Thursday, May 05, 2011
United States of America Sues Deutsche Bank AG in Mortgage Fraud Case For More Than $1 Billion, Makes My Lawsuit Agasint Deutsche Bank AG Look Miniscule.
The U.S. government sued Deutsche Bank AG for more than $1 billion, accusing the German bank of fraud for repeatedly lying to obtain federal guarantees on mortgages it issued. According to the lawsuit, Deutsche Bank and its MortgageIT Inc unit misled the Federal Housing Administration, the world's largest mortgage insurer, into believing their mortgages qualified for federal insurance, knowing they could make "substantial profits" when the loans were later sold. The case is U.S. v. Deutsche Bank AG et al, U.S. District Court, Southern District of New York, No. 11-02976.
In fact, the government said, the loan quality was so poor that nearly one in three mortgages defaulted, a percentage elevated by Deutsche Bank's "dysfunctional" quality control. The complaint, filed in U.S. District Court in Manhattan on Tuesday May 3rd, marks the latest government push to hold the mortgage industry responsible for excesses that contributed to a 4-year-old housing slump and millions of foreclosures.
Deutsche Bank and MortgageIT "indulged in the worst of the industry's reckless lending practices," Manhattan U.S. Attorney Preet Bharara said at a news conference. "They often seemed to treat red flags as though they were green lights." Banks have come under harsh criticism for practices such as foreclosing on homes without first reviewing the necessary documents or having them in hand, and hastily packaging bad mortgages into securities sold to unsuspecting investors.
Deutsche Bank shares closed down 2.1 percent at 43.25 euros in Frankfurt, after falling as much as 3.7 percent. The complaint seeks triple damages on the $386 million of claims, as well as punitive damages and fines. Such a penalty would dwarf the $430 million that Deutsche Bank paid for MortgageIT, a real estate investment trust.
In April, 2011 a report by a U.S. Senate subcommittee faulted Deutsche Bank, Goldman Sachs Group Inc and others for deceiving purchasers about toxic mortgage debt they sold. That report quoted a top Deutsche Bank trader, Greg Lippmann, as repeatedly warning colleagues about the poor quality of residential mortgage securities backing many collateralized debt obligations, calling some "pigs."
Deutsche Bank, Which Has Their Own Gestapo Style Secret Police, Hires Trade Secrets Attorney Kimberly Gustafson to Defend Sarasota Fl Lawsuit brought by private investigator Bill Warner.
Spying Scandal; Deutsche Bank’s “Gestapo Style Corporate Security Department”. Deutsche provided banking facilities for the Gestapo during WWII. From as late as 2001 to at least 2007, Deutsche Bank engaged in covert espionage on its critics. The bank has admitted to episodes of spying in 2001 and 2007 directed by its “Gestapo Style corporate security department”, although characterizing them as “isolated.”
Why does Germany’s largest bank, Deutsche Bank, need a Gestapo Style Corporate Security Department called CSBC, Corporate Security & Business Continuity’?
Deutsche Bank Buys Up Mortgages Amid Foreclosure Crisis in Florida, Deutsche Bank Was Main Financer Of Nazi Party And Auschwitz Concentration Camp. Hunger for Profit: The Deutsche Bank during the Third Reich in Germany finances gas chambers. 1933: The Nazis come to power in Germany, beginning the period of collaboration between Deutsche Bank and the Hitler regime; Jewish board members are ousted.
Deutsche Bank Lawsuit Sarasota Fl
Case Number 2010 CA 010482 NC
Uniform Case Number 582010CA0104820000NC
Filing Type Libel/Slander
Filing Date 10/6/2010
Judge SARASOTA FL DIVISION A CIRCUIT
WILLIAM “BILL” WARNER
DEUTSCHE BANK NATIONAL TRUST COMPANY AS TRUSTEE
1/21/2011 MOTION- PLAINTIFF SEEKS SUMMARY JUDGEMENT.
Bill Warner Private Investigator, SEX, CRIME, CHEATERS & TERRORISM at http://www.wbipi.com/