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Detailed text transcripts for TV channel - CNN - 20170119:16:09:00

Or could more have been done by the administration? senator, thank you very much for that question. that is a very important issue. when we did the indy mac deal with the fdic, we committed to the fdic that we would continue the fdic loan modification program. it was after that that the obama administration came up with hamp. and we had no obligation to do hamp. we could have continued to do fdic loan modifications. but we felt it was the appropriate thing to voluntary go into the u.s. treasury hamp program as were other major banks. so we voluntarily went into that program. the hamp loan modification program was a very redescriptive program, including us having to follow net present valuations to see which was better, either foreclosing on a home or ....

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Detailed text transcripts for TV channel - CNN - 20170119:16:25:00

Think are critical to a pro-growth economy. could you elaborate on that? sure. let me first say i absolutely believe in proper regulation. and before i had the opportunity to put in a bid for indy mac bank, i had to be issued a charter. and i worked very closely with what was the ots at the time, and by the way, i was a big fan of you merging the ots is twith occ and getting rid of a regulatory agency. at the time i worked with the ots and the fed. the regulators explained to me at the time, and i told them i understood, the responsibility of being given a banking charter. i took that very, very seriously. i have very, very smart regulators. and i have tremendous respect for them. as a matter of fact, in one of the few things that the wall street journal actually wrote nice about me, they made a comment that i told everybody we ....

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Detailed text transcripts for TV channel - CNN - 20170119:16:39:00

So we believed in loan modifications and were financially incented to offer them when we could. mr. chairman, i look forward to a second round. senator menendez. thank you, mr. chairman. mr. mnuchin, congratulations on your nomination. i have to be honest, the information that came to us this morning makes me concerned. you ve addressed some of it but not all of it. on december 19th of last year you signed a notarized affidavit on your questionnaire to the finance committee certifying that it was true, accurate, and complete. question 11 asked nominees to list all, all, positions held as an or other institution. that seems to be pretty pervasive. it s almost like an open book test. and yet you did not answer in ....

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Detailed text transcripts for TV channel - CNN - 20170119:16:36:00

Responded directly to the borrower. we also routinely had the occ come in and monitor and test us and go through all those complaints. it was a very, very big concern, because as you can imagine from both the fdic and the occ, when we took over indy mac, the amount of complaints spiked dramatically. as i shared with you, the reverse mortgage business was not something we wanted to buy, that we agreed to buy that as part of an overall solution. what we were really trying to do is create a regional bank. and that business really had no part of it. there were about a billion in half reverse mortgages that the bank owned. there were over 20 billion of reverse mortgages that we didn t own that we serviced for third parties. and the majority of all those third parties were hud ....

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Detailed text transcripts for TV channel - CNN - 20170119:16:07:00

Lending, unquote, during the housing crisis. an investor group that you headed folder by reformed indy mac, a failed institution, responsible for many low and no-doc mortgage loans into a viable constitutiinstitution ca west, which you ve described here, which offered loan modifications above and beyond what other institutions were doing to more than 100,000 borrowers, at least that s the way it looks to me. meanwhile, during all of the foreclosure turmoil, obama administration officials set up a national loan modification program called hamp. many members of congress from both sides of the aisle and others have repeatedly fallen far short of its goals and it had significant design flaws. in testimony before congress, the special inspector general ....

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