Skip To Content
JEWISH. INDEPENDENT. NONPROFIT.

Support the Forward

Funded by readers like you DonateSubscribe
Fast Forward

WATCH: Liberal Group Uses Foreclosure Crisis Profits to Target Treasury Pick Steve Mnuchin

As Washington, D.C. gears up to vote on President-elect Donald Trump’s nominations for Cabinet posts, the liberal group Allied Progress has launched a new ad campaign pressuring two Senate Republicans up for re-election in 2018, Jeff Flake of Arizona and Dean Heller of Nevada, to vote against Treasury pick Steve Mnuchin.

“Former Goldman Sachs banker Steven Mnuchin raised millions to elect Trump. Now Trump picked him to be America’s top economic official, even though Mnuchin made millions after his bank foreclosed on homeowners and discriminated against Latinos,” the ad states. “Tell Senator Flake to vote ‘No’ on Mnuchin. We need a Treasury Secretary who will help us, not himself.”

During the United States recession of 20076 to 2009, when the interest rates of millions of American mortgages jumped abruptly, triggering defaults and a sharp decline in home prices, Mnuchin’s bank OneWest (previously known as IndyMac) was accused of using aggressive tactics against homeowners and committing racial bias in its foreclosure practices. Mnuchin has since divested from the bank.

Allied Progress is targeting Arizona and Nevada, because they were two of the states hit worst by the foreclosure crisis that accompanied the economic downturn, as homeowners fell behind on mortgages, and their homes’s prices fell below that of their mortgages.

Contact Daniel J. Solomon at [email protected] or on Twitter @DanielJSolomon

Engage

Republish This Story

Please read before republishing

We’re happy to make this story available to republish for free, unless it originated with JTA, Haaretz or another publication (as indicated on the article) and as long as you follow our guidelines. You must credit the Forward, retain our pixel and preserve our canonical link in Google search.  See our full guidelines for more information, and this guide for detail about canonical URLs.

To republish, copy the HTML by clicking on the yellow button to the right; it includes our tracking pixel, all paragraph styles and hyperlinks, the author byline and credit to the Forward. It does not include images; to avoid copyright violations, you must add them manually, following our guidelines. Please email us at [email protected], subject line “republish,” with any questions or to let us know what stories you’re picking up.

We don't support Internet Explorer

Please use Chrome, Safari, Firefox, or Edge to view this site.