Mnuchin profited over a billion dollars from aggressive foreclosures before entering Hollywood.

Evidence

The story begins with Mnuchin acquiring IndyMac, a mortgage-lending bank that had failed in 2008 and was seized by the U.S. Federal Deposit Insurance Corporation (FDIC). With a group of investors, Mnuchin renamed IndyMac OneWest Bank and then aggressively foreclosed on homeowners for profit, earning the accusation of “widespread misconduct” by the state attorney general’s office for repeatedly breaking California’s foreclosure laws and forging documents. The investors put 1.5 billion into the bank and sold it for more than 3 billion five years later. — Andrew deWaard, Derivative Media, 298

Categorization

• XREF: The foreclosure-to-Hollywood pipeline is a clean causal instance of the reader’s Wall Street-to-text tracing goal.
• SEED: Essay angle: the same ‘vulture capital’ playbook (buy failed asset, extract via exploitation, flip) applied to banks then to film catalogs.