--- title: "Meaning & Key Takeaway of: We were the first bank to start a loan…" description: "\"We were the first bank to start a loan modification at IndyMac and had a very good record of working with the regulators.\" — Steve Mnuchin" image: "https://sms4smile.com/quotes/i/3e4/steve-mnuchin-9731_bank_we-were-the-first-bank-to-start-a-loan-m_1906741.jpg" --- # We were the first bank to start a loan modification at… ![“We were the first bank to start a loan modification at IndyMac and had a very good record of working with the regulators.” quote by Steve Mnuchin](https://sms4smile.com/quotes/i/3e4/steve-mnuchin-9731_bank_we-were-the-first-bank-to-start-a-loan-m_1906741.jpg) [Download](https://sms4smile.com/quotes/i/3e4/steve-mnuchin-9731_bank_we-were-the-first-bank-to-start-a-loan-m_1906741.jpg) [Open image](https://sms4smile.com/quotes/i/3e4/steve-mnuchin-9731_bank_we-were-the-first-bank-to-start-a-loan-m_1906741.jpg) > “We were the first bank to start a loan modification at IndyMac and had a very good record of working with the regulators.” [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The bank pioneered loan modifications at IndyMac, achieving strong regulatory cooperation and performance. **In simple terms:** They led loan changes and worked well with regulators. Key Takeaway Innovate responsibly in finance. Themes finance regulation innovation Mood pragmatic optimistic Type business policy When to use this quote - banking - housing crisis - policy implementation Key Concepts Risk management customer relief Questions to Reflect On - How can banks balance profit and borrower aid? - What safeguards ensure responsible modifications? A Different Perspective Regulatory changes may limit flexibility. ★ ★ ★ ★ ★ No ratings yet [Bank](https://sms4smile.com/quotes/about/bank/) [Bank Start](https://sms4smile.com/quotes/about/bank-start-2847568/) [Good](https://sms4smile.com/quotes/about/good/) [Indymac Good](https://sms4smile.com/quotes/about/indymac-good-2847567/) [Loan](https://sms4smile.com/quotes/about/loan/) [Loan Modification](https://sms4smile.com/quotes/about/loan-modification-1677538/) [Modification Indymac](https://sms4smile.com/quotes/about/modification-indymac-2847566/) [Start](https://sms4smile.com/quotes/about/start/) [Working](https://sms4smile.com/quotes/about/working/) [Working Regulators](https://sms4smile.com/quotes/about/working-regulators-2847569/) ## Related quotes > [I ran a 'loan modification machine.'](https://sms4smile.com/quotes/steve-mnuchin/i-ran-a-loan-modification-machine/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [For many, the loan modification process has been a giant sham.](https://sms4smile.com/quotes/lisa-madigan/for-many-the-loan-modification-process-has-been-a-giant-sham/) [Lisa Madigan](https://sms4smile.com/quotes/author/lisa-madigan/) > [ What I think is bugging this guy \[Steven Lerner\] is the belief that debt - forced debt upon middle-class people, students (i.e., student loans… ](https://sms4smile.com/quotes/rush-limbaugh/what-i-think-is-bugging-this-guy-steven-lerner-is-the-belief-that/) [Rush Limbaugh](https://sms4smile.com/quotes/author/rush-limbaugh/) > [The man who won't loan money isn't going to have many friends - or need them.](https://sms4smile.com/quotes/wilt-chamberlain/the-man-who-won-t-loan-money-isn-t-going-to-have-many-friends-or-need/) [Wilt Chamberlain](https://sms4smile.com/quotes/author/wilt-chamberlain/) > [By taking out a loan, I am committing myself to years of interest repayments, and therefore to years of wage slavery. And the UK…](https://sms4smile.com/quotes/tom-hodgkinson/by-taking-out-a-loan-i-am-committing-myself-to-years-of-interest/) [Tom Hodgkinson](https://sms4smile.com/quotes/author/tom-hodgkinson/) > [I played United's reserves for a few years and I wanted to take that next step, which was a loan move.](https://sms4smile.com/quotes/danny-drinkwater/i-played-united-s-reserves-for-a-few-years-and-i-wanted-to-take-that/) [Danny Drinkwater](https://sms4smile.com/quotes/author/danny-drinkwater/) > [Student loans have been helpful to many. But they offer neither incentive nor assistance to those students who, by reason of family or other…](https://sms4smile.com/quotes/john-f-kennedy/student-loans-have-been-helpful-to-many-but-they-offer-neither/) [John F. 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Poor people are the ones who take challenges every day. The guy who sells…](https://sms4smile.com/quotes/muhammad-yunus/what-is-entrepreneurship-after-all-bigness-is-not-the-issue-poor/) [Muhammad Yunus](https://sms4smile.com/quotes/author/muhammad-yunus/) > [Every time the U.S. government makes a low-cost loan to someone, it's investing in them.](https://sms4smile.com/quotes/elizabeth-warren/every-time-the-u-s-government-makes-a-low-cost-loan-to-someone-it-s/) [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) > [ When the fountains of government \[borrowing\] abundance began to dry up, when through lack of funds and the impossibility of negotiating fresh loans the… ](https://sms4smile.com/quotes/john-t-flynn/when-the-fountains-of-government-borrowing-abundance-began-to-dry-up/) [John T. Flynn](https://sms4smile.com/quotes/author/john-t-flynn/) ## More by Steve Mnuchin > [I earnestly feel terrible for any mistakes at the bank.](https://sms4smile.com/quotes/steve-mnuchin/i-earnestly-feel-terrible-for-any-mistakes-at-the-bank/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [My No. 1 priority is growth in the economy. Tax reform will be our first and most important part of that.](https://sms4smile.com/quotes/steve-mnuchin/my-no-1-priority-is-growth-in-the-economy-tax-reform-will-be-our/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [I have been maligned as taking advantage of others' hardship in order to make a buck. Nothing could be further from the truth.](https://sms4smile.com/quotes/steve-mnuchin/i-have-been-maligned-as-taking-advantage-of-others-hardship-in-order/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [As treasury secretary, I don't see it as my role commenting on the dollar in short-term movements.](https://sms4smile.com/quotes/steve-mnuchin/as-treasury-secretary-i-don-t-see-it-as-my-role-commenting-on-the/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [I have very good friends on Wall Street.](https://sms4smile.com/quotes/steve-mnuchin/i-have-very-good-friends-on-wall-street/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [Proprietary trading does not belong in banks with FDIC insurance.](https://sms4smile.com/quotes/steve-mnuchin/proprietary-trading-does-not-belong-in-banks-with-fdic-insurance/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [We've been in the business of regional banking, and we understand what it is to make loans, and that's the engine of growth to…](https://sms4smile.com/quotes/steve-mnuchin/we-ve-been-in-the-business-of-regional-banking-and-we-understand-what/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [I've had several different careers.](https://sms4smile.com/quotes/steve-mnuchin/i-ve-had-several-different-careers/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [Look, there is no question the Hollywood crowd predominantly supports Democrats. But within Los Angeles, there's a big community, and there's a large community…](https://sms4smile.com/quotes/steve-mnuchin/look-there-is-no-question-the-hollywood-crowd-predominantly-supports/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [I have given to Democrats in the past. I've always believed in supporting the best candidate at the time.](https://sms4smile.com/quotes/steve-mnuchin/i-have-given-to-democrats-in-the-past-i-ve-always-believed-in/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [I don't support going back to Glass-Steagall as is.](https://sms4smile.com/quotes/steve-mnuchin/i-don-t-support-going-back-to-glass-steagall-as-is/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [Our most important priority is sustained economic growth, and I think we can absolutely get to sustained 3% to 4% GDP, and that is…](https://sms4smile.com/quotes/steve-mnuchin/our-most-important-priority-is-sustained-economic-growth-and-i-think/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [Trump has a pro-economic-growth tax plan, and we are sensitive to the cost of that plan.](https://sms4smile.com/quotes/steve-mnuchin/trump-has-a-pro-economic-growth-tax-plan-and-we-are-sensitive-to-the/) [Steve Mnuchin](https://sms4smile.com/quotes/author/steve-mnuchin/) > [Any time I hear 'border adjustment,' I don't love it. 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It's only because cinema gave me a lot of access that I…](https://sms4smile.com/quotes/vijay-deverakonda/i-couldn-t-be-working-in-a-bank-and-launch-a-clothing-line-it-s-only/) [Vijay Deverakonda](https://sms4smile.com/quotes/author/vijay-deverakonda/) > [If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about…](https://sms4smile.com/quotes/jeroen-dijsselbloem/if-there-is-a-risk-in-a-bank-our-first-question-should-be-okay-what/) [Jeroen Dijsselbloem](https://sms4smile.com/quotes/author/jeroen-dijsselbloem/) > [With post offices and postal workers already on the ground, USPS could partner with banks to make a critical difference for millions of Americans…](https://sms4smile.com/quotes/elizabeth-warren/with-post-offices-and-postal-workers-already-on-the-ground-usps-could/) [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) > [True wealth is not measured by how much money you've got in the bank or how many toys you've got. 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