Thread by @3L3V3NTH

Kushner Cos. Gets $800 Million Federally Backed Apartment Loan

bloomberg.com/news/articles/…

Hey @aoc let's dig into this one!

Trump appointed Joseph Otting to oversee the Federal Housing Finance Agency, which regulates Fannie and Freddie. Otting previously served as CEO of OneWest Bank, founded by now-Treasury Secretary Steven Mnuchin, an ally of Kushner’s in the West Wing.

Joseph Otting, the head of a bank regulator, lobbied himself to approve a merger with a campaign that included fake comments to his own agency. interc.pt/2DQJMXp

January 2018 Otting

U.S. bank regulator sells Wall Street stocks after rally | | Reuters reuters.com/article/usa-ba…

Overview file of history for Otting

One Trump Appointee, Two Jobs, Too Many Causes for Concern

cepr.net/blogs/cepr-blo…

.@RepKatiePorter

This Merger Stinks---

Steven Mnuchin's OneWest Bank accused of redlining

Bank once owned by candidate to lead Treasury accused of discriminatory lending

housingwire.com/articles/38551…

Too Big to Fail Bank Merger in California Could Hurt Consumers in Need of Loans

thestreet.com/story/12885748…

"The facts are that CIT received $2.3 billion TARP funds before filing one of the largest Chapter 11 bankruptcies in history,” Stein said. “We want to see an end to this subsidy of investors and financial institutions. We need investment in communities.”

The Troubled Asset Relief Program (TARP) is U.S. government funding used to purchase assets and equity from financial institutions signed into law by former president George W. Bush on October 3, 2008.

“Given the troubled history of both CIT and OneWest, we believe this merger should not move forward until leadership works with community groups to create a strong Community Benefit and Reinvestment Plan that will ensure a clear benefit as a result of this merger and ensure

no further harm by these banks,” said Paulina Gonzalez, executive director with CRC.

OneWest Bank is the successor to IndyMac Bank, whose failure cost the Federal Deposit Insurance Fund more than $10 billion and is still benefiting from loss sharing agreements with the FDIC.

“IndyMac’s mortgages caused a great deal of financial heartaches as thousands of people lost their homes,” said Sherri Jackson, president of the Multicultural Real Estate Alliance for Urban Change. “Regulators need to thoughtfully consider safeguards for the community, including

increased access to responsible, safe mortgages for first-time homebuyers prior to any acquisition moving forward.”

Since January 2007, Indymac/OneWest oversaw 45,000 foreclosures in California, and the CIT Group has had its own financial struggles.

Thain was working at CIT group-

Deutsche Bank nominates U.S. banker Thain to supervisory board reut.rs/2q13yWM

Right after merger-

Veteran banker John Thain to retire as CIT CEO next year | Article [AMP] | Reuters reuters.com/article/us-cit…

Yeah-

This is a good one to go after @AOC

John Thain spins stockholders' wheels bloomberg.com/opinion/articl…

Almost like the bank was on the road to bankruptcy until Donald won.

Otting reported owning $1 million to $5 million in CIT shares and $5 million to $25 million in restricted stock.

CIT, Otting said in his June 23 letter, will speed up the vesting of all his unrestricted stock once he’s confirmed. Otting, who left CIT in 2015, received

$10.5 million from a payout of his employment contract, his disclosure form shows.

He pledged to sell all his CIT shares within 90 days of taking over the Office of the Comptroller of the Currency. The agency is now run by Keith Noreika, a banking lawyer

installed by the Trump administration on a temporary basis.