Hints and tips:
...After 17 years at Goldman Sachs, he made his real fortune fronting a group in 2009 to acquire IndyMac, which now ranks as the fifth-biggest failed bank in US history....
...Mnuchin and Joseph Otting, the former regulator who has taken over as NYCB chief executive, have a history of rebuilding troubled lenders: they bought failed mortgage lender IndyMac from the FDIC in 2008...
...turmoil surrounding the bank....
...After rising through the ranks at Goldman Sachs, he made his fortune reviving IndyMac after it was one of the largest US bank failures during the 2008 crisis....
...That would make SVB the most costly failure in the history of the US insurance deposit fund, which was started in 1933, eclipsing the $12bn loss it took on the failure of IndyMac at the start of the global...
...Analysts said the closest precedent was the 2008 collapse of mortgage-focused bank IndyMac....
...By comparison, uninsured customers at IndyMac Bank, the California-based bank which failed during the 2008 financial crisis, received an initial dividend worth 50 per cent of their deposits and paid out...
...Following the 2008 financial crisis, he went on to turn round failed California-based lender IndyMac, which was later acquired by CIT Group for $3.4bn....
...Steven Mnuchin made his fortune by swooping in to buy IndyMac, one of the biggest casualties of the mortgage crisis, then selling it for more than twice what he paid five years later....
...The banks closed by the FDIC and named in the lawsuit range from small community lenders to some of the largest casualties of the financial crisis such as IndyMac and Washington Mutual....
...The Pasadena-based bank, formerly known as IndyMac, was a specialist in so-called “low-doc” loans that fuelled the housing meltdown....
...The rule was designed to counter sharp practices in the run-up to the mortgage crisis, when the likes of Countrywide, New Century and IndyMac made billions of dollars of loans that went bad....
...But his biggest business success was implementing an aggressive buyout of IndyMac, the distressed American bank. Similarly, Gary Cohn, chief economic adviser, is also a Goldman alumnus....
...Mr Mnuchin and a group of investors bought the lender, then called IndyMac, in 2008, turning it around. He argued his group was not responsible for creating the risky loans in the IndyMac portfolios....
...On Wall Street, Mr Mnuchin was best known for the IndyMac deal....
...The memo was dated January 2013, four years after Mr Mnuchin led an investment consortium in taking control of IndyMac, the bust mortgage bank which he renamed OneWest....
...The president-elect’s choice for the commerce secretary — Wilbur Ross, a 79-year-old private-equity baron — did similarly well out of BankUnited, a Florida-based bank that hit the skids not long after IndyMac...
...At issue are loans originated by mortgage companies such as Fremont, New Century, WMC, Countrywide and IndyMac....
...Isaac Boltansky at Compass Point in Washington said the confirmation hearings would be “bumpy,” given his Goldman ties and involvement in the crisis-era purchase of IndyMac, the fourth largest bank failure...
...On the front lines, the sales techniques can be near-identical to those employed by the likes of Countrywide or IndyMac a decade ago — teams of people hammering the phones in boiler rooms, supporting brokers...
...Mr Mnuchin pushed back at criticism from Democrats that he had taken advantage of homeowners since the financial crisis by buying IndyMac, the collapsed mortgage lender....
...Scored big with restructuring of IndyMac bank after 2008 financial crisis and financier of Hollywood blockbusters. Joined Team Trump early as national finance chairman....
...Mr Mnuchin cut his teeth at Goldman Sachs in New York before moving to Los Angeles to invest in films such as Avatar and X-Men, later picking up IndyMac Bank, a failed home lender, from the ashes of the...
...on, say, Citi or Deutsche, as opposed to IndyMac or Banco Espirito Santo.)...
...OneWest was formed out of the remnants of IndyMac, the California-based lender that was salvaged by a consortium including JC Flowers, George Soros and John Paulson during the financial crisis....
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