Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Deutsche Bank Is About To Turn Into America's Public Enemy #1
The Business Insider ^ | 6-10-2010 | Vince Veneziani

Posted on 06/10/2010 6:13:35 AM PDT by blam

Deutsche Bank Is About To Turn Into America's Public Enemy #1

Vince Veneziani
Jun. 10, 2010, 8:46 AM

If you've read Michael Lewis' "The Big Short," you know how well-entwined Deutsche Bank is in the subprime housing market. After all, CDO wunderkind Greg Lippmann decided he'd had enough and has since headed, with other ex-DB execs, to greener pastures.

But CDOs aside, Deutsche Bank is about to get a lot of bad PR from its latest move here in the U.S. The German bank is beginning to evict people from their homes and start foreclosure proceedings on a boatload of homes, according to Spiegel Online.

Spiegel Online: Deutsche Bank is deeply involved in the American real estate crisis. After initially profiting from subprime mortgages, it is now arranging to have many of these homes sold at foreclosure auctions. The damage to the bank's image in the United States is growing.

"In the last few years, Deutsche Bank has been responsible for far and away the most foreclosures here," says Eva Heintzelman. She is the director of the ROOF Project, which addresses the consequences of the foreclosure crisis in New Haven in collaboration with the city administration. According to Heintzelman, Frankfurt-based Deutsche Bank plays such a significant role in New Haven that the city's mayor requested a meeting with bank officials last spring.

How many houses was he responsible for, Co was asked? "Two thousand," he replied. But then he corrected himself, saying that 2,000 wasn't the number of individual properties, but the number of securities packages being managed by Deutsche Bank. Each package contains hundreds of mortgages. So how many houses are there, all told, he was asked again? Co could only guess. "Millions," he said.

[snip]

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: banks; foreclosures; germany; mortages

1 posted on 06/10/2010 6:13:35 AM PDT by blam
[ Post Reply | Private Reply | View Replies]

To: blam
... Deutsche Bank has been responsible for far and away the most foreclosures here ...

What kind of moronic nonsense is this? How is a bank responsible in any way for a foreclosure?

2 posted on 06/10/2010 6:15:49 AM PDT by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

oversight? penalties?


3 posted on 06/10/2010 6:17:36 AM PDT by dalebert
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

As crooked as they come. Screwed around with a house in my area. Straw buyers, etc..


4 posted on 06/10/2010 6:17:37 AM PDT by Dr. Bogus Pachysandra ( Ya can't pick up a turd by the clean end!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: pnh102

They’ve inverted the meaning of all the words. Up is down.


5 posted on 06/10/2010 6:17:38 AM PDT by ClearCase_guy
[ Post Reply | Private Reply | To 2 | View Replies]

To: pnh102

How is a bank responsible in any way for a foreclosure?


Apparently, they have the audacity to demand that their contracts are honored.


6 posted on 06/10/2010 6:21:17 AM PDT by rbg81 (DRAIN THE SWAMP!!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: blam
Deutsche Bank was involved in some of the cases as the entity that wanted to foreclose but could not prove their provenance of the mortgage.

I advise anyone in a foreclosure proceeding where the mortgage has changed hands since it was originated to investigate this possibility.

7 posted on 06/10/2010 6:22:07 AM PDT by Notary Sojac (I've been ionized, but I'm okay now.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

Involved in all kinds of mischief including bad arms deals and covering up bad loans.


8 posted on 06/10/2010 6:26:04 AM PDT by eleni121 (For Jesus did not give us a timid spirit , but a spirit of power, of love and of self-discipline)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam
There will have to be a day of reckoning for all mortgage holding institutions in America. Balance sheets have to reflect true market values of assets, and postponing foreclosure action means the bank's assets, thus solvency status, are a lie.
9 posted on 06/10/2010 6:26:21 AM PDT by buckalfa (confused and bewildered)
[ Post Reply | Private Reply | To 1 | View Replies]

To: buckalfa

The largest mortgage holding institution in America is me and you via the government/Fed.


10 posted on 06/10/2010 6:35:17 AM PDT by BiggieLittle
[ Post Reply | Private Reply | To 9 | View Replies]

To: blam
"Deutsche Bank Is About To Turn Into America's Public Enemy #1"

They have a long, long, looooooong way to go before they can knock Congress out of that spot.

11 posted on 06/10/2010 6:36:23 AM PDT by Psycho_Bunny (Hail To The Fail-In-Chief)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Notary Sojac

Exactly. Huge under reported issue going on here. Because of the chaos of the last 2 years banks have lost track of their paper. My sister who is a municipal clerk clued me into this months ago, and there was a story last week on FR how deadbeat homeowners were awarded the home because the bank couldn’t prove the lineage of the note.

If this goes viral a lot of dirtbags are going to be awarded free homes


12 posted on 06/10/2010 6:48:21 AM PDT by VTenigma
[ Post Reply | Private Reply | To 7 | View Replies]

To: VTenigma

This is all about allowing deadbeats to remain in homes they couldn’t afford, didn’t intend to make mortgage payments, and scammed the taxpayer with the aid and comfort of Barney Frank, Chris Dodd, and assorted other dem dirtbags.


13 posted on 06/10/2010 6:52:14 AM PDT by Carley (For those who fought for it, freedom has a flavor the protected will never know.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: VTenigma

What makes them dirt bags when their lender sold their loan and the buyer lost the note for the loan? The homeowner didn’t have a say in the matter.


14 posted on 06/10/2010 6:54:57 AM PDT by listenhillary (You might be a modern LIBERAL if you read 1984 & said "YEAH! That's the world that I want!")
[ Post Reply | Private Reply | To 12 | View Replies]

To: Carley
If you go to court demanding that I repay a loan you have made to me, you have to prove to the court that you are the rightful owner of that debt.

Otherwise, I could agree to repay you and. at some later date, have the -true- note holder come after me for a second repayment of the same debt.

15 posted on 06/10/2010 7:02:00 AM PDT by Notary Sojac (I've been ionized, but I'm okay now.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: VTenigma
Because of the chaos of the last 2 years banks have lost track of their paper.

Gosh, that's terrible. Gonna cry myself to sleep tonight about the poor disorganized banks, you betcha.

16 posted on 06/10/2010 7:04:02 AM PDT by Notary Sojac (I've been ionized, but I'm okay now.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: listenhillary

Who in their right mind would ever want to lend money for a mortgage again?

The Libs have screwed up the capital markets for a generation.


17 posted on 06/10/2010 1:26:22 PM PDT by darth
[ Post Reply | Private Reply | To 14 | View Replies]

To: darth

Brilliant insight! These notes have been sliced and diced into unfathomable garbage. The lenders would have been more secure had they run the notes through a paper shredder!


18 posted on 06/11/2010 10:03:09 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
[ Post Reply | Private Reply | To 17 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson