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Tag Archives: Deutsche Bank

Deutsche Bank, Goldman Sachs Lose Bid for Securities Suit Dismissal

Two more banks have lost in their attempts to dismiss claims of misconduct in sale of mortgage-backed securities (MBS) to Fannie Mae and Freddie Mac. U.S. District Judge Denise Cote rejected motions filed by Goldman Sachs and Deutsche Bank, two of 16 defendants brought before her court by the Federal Housing Finance Agency (FHFA). In their arguments, attorneys for Deutsche Bank and Goldman say that FHFA's allegations are inadequate to support its claim of fraud.

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Aloha State Residents Allegedly Lost Millions in Foreclosure Sales

Hawaii is seeing a number of lawsuits against banks related to allegedly unfair foreclosure sales practices, The Honolulu Star-Advertiser reported Tuesday. Lawsuits have been brought against Deutsche Bank National Trust Co., Bank of America, U.S. Bank N.A., and Wells Fargo. In addition, a suit has also been filed against Routh Crabtree Olsen, a Washington firm with offices in Hawaii, for its alleged involvement.

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HUD Reaches $202M Settlement With Deutsche Bank

HUD announced Thursday that it reached a $202 million settlement with Deutsche Bank and Mortgageit over allegations of misconduct and false certifications with a government lender program. The agency said that Mortgageit acknowledged and accepted responsibility for false certifications it submitted to HUD in order to gain from a direct lender program under the Federal Housing Administration.

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NCUA Reaches Settlements with Two Banks

The National Credit Union Association (NCUA) has reached settlements with Citigroup and Deutsche Bank Securities regarding residential mortgage-backed securities sales to five wholesale credit unions that have recently failed. Citigroup agreed to pay $20.5 million, and Deutsche Bank agreed to pay $145 million to help lessen the losses incurred when the five credit unions failed. Neither bank admitted to fault when agreeing to the settlement. Total losses incurred from the five credit union failures stand at $3.3 billion, according to the NCUA.

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Financial Firms ‘Disappointed’ FHFA Chose Lawsuits Over Negotiations

The Federal Housing Finance Agency's decision to pursue legal action against firms that sold residential mortgage-backed securities to Fannie Mae and Freddie Mac could potentially strain relationships between the GSEs and the companies named as defendants, many of whom still sell mortgages to Fannie and Freddie and service home loans held by the two mortgage financiers. Some of the financial firms have been forthcoming with pledges to aggressively defend themselves against the allegations and are disappointed by the fact that FHFA has taken to the courts.

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City of Los Angeles Sues Deutsche Bank for Failing to Maintain REOs

Germany's largest bank has been hit with its second lawsuit of the week related to the company's U.S. mortgage business. The city of Los Angeles has filed a civil law enforcement action against Deutsche Bank for allowing properties it has foreclosed on to fall into ""serious disrepair"" and for the alleged illegal eviction of hundreds of low-income tenants renting the foreclosed homes. The city attorney says Deutsche Bank has become one of the largest slumlords in Los Angeles.

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United States Sues Deutsche Bank for $1B over Defaulted Mortgages

The U.S. government has filed a lawsuit against Deutsche Bank and its mortgage unit, claiming that Germany's largest bank ""repeatedly lied"" to get into a program to select mortgages to be insured by FHA against default. Once part of the program, U.S. authorities say Deutsche Bank ""recklessly"" selected mortgages that violated the program rules ""in blatant disregard"" of whether borrowers could make their mortgage payments. The U.S. government is seeking $1 billion in damages and penalties.

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First-Time Defaulters: An Underappreciated Customer Segment?

The housing crisis and the financial downturn that followed, without question, have profoundly altered the consumer lending landscape. According to the financial advisory firm Deloitte, one change that may be underappreciated is the rapid emergence of an important customer segment that could have powerful implications for lenders - the first-time defaulter. A survey conducted by the firm found that 11 percent of banking customers have experienced a negative credit event for the first time in their lives within the last two years.

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REOs the Topic du Jour in Washington

Neighborhoods across the country are riddled with empty bank-owned homes and unoccupied foreclosures that erode neighboring property values and open the door for blight and criminal activity. The nation's glut of vacant REOs took center stage in Washington Wednesday. HUD announced a new nationwide REO ""First Look"" program, in partnership with the nation's largest mortgage lenders, and it was the first of a two-day Federal Reserve summit to examine the community impacts of foreclosed and vacant properties.

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FDIC Closes on Pilot Securitization of Mortgages from 16 Failed Banks

The FDIC has closed on a sale of securities as part of a securitization backed by approximately $471.3 million of performing single-family mortgages from 16 failed banks. This pilot program marks the first time the FDIC has sold assets in a securitization during the current financial crisis a method which could allow the federal agency to clear billions of dollars in seized loans from its books, while maximizing the value of these assets for the failed banks' creditors.

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