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.

XREF: Connects to broader reporting on predatory lending and the private equity playbook of buying distressed assets and profiting through aggressive enforcement.

Andrew deWaard, Derivative Media, loc. 298