Deutsche Bank made $$billions in profits from its key role in the subprime mortgage meltdown and now the US government would like at least a portion of those $billions back:
Im Zuge der Aufarbeitung der Finanzkrise zieht nun für Investoren überraschend auch die Aufsichtsbehörde der beiden größten staatlichen Hypothekenfinanzierer Fannie Mae und Freddie Mac vor Gericht. Der Klageschrift vom Freitag zufolge werden finanzielle Schäden auf Hypotheken-Anleihen über insgesamt fast 200 Milliarden Dollar geltend gemacht - davon entfallen mehr als 14 Milliarden Dollar auf die Deutsche Bank. Eine Sprecherin des deutschen Branchenprimus sagte, das Institut werde sich entschlossen zur Wehr setzen. Die Vorwürfe seien unbegründet.
Die Federal Housing Finance Agency (FHFA) wirft den Instituten vor, die Qualität der an die beiden professionellen Investoren verkauften Kreditbündel falsch dargestellt zu haben. Die Deutsche Bank ist in den USA wegen ihrer Hypothekengeschäfte in eine ganze Reihe von Verfahren verwickelt, die mit Milliarden-Strafzahlungen enden können. Die Prozesse dürften sich über Jahre hinziehen.
("In a surprising turn in the investigatrion into the fianancial crisis the supervisory officials of the two largest federal mortgage lenders Fannie Mae and Freddie Mack have gone to court on behalf of investors. According to the complaint on Friday they are seeking to recover nearly $200 billion in damages resutling from mortgage-backed securities - of that more than $14 billion from Deutsche Bank. A spokeswoman for the giant bank stated that the bank would vigorously defend itselft. The accusations are without merit.
THe FHFA accuses the banks of misrepresenting the quality of the loans sold to both professional investors. Deutsche Bank is involved in a number of legal battles pertaining to its mortgage activities which could result in fines of $$billions. The legal process could drag on for years.")
No surprise that Deutsche Bank is accused of lying about the credit quality of the assets it was selling to institutional investors. After all, its traders openly boasted about how easy it was to sell junk securities to IKB Bank, which was eventually bailed out by the German taxpayers.
Meanwhile, Deutsche Bank's foclosure juggernaut in the US continues unabated. Hardly a week goes by when I am not contacted by a desperate homeowner who has lost - or is about to lose - his or her house to America's Foreclosure King. Here is a message I received two days ago:
I am writing to ask for help. Deutsche Bank is the private investor for a home loan acquired by Bank of America from Country Wide on my home. Since May 2009 I have been trying to acquire a modified home loan through B of A with no positive results to date. Sixteen years go my husband died. I had just given birth to our 5th child. Over the past decade plus, I have worked very hard to make ends meet and have had a moderately successful career. However a few years ago I had a work-injury that resulted in permanent brain damage and was rendered disabled. After working for several years on my own recovery (while paying my house payment on time out of savings and investments) I exhausted my funds and reached out to Country Wide for help. I was advised (March 9, 2009) by a Country Wide employee to stop making my house payments so I could apply for help through a modification program. I did that and began what has become a nightmare that is taking every shred of energy to continue. As a single mother of five I have fought hard to keep my children in our home. I have complied with every request made of me by Bank of America. In addition, I have worked extremely hard to rebuild a career in a now-changed world and have established an income that would support a modified payment.
The problem: B of A and Deutsche Bank.
What chance does a disabled widow and single mother of five have against Deutsche Bank's high-priced attorneys? Deutsche Bank's CEO Joe Ackermann can boast of the bank's 25% Return on Equity, but does it bother him or his investors at all that this was achieved on the backs of tens of thousands of homeowners in the US?
„Was ist ein Einbruch in eine Bank gegen die Gründung einer Bank?“.
"What is the robbing of a bank compared to the founding of a bank?"
— Bertolt Brecht
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