Grandma loves camping...
He led a company that foreclosed on at least 50,000 people.
Paul Kiel and Jesse Eisinger, ProPublica Mother Jones
This story originally appeared on ProPublica.
In 2015, OneWest Bank moved to foreclose on John Yang, an 80-year-old
Korean immigrant living in Orange Park, Florida, a small suburb of
Jacksonville. The bank believed he wasn't living in his home, violating
the terms of its loan. It dispatched an agent to give him legal
notification of the foreclosure.
Where did the bank
find him? At the same single-story home the bank had said in court papers he did not occupy.
Still OneWest pressed on, forcing Yang, a former Christian
missionary, to seek help from legal aid attorneys. This year, during a
deposition, an employee of OneWest's servicing division was asked the
obvious question: Why would the bank pursue a foreclosure that seemed so
clearly unjustified by the facts?
The employee's
response was blunt: "You're trying to make logic out of an illogical situation."
Yang was lucky. The bank eventually dropped its efforts against him.
But others were not so fortunate. In recent years, OneWest has
foreclosed on at least 50,000 people, often in circumstances that
consumer advocates say run counter to federal rules and, as in Yang's
case, common sense.
President-elect Donald Trump's nomination of Steven Mnuchin as
Treasury Secretary has prompted new scrutiny of OneWest's foreclosure
practices.
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