Remember Robo-Signing at Banks? Neither Does Mnuchin


Remember Robo-Signing at Banks? Neither Does Mnuchin

Remember Robo-Signing at Banks? Neither Does Mnuchin

Bloomberg View-

The question could not have been more straightforward: During the foreclosure crisis that began after the housing bubble burst, did OneWest Bank engage in the illegal practice of “robo-signing” to speed foreclosures of homeowners? OneWest was formerly known as Indy Mac, the troubled thrift taken over by the federal government and sold to a group led by Steven Mnuchin, President Donald Trump’s nominee to be Treasury secretary.

Mnuchin’s answer was straightforward, too. “OneWest Bank did not robo-sign documents,” he replied in a letter to the Democrats on the Senate Finance Committee who had repeatedly pressed him during his confirmation hearing. “And,” he added, “as the only bank to successfully complete the Independent Foreclosure Review required by federal banking regulators to investigate allegations of ‘robo-signing,’ I am proud of our institution’s extremely low error rate.”

As has so often been the case in the early days of the Trump administration, Mnuchin’s answer isn’t remotely true.


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