California Reinvestment Coalition

CRC Responds to Steve Mnuchin’s Confirmation as Treasury Secretary

Published February 14, 2017 00:19

San Francisco, CA—February 13, 2017 This evening, in the face of widespread opposition from community groups across the country, and more than 850,000 Americans who opposed his nomination, Steve Mnuchin, the former CEO of OneWest Bank, and a Goldman Sachs alum, was narrowly confirmed by a vote of 53 to 47 to be the nation’s next Treasury Secretary.

“Today, 53 GOP Senators voted for a man who took the homes of tens of thousands of Americans. The California Reinvestment Coalition, our members, allies and partners, and borrowers who lost their homes across the country waged a valiant effort as part of a larger resistance to President Trump’s Wall Street fueled takeover of Washington. We appreciate the Democratic Senators who held a forum to hear from homeowners across the US who were harmed by Mnuchin’s bank” comments Paulina Gonzalez, executive director of the California Reinvestment Coalition. “While we’re surprised and disappointed that senators would vote for him after he refused to provide honest answers, CRC, our members, and our allies aren’t going anywhere. We are ready to continue the fight against Wall Street greed.”

“Steve Mnuchin’s track record includes thousands of robo-signed foreclosures, hundreds of lawsuits, and a redlining complaint,” explains Sharon Kinlaw, executive director of the Fair Housing Council of San Fernando Valley. “At this point, there’s a lot of room for improvement. That being said, we’ll be watching closely to ring the alarm if he attempts to weaken laws like Dodd Frank or to undercut the CFPB’s important work protecting consumers.”

“There were nearly 8,000 OneWest foreclosures here in Los Angeles,” adds Isela Gracian, president of the East LA Community Corporation. “We are ready to ensure that he doesn’t continue to do harm to working class families and that the US economy serves all of us- not just Wall Street.”

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CRC has a membership of over 300 nonprofit organizations and public agencies across the State.