(BOYNTON BEACH, FL) — A private forensic mortgage auditing firm is burning the business air waves today. Germany-based Deutsche Bank is the target.MFI-Miami LLC says it is narrowing its multi-state investigation into illegal home foreclosures by focusing exclusively on Deutsche.
Deutsche Bank. has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis.. The agreement in principle, announced by Deutsche Bank’s Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged.
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Investments Lending Shocker: U.S. sues former deutsche bank head subprime mortgage bond trader for crisis-era fraud Paul Mangione accused of ‘systematically, intentionally’ lying about.
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Deutsche acquired MortgageIT for about $430 million in January 2007. At the time, Deutsche said MortgageIT was "one of the fastest-growing and largest residential mortgage loan originators in the U.S." and would help the bank expand its mortgage securitization business.
By Lynn E. Szymoniak, Esq., Ed., Fraud Digest, August 23, 2010 In 2009, Bank of America filed 3,200 foreclosure actions in Palm Beach County; Deutsche Bank National Trust Company filed 2,375 foreclosure actions. Most of these foreclosure actions were filed on behalf of mortgage-backed trusts. The county records show that at the same time these.
Lindsay Jenkins has filed a petition with the florida supreme court documenting perjury and burglary by attorneys for Deutsche Bank. Ms. Jenkins was the first person to document in a federal court the extensive foreclosure fraud of Deutsche Bank when she filed her first federal court lawsuit in January, 2008.
In an interview with Reuters, the lawyer was frank about the prevalence of mortgage fraud. Buyers, he said, were in reality using the bank’s money to speculate in real estate.
Recent cases have shown a trend of financial institutions, including FHA mortgage lenders, being targeted in claims brought by the government under the federal False Claims Act (FCA). The FHA, the world’s largest mortgage insurer, insures mortgages for borrowers who may not meet conventional underwriting standards. By insuring these loans, the FHA encourages lenders to lend to