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Steve Mnuchin
Former Secretary of the Treasury
Goldman Sachs Banker Who Profited from Foreclosure Crisis
Overview
Steve Mnuchin served as Treasury Secretary from 2017 to 2021 after building his fortune partly through OneWest Bank, which earned the nickname "foreclosure machine" for aggressively evicting homeowners during the financial crisis. As Treasury Secretary, he championed the 2017 tax cuts that disproportionately benefited the wealthy and corporations while adding $1.9 trillion to the national debt.
Key Affiliations
Controversies & Concerns
OneWest Bank foreclosed on over 36,000 homeowners including elderly residents over minor payment discrepancies and one case involving a 27-cent error
California AG Kamala Harris staff recommended filing civil charges over OneWest foreclosure practices; Harris declined to prosecute
Championed the 2017 Tax Cuts and Jobs Act that added $1.9 trillion to national debt while providing 83% of benefits to the top 1% by 2027
Used government aircraft for personal travel including a trip to Fort Knox timed to view the solar eclipse; requested military jet for honeymoon in Europe
Failed to disclose $100 million in assets on his Senate confirmation disclosure forms; corrected after public scrutiny
Oversaw a Treasury Department that slow-walked Russian sanctions mandated by bipartisan congressional legislation
After leaving office, received $2 billion from Saudi Arabias sovereign wealth fund for his new investment firm despite no track record managing outside capital
Related Investigations (1)
Known Associates & Connections
Donald Trump
National finance chairman of 2016 campaign; served as Treasury Secretary for full term
Jared Kushner
Fellow Trump official who also received $2 billion Saudi investment after leaving government
Sources & Documentation
3 documented sources from official records, investigations, and reports
CRC/NCRC: OneWest Foreclosure Investigation(2016)
Treasury OIG: Review of Secretary Mnuchin Travel(2017)
New York Times: Mnuchin Saudi Investment Fund(2022)
Personal Information
- Born
- 1962-12-21
- Birthplace
- New York City, New York
- Also Known As
- The Foreclosure King
Education
- •B.A., Yale University (1985)
Key Timeline
2009
Purchased failed IndyMac bank; renamed it OneWest; FDIC loss-share guarantee backstopped losses
2015
Sold OneWest to CIT Group for $3.4 billion; personal profit estimated at $200+ million
2017-02
Confirmed as Treasury Secretary after contentious hearing about foreclosure practices
2017-12
Tax Cuts and Jobs Act signed; Mnuchin claimed it would "pay for itself" through growth
2017-08
Used government plane to fly to Fort Knox during solar eclipse; Treasury OIG investigated
2021-01
Left office as national debt increased by $7.8 trillion during Trumps term
2022
Saudi PIF committed $2 billion to Mnuchins new fund despite advisory board objections