Mnuchin as Treasury Secretary: Lackey for the TBTF Banks

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The TBTF banks are so far gone that there is probably little Mnuchin can do to stave off the inevitable. No doubt there is an Oligarchy – whether they planted Mnuchin and Ross is yet to be seen. Maybe the realities of the rigged system caused a tad bit of conscience to develop since there servicer-related escapades.

Unknown's avatarLivinglies's Weblog

Mnuchin was and remains “the guy between the guys.” Billed as the organizer of OneWest his role was to provide a layer between the founders and the rest of the world. His prospective appointment As Secretary of the US Treasury means that the TBTF banks would have a lackey to do what the banks wanted the US Treasury to do.

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https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
 
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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It is reported that OneWest foreclosed on 40,000 homes. I have already described to you that Foreclosures sponsored or initiated by OneWest were very often done in the name of another entity. For example, Fannie Mae or Freddie Mac. Those are not counted in the number of homes foreclosed by OneWest. My experience is that…

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Fed official stands by Wall Street reforms, says must complete work

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Over $700 TRILLION in derivative debt, not to mention $3.4 TRILLION of unfunded (gambled away) state and union pension and retirement funds all across the country… yeah, ya think the TBTF needs to end? I’d say the sooner the better …and better late than never!

justiceleague00's avatarJustice League

The United States “absolutely must” complete unfinished work ending the too-big-to-fail bank problem that helped plunge the global economy into recession eight years ago, an influential Federal Reserve policymaker said on Saturday.

In remarks that appeared to pre-empt President-elect Donald Trump, who has promised to roll back Wall Street regulations, New York Fed President William Dudley said much progress has been made making the financial system “less prone to panics.”

“Still,” he said in prepared remarks, “there is more to do before we can say that we have ended ‘too big to fail.’ This is work that we absolutely must complete.”

Dudley’s comments, to a Group of 30 meeting of top world regulators, came a day after another powerful regulator at the U.S. central bank, Daniel Tarullo, also warned against “backsliding” after years of implementing the landmark 2010 Dodd-Frank financial-reform law.

Challenges especially remain in regulators safely and smoothly handling…

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First Look: New Linda Tirelli Suit Against Bank of America

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Excellent! Now, as long as the judge’s mutual funds aren’t heavily invested in MBS or bank stocks there might be a fair and balanced decision.

eggsistense's avatarLIBERTY ROAD MEDIA

Attorney Linda Tirelli, a rockstar in the arena of foreclosure defense, has just filed an adversarial bankruptcy suit in the Southern District of New York naming the following as defendants: Bank of America, Nationstar, U.S. Bank, and Recontrust. As many former and soon-to-be-former homeowners know, this group is a veritable rogue’s gallery of home/wealth/livelihood/sanity thieves and scam artists.  The fact that Tirelli is going after this financial mafia family is heartening, because Tirelli gets results.

So I read through her complaint, filed on November 29, 2016.  You can read it here.  What follows are my first impressions and sections of the complaint that stood out to me.

The Remedies

I am thrilled to see that Tirelli is going for the jugular with this complaint, and not shying away from what her client (and millions of people who are or have been in the same situation) truly deserves.  Namely…

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Fed’s Kashkari Releases Plan to End “Too Big To Fail,” Compares Banks to Terrorists

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justiceleague00's avatarJustice League

When Neel Kashkari, a former Goldman Sachs banker who helped administer the U.S. Treasury Department’s bailout program during the 2008 financial crisis, was appointed as President of the Minneapolis Federal Reserve Bank, I commented on his intent to break up the big Wall Street banks as either too good to be true, or a political smokescreen.
Mr. Kashkari had made addressing the “too big to fail” his signature issue. And, it looks as if he is holding true to his promise.
It’s also gratifying to see a Federal Reserve official voice some of the same ideas that my Bank Whistleblowers United colleagues have voiced. BWU has also called for increased capital as one action item needed to avoid another financial crisis.
In a recent speech to the Economic Club of New York , Mr. Kashkari unveiled a plan to end the systematic risk posed by U.S. banks by forcing them to hold a massive amount of capital

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OneWest’s Mnuchin: Putting the Fox in Charge of the Henhouse

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We can only hope there is enough righteousness lingering inside Mnuchin – but probably the best person to ask that question to would be Mike Perry the former IndyMac CEO that NY Dem. Senator Chuck Schumer’s rumor took down while his vulture pals waited in the wings.

Unknown's avatarLivinglies's Weblog

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

There two ways of looking at this prospective appointment by President-Elect Trump.

One is that this appointment signals the intent to further “expedite” foreclosures instead of digging deeper into the real facts and fraud by Wall Street banks. Such an effort would eliminate the possibility of the US Treasury clawing back huge sums of money for nonexistent bank losses stemming from alleged defaulted loans.

Some may remember that the infamous TARP bailout was first described and approved as covering losses from the loans to residential homeowners. Then it evolved.  The description and approval was to cover losses from failed mortgage bonds. But neither defaults nor bond failures were actual losses of the banks.

They had sold the loans and bore no risk. And they were selling bonds not buying them. Then it evolved again. The description and approval was to cover lost profits on hedge products, insurance and…

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David Dayen at The Nation:Ross and Mnuchin—Profiteers of the Great Foreclosure Machine—Go to Washington

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Livinglies's Weblog https://www.thenation.com/article/wilbur-ross-and-steve-mnuchin-profiteers-of-the-great-foreclosure-machine-go-to-washington/ In my book Chain of Title, I refer to the collection of lenders, mortgage-servicing companies, third-party document processors, foreclosure-mill law firms, and trustee banks as all part of the Great Foreclosure Machine. I’m now realizing I should … Continue reading →

[video] Treasury secretary nominee Steve Mnuchin: Undoing Dodd-Frank “top priority”

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justiceleague00's avatarJustice League

gotham-1-e1472580055567

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.

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Trump’s Potential Treasury Secretary Headed A ‘Foreclosure Machine’

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Unknown's avatarLivinglies's Weblog

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.

Trump Picks Steve Mnuchin To Lead Treasury Department

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…

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Big Short II: Trump Picks Foreclosure King Mnuchin for Treasury Secretary

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Mr. Barofsky, former SIGTARP, writes early on that “I had no idea that the U.S. government had been captured by the banks,” and at another point describes his strategy to use the press to get the attention of Congress, and by extension an obstreperous Treasury: “Our message was simple: Treasury’s desperate attempt to bail out Wall Street was setting the country up for potentially catastrophic losses.”””

Unknown's avatarLivinglies's Weblog

http://www.thedailybeast.com/articles/2016/11/29/trump-picks-foreclosure-king-mnuchin-for-treasury-secretary.html

Big Short II

Five years ago, foreclosed homeowners protested on the lawn of Steve Mnuchin’s Bel-Air mansion for his company’s ‘repulsive’ practices. Now he’ll be Trump’s secretary of the Treasury.

After an effort to purge lobbyists from his quickly arranged transition team, President-elect Donald Trump, who campaigned on a “drain the swamp” message, is set to promote another swamp-dweller to a high-ranking position in his administration.

Trump is set to announce that Steven Mnuchin will be his Treasury secretary, per a recommendation from his own transition team, the Associated Press reports.

Mnuchin served as Trump’s national finance chairman during the campaign after a long history in private investment banking and on Wall Street. Like Trump himself, Mnuchin was a donor to Hillary Clinton in prior campaigns. According to filings from the Federal Election Commission, he has contributed more than $8,000 to Clinton since 2000.

Prior to joining…

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