Posted on 11/30/2016 10:22:52 AM PST by SeekAndFind
It appears Elizabeth Warren does not think too highly of President-elect Donald Trump's nomination of Steven Mnuchin for Treasury secretary.
In a statement, the Massachusetts senator said Mnuchin was involved in the worst kind of lending practices that led to the financial crisis during his time as head of mortgage lending at Goldman Sachs.
"Steve Mnuchin is the Forrest Gump of the financial crisis — he managed to participate in all the worst practices on Wall Street," Warren said in a statement, according to Politico's Ben White.
"He spent two decades at Goldman Sachs helping the bank peddle the same kind of mortgage products that blew up the economy and sucked down billions in taxpayer bailout money before he moved on to run a bank that was infamous for aggressively foreclosing on families."
Warren's comparison of Mnuchin is to the 1994 Oscar-winning film Forrest Gump, in which Tom Hanks stumbles in and out of historical moments from the 1960s onwards as the eponymous Forrest.
Mnuchin worked at Goldman Sachs for 17 years and left the bank in 2002. During his time he oversaw the mortgage-lending department as it delved into such products as credit default swaps and collateralized debt obligations.
He later founded his own private-equity firm, Dune Capital Management, which in 2009 purchased the distressed-mortgage lender IndyMac, which was renamed OneWest. The firm and Mnuchin have been accused of unfair lending practices including discriminating against minority borrowers and aggressive foreclosures.
(Excerpt) Read more at businessinsider.com ...
Warren is 15/16th twit.
The firm (OneWest) and Mnuchin have been accused of unfair lending practices including discriminating against minority borrowers and aggressive foreclosures. …What, the same kind of accusations that made banks get into so-called “predatory lending” in the first place, which compounded the financial crisis? And so firms that work to avoid financial trouble get accused of the same lies as the left told 23 years ago.
The Fauxohauntas non-endorsement seals the deal!
The real estate crash was caused by people borrowing money they couldn’t afford to pay back when times got hard. Banks were ordered to lend the money to high risk borrowers or face discrimination lawsuits.
is she jealous that he is smarter than she is?
Forrest was ok!
There are always going to be things on earth that don’t garner “earthly benefits.”
We live in a larger drama, before God, and it has a spiritual side too. Billionaires may commit suicide in despair and people scarcely above poverty may be happy as clams. Doing the honorable thing when possible redounds to spiritual benefit.
So that makes Loretta Lynch and Eric Holder the DOJ’s Ernesto “Che” Guevara...
“Did Elizabeth Warren crown herself Big Chief of the Demo Party ?”
Rumor in DC has it that Trump is going to offer her a position as head of the Bureau of Indian Affairs...
Fauxcahontas is no Sacajawea, maybe a SackofBull.
“The real estate crash was caused by people borrowing money they couldn’t afford to pay back when times got hard. Banks were ordered to lend the money to high risk borrowers or face discrimination lawsuits.”
That’s the core of the problem and that is on our government. Fannie, Freddie, FHA, Congress.
The thing that took that core problem and made it explosive was the bundling of the crappy mortgages into derivatives, taking bad loans and leveraging the heck out of them. That’s probably on Goldman et al.
The downturn was caused by Democrats forcing institutions to make undesirable loans.
The whole predatory lending thing was at most tertiary to the financial crisis. Glass-Steagal repeal and zero interest rates were the key elements that made it happen.
At least some of this criticism, if not all, is about “outcome-based criteria.” I.e. it didn’t matter that the pool of black applicants actually WAS poorer and had a harder time meeting the terms of standard mortgage program. The shortage of successful applications from them was held to be ipso facto wrongful discrimination.
Mnuchin’s policies would have been quite fair when viewed by color blind financial criteria.
Now if a bank wanted to put its own skin in the game and have special incentive programs to try to give people on the margins a hand up... that’s about the bank and its own choices. But to force it turns it, at best, into a morass of pitfalls.
Warren and her cohorts will soon come to the same inevitable conclusion that Stalin came to. Political opposition can only be eliminated by gulogs or extermination. Killing your opposition is much cheaper and more effective. You still have to search for secret opponents as Stalin also learned.
Of course, Mao, Castro, Pol Pot and all the rest came rapidly to the same conclusion. It’s time has come here and the Trump victory and highly successful violence of BLM, etc will only speed things up. Look at the left’s obvious admiration for ISIS.
Pot meet kettle. Kettle, pot.
Sweetheart, why don’t you sit your pushy ass down so I can “splain sompin” to ya.
Dodd Frank is GONE. Banks did NOT CAUSE THE FINANCIAL COLLAPSE in 2008!! In no way!! It was cause by government guaranty of crap mortgages made to people who would never be able to pay them back as a scheme and artifice to transfer wealth!!It was TRANSFER OF WEALTH — 100% guaranteed by the tax payers. You know that ,don’t you bitch.
The Government made the rules that forced the banks to give out loans that were fragile.
The banks would never do such on their own.
At one time, a developer told me ‘If you could fog a mirror” you got a real estate loan because the government forced it.
Either way, the lying media brought it up as another canard in the false accusation I was quoting.
Pocahontas speaks.
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