In an interview with CNBC (video below) on Wednesday that also included Commerce Secretary nominee Wilbur Ross, Mnuchin revealed his thoughts on the Dodd-Frank Wall Street Reform Act.

The act is already in the spotlight right now since shortly after Trump became president-elect, he released a plan to dismantle Dodd-Frank.

During the interview, Mnuchin said, “The No. 1 problem with Dodd-Frank is it is way too complicated and it cuts back lending.”

“We want to strip back parts of Dodd-Frank that prevent banks from lending and that will be the No. 1 priority on the regulatory side,” he told CNBC.

Read on.

http://www.npr.org/2016/11/29/503755613/trumps-potential-treasury-secretary-headed-a-foreclosure-machine

After campaigning with lots of populist and anti-Wall Street rhetoric, Donald Trump is seriously considering a veteran Wall Street financier, Steve Mnuchin, to be his Treasury secretary.

The Two-Way

Trump Picks Steve Mnuchin To Lead Treasury Department

Mnuchin spent 17 years at Goldman Sachs, ultimately as a partner at the investment bank. More recently, he’s headed a privately owned hedge fund, Dune Capital Management. Last April he became Trump’s chief fundraiser, and he’s now a member of the president-elect’s transition team.

But Mnuchin’s resume also includes a stint as chairman and CEO of a California bank that’s been called a foreclosure machine.

During the depths of the financial crisis, Mnuchin was looking to make profits from the ruins of the housing bust. In 2009, he put together a group of billionaire investors and bought a failed California-based bank, IndyMac. It had been taken over by the Federal Deposit…

The U.S. government let a high-profile mortgage case against Bank of America quietly fizzle out this week.

The Department of Justice had until Monday to ask the U.S. Supreme Court to take up its “Hustle” lawsuit against the Charlotte-based bank. In May, the 2nd U.S. Circuit Court of Appeals reversed findings against the bank in the 2012 case, the first civil fraud suit brought by the Justice Department over home loans sold to mortgage giants Fannie Mae and Freddie Mac.

A Justice Department spokeswoman did not comment on the decision to let Monday’s deadline pass. A Bank of America spokesman also declined to comment.

Hold off on the balloons and cake for Jamie. He’s off of Trump’s list.

It’s probably safe to say that JPMorgan Chase CEO Jamie Dimon won’t be the treasury secretary after all.

Wall Street has been abuzz for the past two weeks with speculation that the 60-year-old head of the largest U.S. bank by assets would run the Treasury Department for President-elect Donald Trump. CNBC reported on Nov. 10 that advisers close to Trump were suggesting Dimon for the vital Cabinet role.

However, a source speaking to NBC News said a Dimon appointment is not going to happen.

In fact, Trump “doesn’t respect” Dimon, the source said, adding that the bank chief “was never under consideration” for the appointment and was not on “any Trump-approved list.”

That may be just as well considering that the sources who initially spoke to CNBC had indicated Dimon wasn’t interested anyway.

Read on.

The U.S. government should go after payouts to former Wells Fargo & Co (>> Wells Fargo & Co) executives involved in a scandal over unauthorized accounts now that a federal regulator has said it has the power to do so, lawmakers said on Monday.

The San Francisco-based bank reached a $190 million settlement with federal regulators after admitting employees opened as many as 2 million accounts without customer consent.

That September deal allowed Wells Fargo to make “golden parachute” payments to departing executives. But on Friday, the Office of the Comptroller of the Currency, which oversees many federal banks, voided those terms.

On Monday, two leading Democratic lawmakers urged the OCC to move ahead and revoke compensation to relevant executives.

“Bank executives shouldn’t get golden parachutes while employees making $12 an hour get shown the door,” U.S. Senator Sherrod Brown of Ohio told Reuters in a statement.

Read on.

From Reuters:

Deutsche Bank is looking to cut its loan securitization business further starting with repackaged U.S. mortgages, two people familiar with the matter said, as the lender braces for a large fine in the United States for alleged mis-selling of such debt.

A final decision about this core business is set to come early next year, the people said, and securitization cutbacks could become a central part of an expected strategic overhaul at the bank, once U.S. authorities have settled on a penalty.

“We have already shrunk the business over the last two to three years,” a person with direct knowledge of the bank’s plans said. “It could shrink a lot more. Not only sales and trading, but also in origination.”

As expected, the title insurers are now walking back their prior wave of title policies where the property is (a) faulty at inception and (b) acquired by illegal use of nonjudicial process. The problem is simple: if the methods or means of foreclosure was illegal, States like Hawaii say the sale is void and title is restored to the homeowner.

“Investors” who buy property at foreclosure auctions are making claims arising out of their attempts to resell property acquired at auction. The title is either clouded or nonexistent leaving them to claim compensation from the title insurer who issued the title policy.

It all started when according to very high placed sources I have in the title insurance business, the decision was made that both the original title policy and the policy issued at foreclosure auction was probably bad. They attempted to include exceptions to coverage, essentially saying that the…