Who put up Trump's bond? A subprime car loan billionaire who has run afoul of regulators
Providing Donald Trump’s $175 million appeal bond when other insurers wouldn’t is business as usual for California financier Don Hankey. As chairman of the Los Angeles-based Hankey Group of Companies, which includes an insurer, a subprime auto lender and a commercial real estate investment firm, Hankey has amassed a fortune lending to borrowers other financial firms shun.
Hankey’s assistance to Trump has brought the little-known billionaire into the spotlight. But in recent years, several of his companies’ operations attracted the attention of the U.S. Justice Department, the Consumer Financial Protection Bureau and the California Department of Insurance. Since 2015, regulators have taken action against Hankey’s companies four times, public records show.
In 2017, for example, the Department of Justice filed a complaint in federal court in California against Westlake Financial, Hankey’s big subprime auto lender. With a network of 50,000 car dealerships and $3 billion in managed assets, Westlake Financial calls itself “The Yes! Yes! Lender.”
Westlake and its subsidiary Wilshire Commercial Capital, the DOJ complaint alleged, illegally repossessed at least 70 vehicles owned by military service members protected under the Servicemembers Civil Relief Act. The companies paid $761,000 to settle the allegations. Five years later, the Justice Department returned with another complaint against Westlake, alleging that it had failed to provide service members with interest rate benefits they were owed under the law. The company paid $225,000 to settle that matter.
https://finance.yahoo.com/news/put-trumps-bond-subprime-car-123042749.html
Heck of a name
= new reply since forum marked as read
