Summary: The 2008 Financial Crisis

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In the aftermath of the 2008 financial crisis, Steven Mnuchin and a group of investors, including George Soros, purchased IndyMac Bank from the Federal Deposit Insurance Corporation for $1.5 billion. IndyMac was one of the lenders that dealt with high-risk loans and which collapsed during the housing market crash, being seized by the FDIC. According to The Nation, Mnuchin and his fellow investors made a deal with the FDIC where they would purchase the bank and also receive reimbursements for the cost of foreclosing on people who had loans with IndyMac. Mnuchin later renamed IndyMac OneWest Bank. OneWest has been criticized for cruelly foreclosing on Americans across the country, often being taken to court for their practices. For example,

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