Deutsche Bank Throwing Americans Out On the Street

Deutsche Bank made a fortune by buying pools of American home mortgages, packaging them, and then selling them to German state-owned banks.  When the underlying mortgages defaulted, the German taxpayers had to bail out the institutions. But Deutsche Bank had already pocketed $$millions in arrangement fees.  Meanwhile, Deutsche Bank also learned it could make additional fees by acting as trustee for the mortgage pools, so it jumped into this business in a big way, and the shareholders celebrated the additional profits.  The consequences of this business decision are clear: as the US real estate crisis reaches hew depths, Deutsche Bank has become America' Foreclosure King.  Now, across the country,  Deutsche Bank is throwing Americans out of their homes.

In Marion Oaks, Florida, Karl and Karen Zahradka and their six children were forced out of their home earlier this month:

They were evicted three months after the home was foreclosed on and sold to Deutsche Bank. The family got into their Chrysler minivan, not knowing where to go.

The same scene is being played out in nearly every state. Yesterday, in Roslindale, Massachusetts, Raul and Ana Esquivel  had their dreams shattered as they and their children were forced out of their home after Deutsche Bank refused to renegotiate the terms of their home mortgage:

The protest delayed the eviction for a few hours, giving the Esquivel family hope that they would be allowed to stay in their home through at least the weekend. Their goal was to work with Deutsche Bank to sell the building to a relative.

Deutsche Bank did not immediately return a phone message seeking comment.

The Esquivel family said they had fallen on hard times since purchasing the home in March 2006. Their initial mortgage payment was nearly as much as the couple's combined income, but Deutsche Bank promised to help them refinance after six months, according to a press release from the advocacy group, City Life.

A group of protesters gathered to try and prevent the eviction of the family.  The anger against Deutsche Bank was palpable: "One of the organizers, Steven Meacham, charged that Deutsche Bank was guilty of “greed.”"

Now Deutsche Bank is negotiating with US Treasury Secretary Paulsen to participate in the US taxpayer bail-out of Wall Street. 

Comments

[Tom]

I just received my 'notice to quit' from the attorneys for Deutsche Bank. This comes after my receiving a call from the Massachusetts Banking Commission on the 13th stating that my appeal for postponement of the mortgage sale.
There was just one problem with that postponement, the attorney and auctioneer had arrived and conducted a sale in which no one bidded on the house only one hour before!
If anyone has any ideas as to what is going to happen to me and my kids. Or perhaps knows some way I can still save my home, can you please contact me @ lostsailor01930@gmail.com?
I am a single dad who basically got into this mess after being told I had no credit history by one of Deutsche Bank's Hench Corporation (the loan broker) and they set me up with a loan I couldn't afford with a tacit promise that in six months, they'd get me into a loan that was a qualifying loan. OF COURSE, they sold it and this outfit Saxon stepped in and they were anything but nice about things.
Thanks,
Tom

[David]

Tom,

Get in touch with Maureen McDonogh at Harvard Law School Legal Services

mcdonagh@law.harvard.edu,

They have helped folks in your predicament and have experience with Deutsche Bank.

Good Luck!

[immo regio]

I think your blog is fanastic. This report is extremely useful. Thanks

[raymond ramos]

i feel the same way i have a deutsche bank mortgage and they trying to forclosure on me to but they can't they don't own the orginal mortgage note and i have a tila violation. i'm a ex-banker in florida if there is anything i can do to help please call me ray 407-949-2985 i work for free i'm also veteran so help those who can't help them selfs.