logo
Please note!
This fact brief was originally published as an experiment to test the concepts behind fact briefs.
Readers should be aware that while there is still a lot of useful information in fact briefs like this one, not all of them reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date, don't hesitate to contact us at support@gigafact.org.
Brief Publisher Logo
FACT BRIEF

Did Steven Mnuchin oversee tens of thousands of foreclosures before becoming Secretary of the Treasury?

By Jacob Alabab-Moser
Copy link
email
Copy featured image
email
YES

Treasury Secretary Steven Mnuchin was chief executive of a Southern California bank from 2009 to 2015, and oversaw tens of thousands of foreclosures during his tenure.

A 2011 investigation by the federal Office of Thrift Supervision found OneWest's foreclosures weren't properly administered, identifying fraudulent practices like backdated documents.

A 2013 memo by the consumer-law division of the California Attorney General's office states that between March 2009 and January 2013, OneWest "foreclosed on approximately 35,000 California homes and initiated foreclosures on approximately 45,000 more." The authors found "evidence of wrongdoing suggestive of widespread misconduct." The memo recommended that then-Attorney General Kamala Harris authorize a civil enforcement action against the bank. Harris's office declined to pursue the case.

This fact brief is responsive to conversations such as this one.
Sources
DocumentCloud: Memo requesting California Attorney General action against OneWest Bank (posted by The Intercept)
California Reinvestment Coalition: Alleged foreclosure practices at OneWest Bank
Govinfo: Congressional Record—Statement by Oregon Sen. Ron Wyden on Mnuchin confirmation
ABOUT THE CONTRIBUTOR
Gigafact
Between 2020 and 2022, under close editorial supervision, Gigafact contracted a group of freelance writers and editors to test the concepts for fact briefs and provide inputs to our software development process. We call this effort Gigafact Foundry. Over the course of these two years, Gigafact Foundry writers published over 1500 fact briefs in response to claims they found online. Their important work forms the basis of Gigafact formats and editorial guidelines, and is available to the public on Gigafact.org. Readers should be aware that while there is still a lot of relevant information to be found, not all fact briefs produced by Gigafact Foundry reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.
FACT BRIEF BY
Brief Publisher Logo
Latest fact briefs
facebook
twitter
email
email
About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.