Menendez Brings NJ Homeowner to Congress to Speak on Impact of Mnuchin Foreclosure Practices Ahead of Treasury Confirmation Hearing

Scotch Plains woman’s home was to be foreclosed on today, tells Senators: ‘Remember my experience when you consider whether Mr. Mnuchin is qualified to lead Treasury’; Menendez: ‘We need a Treasury Secretary who will fight for Americans, not one who has made a fortune fighting against them’

Washington, DC – (RealEstateRama) — U.S. Senator Bob Menendez (D-N.J.), a senior member of both the Senate Finance and Banking Committees, today brought Sylvia Oliver, a constituent from Scotch Plains, N.J., to a public forum hosted by Senate Democrats to provide context on Steve Mnuchin’s character and business practices. Prior to being President-Elect Trump’s nominee to be Secretary of Treasury, Mr. Mnuchin led the bank OneWest in the aftermath of the 2008 financial crisis, during which time the bank foreclosed on thousands of families across the country and threw them out of their homes.

Following today’s hearing, Sen. Menendez met with Mr. Mnuchin ahead of tomorrow’s confirmation hearing before the Finance Committee.

“When the economy took a turn for the worse, Ms. Oliver’s hours were cut and she struggled to pay her mortgage,” explained Sen. Menendez. “Sylvia tried eight times to get a loan modification, always getting the runaround from Mr. Mnuchin’s bank.”

Ms. Oliver has been fighting to stop OneWest from foreclosing on her home for over seven years now. After agreeing to testify about OneWest’s refusal to work with her on a loan modification, the bank scheduled a foreclosure day for Wednesday – the day of this hearing. That decision was later reversed and postponed by 30 days.

“As of right now, I’m still facing foreclosure next month, and I know in my heart this is because OneWest’s only intent was to foreclose on my home,” Ms. Oliver said. “This bank has had ample opportunities to modify my loan. In fact, they told me that they own the loan, so I know they can’t blame this situation on an investor not allowing them to modify my loan.” Ms. Oliver went on to tell Senators to “remember my experience when you consider whether Mr. Mnuchin is qualified to lead the Department of the Treasury.”

“OneWest’s refusal to work with Sylvia is a clear example of putting profits over people—a philosophy that has no place at the Treasury Department,” said Sen. Menendez. “We need a Treasury Secretary who will fight for Americans, not one who has made a fortune fighting against them.”

Today’s hearing was scheduled after Sen. Menendez and 20 other Democratic Senators received no response to a letter sent to Finance Committee Chairman Orrin Hatch (R-Utah) calling for Mr. Mnuchin’s confirmation hearing to include outside witnesses.

Press Contact
Tricia_Enright (at) menendez.senate (dot) gov

Source: U.S. Senator Bob Menendez

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