Mnuchin Confirmed as Treasury Secretary – NMP Skip to main content

Mnuchin Confirmed as Treasury Secretary

Phil Hall
Feb 14, 2017
A coalition of industry trade groups has asked the Federal Housing Finance Agency (FHFA) to extend the response period on its proposal to improve language access in mortgage lending and servicing from 45 to 90 days

The Senate voted Monday night to confirm former financial services industry executive Steven Mnuchin as Secretary of the Treasury in a 53-47 vote that mostly adhered to party lines, with West Virginia Sen. Joe Manchin as the only Democrat voting in favor of the nomination.
 
Mnuchin worked at Goldman Sachs from 1985 to 2002, resigning as the company’s chief information officer. He purchased the failed IndyMac in the aftermath of the 2008 economic crash and rebranded it as OneWest Bank. Senate Democrats tried to rally public outrage against Mnuchin by calling him the “foreclosure king.” When that strategy failed to motivate opposition to Mnuchin,
 
Democrats on the Senate Banking Committee boycotted the vote on his confirmation hearing.
 
After the Senate’s vote, the Mortgage Bankers Association (MBA) issued a congratulatory message to Mnuchin.
 
“MBA applauds the Senate for confirming Steven Mnuchin as the next Treasury Secretary,” said David H. Stevens, president and CEO of the MBA. “His experience and deep knowledge of the financial markets will serve him well in this position. Specifically, we are encouraged by Secretary Mnuchin’s willingness to focus on GSE reform, tax reform and rebalancing the mortgage market regulatory framework. MBA looks forward to working with the Secretary, his team and other members of the Administration to address these and other issues facing the real-estate finance industry and the American economy.”
 
But Sen. Elizabeth Warren (D-MA), who led the failed effort by Senate Democrats to block Mnuchin, took to Twitter to sourly exclaim, “If Wall Street threatens to blow up the economy again, does anyone seriously expect Steve Mnuchin to tell his buddies to knock it off?”
Published
Feb 14, 2017
Governor Appoints Marty Green To Texas Finance Commission

Green has over 30 years of high-level experience in the legal, banking, and financial services industries.

Regulation and Compliance
Jun 27, 2022
NAHB Chairman Blasts Biden Administration Over Lumber Tariffs

Says refusal to cut tariffs on Canadian lumber turns 'a blind eye to America’s housing affordability crisis .'

Regulation and Compliance
Jun 23, 2022
CFPB Director: Agency Reviewing QM Rules, Other Regulations

In a blog post, Rohit Chopra says the goal is to “more clearly communicate the agency’s expectations.”

Regulation and Compliance
Jun 21, 2022
New GSE Guidelines Challenge Condo/Co-op Lenders

Lenders have a terrible time obtaining up-to-date and accurate info from public data

Regulation and Compliance
Jun 16, 2022
10 Legal Steps Every Small Business Should Take

Stay guarded to limit your liability

Regulation and Compliance
Jun 16, 2022
The Fed Boosts Benchmark Rate By 0.75%

Increase is the largest since November 15, 1994.

Regulation and Compliance
Jun 15, 2022