Friday, September 02, 2011
U.S. Federal Housing Finance Agency to Sue Deutsche Bank And a Dozen Other Big Banks Over Mortgage Fraud, Deutsche Bank Root of Foreclsoure Fiasco.
NY TIMES...The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.
The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.
Fannie and Freddie lost more than $30 billion, in part as a result of the deals, losses that were borne mostly by taxpayers.
50 state attorneys general are in the final stages of negotiating a settlement to address abuses by the largest mortgage servicers, including Bank of America, JPMorgan and Citigroup. The attorneys general, as well as federal officials, are pressing the banks to pay at least $20 billion in that case, with much of the money earmarked to reduce mortgages of homeowners facing foreclosure. MORE FROM THE NY TIMES CLICK HERE.
Deutsche Bank Foreclosure Processes Are As Bogus As Lending Practices That Fed The Housing Bubble, Deutsche Bank Main Financer Of Nazi Party.
“We will put people in jail,” Iowa Attorney General Tom Miller said, according to homeowner advocates present at the meeting in Des Moines. Miller said the 50 attorneys general (FLORIDA PAM BONDI) participating in the investigation want criminal prosecutions as part of a big settlement with home-loan providers. The probe launched this fall in the wake of news that the foreclosure processes at many large banks (Deutsche Bank) are as bogus as the lending practices that fed the housing bubble in the first place, as banks granted loans indiscriminately to feed derivatives-market speculation and failed to track original mortgage documents after packaging the loans and selling them to investors.
Jan. 28, 2011, 12:08 p.m. EST, Deutsche Bank accepted and bundled ‘deficient’ loans. Mortgages rejected by due-diligence firm were lumped in, crisis panel says. WASHINGTON (MarketWatch) — Big banks accepted substandard loans to package into securities during the buildup to the financial crisis, even though a due-diligence service they hired to examine the loans rejected many of them as “deficient,” according to a crisis fact-finding panel.
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: 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 has blood on it’s hands as it profited from the activites of Nazi Party and the SS. It was at the Auschwitz concentration camp that I.G. Farben of whom Deutsche Bank director Hermann Josef Abs was also the head of IG Farben’s board, had its Zyklon B Degesch Division, which manufactured a commercial form of deadly hydrocyanic acid, which became active on contact with air. It was used in the Auschwitz concentration camp beginning in the summer of 1941 where the poison gas was used for mass executions of prisoners too sick to work.
Bill Warner Sarasota Private Investigator, SEX, CRIME, CHEATERS & TERRORISM at www.wbipi.com