The Greatest Theft of Homes In American History. The Biggest Con for a Settlement is detailed below, for the Benefit of That German Bank, Endorsed by the Department of Justice, et al.
MAR 8, 2022
About the Settlement
Deutsche Bank Mortgage Settlement
On January 17, 2017, the United States Department of Justice (DOJ) and Deutsche Bank AG, as well as its current and former subsidiaries and affiliates and ACE Securities Corp, reached an agreement to settle claims that Deutsche Bank violated federal law in connection with the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities between 2006 and 2007 (Settlement Agreement).
The Settlement Agreement requires Deutsche Bank to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), and to provide $4.1 billion in relief to underwater homeowners, distressed borrowers and affected communities.
Pursuant to the Consumer Relief portion of the settlement, Deutsche Bank is required to provide Consumer Relief which may take the form of loan modifications, including loan forgiveness and forbearance, to distressed and underwater homeowners, as well as financing for affordable rental and for-sale housing throughout the country. More specifically, options for Consumer Relief include:
Reduction of a borrower’s unpaid principal balance on their mortgage.
Forgiveness of a borrower’s previous mortgage loan forbearance.
Forbearance of a borrower’s mortgage principal until a later date.
Providing various forms of loan modifications to borrowers seeking to refinance with a new lender.
Extinguishment of the full balance of a borrower’s second lien mortgage.
Forgiveness of some or all of a homeowner’s outstanding debt related to a junior lien or unsecured debt.
Origination of loans to consumers in certain hard hit areas or who have lost a primary residence to foreclosure or short sale or are first time buyers with low or moderate income.
Forgiveness of principal associated with an occupied home where foreclosure is not pursued and the liens are released to help stabilize distressed neighborhoods by creating incentives for homeowners to stay in their homes.
Financing for the construction, rehabilitation, or preservation of affordable low-income rental and for-sale housing.
Deutsche Bank’s provision of Consumer Relief will be overseen by an independent monitor, Michael Bresnick, who has authority to approve the selection of any third party used by Deutsche Bank to provide Consumer Relief.
Under the Settlement Agreement, the Monitor was appointed to:
(i) report quarterly on Deutsche Bank’s progress towards completion of the Consumer Relief portion of the Settlement Agreement;
(ii) report on credits earned by Deutsche Bank; and (iii) determine and certify Deutsche Bank’s compliance with the terms of the Settlement Agreement.
Deutsche Bank must complete all Consumer Relief obligations under the Settlement Agreement by April 1, 2022.
If a shortfall in any of the Consumer Relief obligations remains as of April 1, 2022, the outstanding amount of the remaining obligations shall begin to increase at a rate of 5% per annum, ending upon Deutsche Bank’s satisfaction of the outstanding Consumer Relief obligation.
Settlement Documents
Download Annex 1 — Statement of Facts
Download Annex 1A — Statement of Facts Appendices A through D
Download Annex 2 — Consumer Relief
Download Annex 3 — RMBS Covered by the Settlement
To read more about the Monitor, please click here.
Fifth Report
For the past two years the Monitor has reported on the Bank’s plans to provide loan
modifications to distressed homeowners eligible for relief under the Agreement.
The Bank recently informed the Monitor, however, that it no longer intends to facilitate
loan modifications.
Instead, it plans to satisfy its entire $4.1 billion consumer relief
obligation by financing the origination of new purchase money loans.
The Monitor’s next report is expected to be published in Spring 2019. If you have
questions about this report, please contact the Monitor at:
Michael Bresnick
Venable LLP
600 Massachusetts Avenue, NW
Washington, DC 20001
202-344-4583
mbresnick@venable.com
www.deutschebankmortgagemonitor.com (website killed)
Michael Bresnick is chair of the Financial Services Investigations and Enforcement Practice. Michael advises clients on a wide range of financial services, government enforcement actions, consumer protection, mortgage fraud, FIRREA, BSA/AML, securities matters, and congressional investigations. An accomplished trial and appellate attorney, Michael has led 16 federal trials and numerous cases in federal and state appellate courts.
Homeowners
Relief For Homeowners Under the Settlement Agreement
Am I Eligible for Consumer Relief Under the Settlement Agreement?
Deutsche Bank is evaluating how to provide relief under the Settlement Agreement. The Settlement Agreement does not require Deutsche Bank to provide Consumer Relief to any specific consumers. If you have specific questions for Deutsche Bank, please contact Deutsche Bank.
What Forms of Relief May Be Available to Homeowners Under the Settlement Agreement?
Pursuant to the Consumer Relief portion of the settlement, Deutsche Bank will provide loan modifications, including loan forgiveness and forbearance, to distressed and underwater homeowners, as well as financing for affordable rental and for-sale housing throughout the country.
More specifically, options for Consumer Relief include:
- Reduction of a borrower’s unpaid principal balance on their mortgage.
- Forgiveness of a borrower’s previous mortgage loan forbearance.
- Forbearance of a borrower’s repayment of a portion of mortgage principal until a later date.
- Providing various forms of loan modifications to borrowers seeking to refinance with a new lender.
- Extinguishment of the full balance of a borrower’s second lien mortgage
- Forgiveness of some or all of a homeowner’s outstanding debt related to a junior lien or unsecured debt.
- Origination of loans to consumers in certain hard hit areas or who have lost a primary residence to foreclosure or short sale or are first time buyers with low or moderate income.
- Forgiveness of principal associated with an occupied home where foreclosure is not pursued and the liens are released to help stabilize distressed neighborhoods by creating incentives for homeowners to stay in their homes.
- Financing for the construction, rehabilitation, or preservation of affordable low-income rental and for-sale housing.
Additional Information for Homeowners
For additional information, you may refer to the Frequently Asked Questions (FAQs) posted on this website by clicking here. The FAQs include more detailed information regarding the settlement agreement for homeowners.
Beware of Potential Fraud by Deutsche Bank National Trust Co.
Federal and state law enforcement authorities have previously received reports of scammers attempting to take advantage of homeowners under similar settlements.
These efforts may include scammers claiming to be representatives of parties offering relief under such settlements who request that homeowners disclose personal information, such as bank account numbers and Social Security numbers. Homeowners should be mindful of these scams before disclosing any personal information to someone claiming to be a Deutsche Bank representative.
To report a suspected scam or other suspected fraudulent activity, please contact the FBI at 202-324-3000 or online at https://tips.fbi.gov. You may also wish to contact the United States Attorney’s Office where you are located or where the fraud was committed.
Visit the Offices of the United States Attorneys for a list of the 93 United States Attorney’s Offices and links to their websites.
Initial Report
The Settlement Agreement resolved potential legal claims that Deutsche Bank
violated federal law in connection with the creation, marketing, and sale of
residential mortgage-backed securities (“RMBS”) prior to 2009.
As part of the
Settlement Agreement, Deutsche Bank agreed to pay a $3.1 billion civil penalty to
the United States.
The Bank also agreed to provide $4.1 billion in consumer relief,
as specially calculated in the Settlement Agreement, in order to remediate the harm
caused by its allegedly unlawful conduct.
The types of consumer relief available to
the Bank include residential mortgage loan modifications, such as assistance with
refinancing, principal forgiveness to distressed and underwater homeowners, and
forbearance, as well as certain loan originations and financing for affordable
housing throughout the country.
The Settlement Agreement gives the Bank broad
discretion to choose the specific relief it will provide.
Final Report
In this ninth and final report, the Monitor is pleased to announce that Deutsche Bank
has completed its consumer relief obligations under both settlement agreements and
that the Monitor’s work in overseeing the Bank’s provision of consumer relief has
concluded.
As the Monitor explained in his prior reports, the Bank chose to satisfy its consumer
relief obligations by financing the origination of new mortgage loans through
agreements with numerous non-bank counterparties.
On August 31, 2017, the Bank
made its first submission to the Monitor of 100 loans, which were originated by
Shellpoint Partners LLC pursuant to a Master Repurchase Agreement (“MRA”) with
the Bank.
Through the MRA the Bank provided a line of credit to Shellpoint to fund
originations.
In order to encourage Shellpoint to originate the types of loans that
would entitle the Bank to consumer relief credit, the Bank agreed to provide
Shellpoint with an incentive payment for each loan it originated that the Monitor
validated for credit.
Frequently Asked Questions
General FAQs
FAQs for Homeowners
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News
CONSUMER OUTREACH EVENT: PHOENIX, ARIZONA
Deutsche Bank has partnered with the National Housing Resource Center (“NHRC’) to organize a consumer outreach event in Phoenix, Arizona on Saturday, March 2, 2019, that will focus on providing educational programing on homeownership options and housing counseling. The National Housing Resource Center (http://www.hsgcenter.org/) is a nonprofit with a stated mission to facilitate collaboration between nonprofit housing counseling agencies and assist communities of color, the elderly, low-to-moderate income populations, and other underserved communities. The……
21 February, 2019
Consumer Outreach Event: Riverside, California
Deutsche Bank has partnered with the National Housing Resource Center (“NHRC’) to organize a consumer outreach event in Riverside, California on Saturday, June 23, 2018, that will focus on providing educational programing on homeownership options and housing counseling. The National Housing Resource Center (http://www.hsgcenter.org/) is a nonprofit with a stated mission to facilitate collaboration between nonprofit housing counseling agencies and assist communities of color, the elderly, low-to-moderate income populations, and other underserved communities. The……
13 June, 2018
Consumer Outreach Event: Tampa, Florida
Deutsche Bank has partnered with the National Housing Resource Center (“NHRC”) to organize a consumer outreach event in Tampa, Florida, on March 3, 2018, that will focus on providing educational programing on homeownership options and housing counseling. The National Housing Resource Center (http://www.hsgcenter.org/) is a nonprofit with a stated mission to facilitate collaboration between nonprofit housing counseling agencies and assist communities of color, the elderly, low-to-moderate income populations, and other underserved communities. The Settlement……
28 February, 2018
Consumer Outreach Events
Deutsche Bank has partnered with two nonprofit organizations, the Homeownership Preservation Foundation (“HPF”) and the National Housing Resource Center (“NHRC”), to organize consumer outreach events that focus on educating potential borrowers on homeownership options and assisting underwater or distressed homeowners through housing counseling. Deutsche Bank has scheduled a consumer outreach event with HPF on October 21, 2017 in Detroit, Michigan, and a consumer outreach event with NHRC on November 11, 2017 in Chicago, Illinois…….
17 October, 2017
