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
The Fed: Tapering Could Start In November

Open Market Committee also expects to raise federal funds rate a year earlier, in 2022

Regulation and Compliance
Sep 23, 2021
HUD, FHFA: Freddie Mac Can Buy Group Home-Backed Loans

Agencies issue rule clarification after a mortgage lender refused to lend to an individual renting to a group home

Regulation and Compliance
Sep 23, 2021
Fannie Mae Plans To Restart Credit Risk Transfers In 2021

Paused Since March 2020, New CRT Transactions To Begin In October

Regulation and Compliance
Sep 21, 2021
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
CSBS Changes Servicer Liquidity Policy

CSBS And MBA Encourage States To Adopt Consistently

Regulation and Compliance
Sep 08, 2021