that we made any errors or we ever foreclosed on anybody, i completely understand that the hardship that created. as i mentioned, we did go through an independent foreclosure review and unfortunately there were some issues, very low rates relative to everybody else, but there were some issues. and we paid money to those people to make them home. i earnestly feel terrible for any mistakes at the bank. let me comment on also that once a week, i chaired an internal committee that dealt with customer complaints. so any complaint that went to our regulators, that went to a senator, went to a member of the house or went to what we called the came through those, we had a special group of people that reviewed every single one of those complaints, responded to all of your offices, and
and insurance. i was so troubled by this that i discussed it with our primary regulator, the office of the controller of the currency. unfortunately hud did not agree and we were forced to foreclosure on senior citizens even if they only owed one dollar. not complying with these hud policies would have subjected the bank to penalties and losses from hud. despite our inability to save every home from foreclosure, i am proud of the fact that one west bank was the only one of 14 banks that was able to complete the independent foreclosure review that was conducted by the occ. every one of the 175,000 borrowers that were in the foreclosure process during 2009 and 2010 were able to have an independent review of their loan. we had a very low error rate,
appreciate the issue, and as i said before, we highly redwrgre the extent that we made even one error and especially the servicemen, we paid $8 million. many, many firms paid billions and billions of dollars but will regret any issue there. what you are referring to, it was one in the same, as referenced in my testimony we were one of 14 banks that signed consent orders. at the time we were you should the otc later taken over by the occ and we were the only bank that actually completed that foreclosure review and proud of that. and at the end of the day it ultimately showed that your company took people out of their homes and created consequences
at a foreclosure sale two weeks before. just brings back bad memories. you know? just what a shame. reporter: though mnuchin s critic say his bank was far too aggressive with foreclosures, some say he took a failing bank and made it profitable again. as for the claims of bad advice telling home owners to stop paying their mortgages, mnuchin s transition spokesperson told cnn literally every major financial institution involved in the mortgage business was accused of the same thing. that s why there was an independent foreclosure review which onewest was the only major bank to complete. the findings of the review showed an exemplary record and an extremely low error rate. steven mnuchin expects to discuss hiss successful record of modifying thousands of mortgages, saving people s homes
important issues. let me first say, to the extent we made any errors or ever foreclosed on anybody, i completely understand that the hardship that created. as i mentioned, we did go through an independent foreclosure review and unfortunately there were some issues, very, very low rates relative to everybody else but there were some issues and we paid money to those people to make them whole and i earnestly feel terrible for any mistakes of the bank. let me comment on also that once a week i chaired an internal committee that dealt with customer complaints. so any complaint that went to our regulators, that went to a senator, went to a member of the house or went to what we called the came through those, we had a special group of people that reviewed every single one of those complaints, responded to all of your offices and