Financial Times, March 8, 2024, How Steven Mnuchin Pulled Off A $1bn Deal To Steady A Teetering US Bank
OneWest, as IndyMac was renamed, made headlines for its hard-knuckled approach to evictions and debt collecting, foreclosing on tens of thousands of homes. But when it was eventually sold in 2015 to CIT, Mnuchin’s consortium of investors had more than tripled its money, including dividends paid along the way.
“They took a fairly cold-blooded approach when it came to foreclosures,” said Jesse Van Tol, head of the National Community Reinvestment Coalition, which advocates for low- and moderate-income borrowers.
