyone is focusing on Mnuchin’s participation in the foreclosure crisis, Crawford penned a blog for The Hill to try and put an end to everyone calling Mnuchin the “foreclosure king” and instead give him the credit he deserves.
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