After President Trump announced his Treasury Secretary nominee, Steven Mnuchin, a wave of California homeowners came forward with allegations that OneWest Bank actively steered them away from making timely mortgage payments to qualify for federal loan assistance that never came. Borrowers claim the fraudulent activity occurred under the leadership of Mnuchin.
The accusations center around the government program called the Home Affordable Modification Program (HAMP), which was launched at during the 2009 financial crisis. Under the program, eligible borrowers could receive new, lower payments and the banks that took part would also receive government incentive payments.
“They (OneWest) hired people who didn’t know what they were doing and some bad information was being given out,” a source who was familiar with OneWest’s foreclosure procedures at the time told CNN.
CNN spoke to seven OneWest borrowers who all had similar stories about being advised to purposely miss payments in order to qualify for the HAMP program.
Mnuchin testified at his confirmation hearing where he defended his time as a bank executive and his work in the private sector. However, the Democrats were not buying it, dubbing him the “Foreclosure King.”
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
Related Resources:
http://thehill.com/policy/finance/315143-mnuchin-emerges-from-confirmation-hearing-intact
http://money.cnn.com/2017/01/19/news/mnuchin-onewest-foreclosure/
