Whoa…
Not sure of what to make of this yet. Is the Gov actually going to do something?
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Deutsche Bank faces US mortgage fraud lawsuit
* Bank accused of lying to join US mortgage program
* Bank accused of profiting even as homeowners defaulted
* Deutsche Bank shares fall (Adds details from complaint, case citation, stock price)
NEW YORK, May 3 (Reuters) – The United States sued Deutsche Bank AG (DBKGn.DE), accusing the German bank and its MortgageIT Inc unit of repeatedly lying to be included in a federal program to select mortgages to be insured by the government.
In a civil complaint filed in U.S. District Court in Manhattan, the government said that defendants recklessly chose mortgages that violated program rules “in blatant disregard” of whether borrowers could make mortgage payments.
Check out the rest here…
As soon as I get the case file and check it out further, I will put it up here…
Complaint below…
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4closureFraud.org
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United State of America vs Deutsche Bank and Mortgageit, Inc
My personal experience was with MortgageIT then ownes by GMAC but soo sold to Deutsche bank, a former partner of adolf Hitler and still as contempt
My case was against MortgageIT and IndyMac. Mortgageit was then owned by GMAC but soon sold to Duetsche bank then to Indymac then a sweart deal to OneWest by the FDIC alias ACORN.
Is Deutche Bank the repository for the mortgage fraud funds? Were they were the fraudulently pledged funds were funneled of to? Like nBank of Commerce Georgia?
My house was purchased at a 9.65% 30 fixed rate for 30 years through National City bank. In 2003, the ‘bank’ hassled me for late payments even as I was making double payments to the bank as I was in Sales and the bank gave me a $110,000 mortgage on the house using stated income. They tagged my account 7 times for ‘late’ payments. I had the checks reprinted and had the fees rescinded. They then stopped accepting my payments and then National City started foreclosure. I reached the Loss Mitigation Dept who told me to wire the money to them. When I tried, I got the Foreclosure attorneys of Lundberg and Associates, who demanded $4,000 to get my mortgage current.
That was 30 days after contacting NCM, the 90 day FHA rule for them to wait. They did not, the next month the firm was asking for $16,000 to get the mortgage current. I filed in 3rd District Court as Pro Se in 2004, as like many, no help was out there. I got my Notice to quit in 2004 made out to John Doe and signed by what I now believe was a robosigner. AIG and MGIC also sent letters asking me to pay THEM for the loss they may incurr for the forecloser. Two PMIs were both asking me to repay them ahead of time for losses not yet suffered, and illegal for them to ask me for money.
The Judge ignored evidence, when three of the lawyers perjured themselves in court, the Judge looked the other way. I made Motions that the Judge was unable to handle the case and to recuse himself, he refused. The two PMI lawyers claimed they did not know about the other PMIs involvement. I filed Bankruptcy to create a temporary stay, the Federal Bankruptcy judge gave away my title to NCM before she cleared the bankruptcy was valid, but she asked Lundberg to make sure 3rd District Court to do the same, when I reminded her that I could be awarded damages.
Utah 3rd District court Judge Fredericks agreed to the title release to NCM, where the house was not under water, and increased in value from $110k to $180K when it was sold/refinanced for a fifth time in 2010.
I pay more in rent for a house than my mortgage cost me. I had a job at the U of U, it did not matter to these clowns. I was ordered to vacate in jan 25th 2005.
I spoke to a lawyer and he said records are often messy with many banks. Looking at this carefully concieved plot since 1999, I think the banks overseas and in America, knew EXACTLY what they were doing.
I have been saying since 1997 when Fidelity NY FSB (Astoria Federal S & L -successor in interest)
hid four of my mortgage checks and I filed a Federal Petition in US District Court in the Southern District of NY that the mortgage contract is illegal and prohibited by Art 1 Para 10 Cl 1.
The purpose of hiding my checks was to show a default, accelerate, foreclose and demand real money for the banks fake money lent.
A mortgage contract predicated on 90 or 95% of bank credit and only 5 or 10 % of real money is “ultra vires”
illegal.
The only way out of this mess and to restore integrity to our country’s land records is resind the mortgage contracts founded on this fake money scheme and restore the true owners to their properties.
As for those who put money into forged deeds, their title insurers knowingly insured forged deeds and the title insurers must be made to indemnify those people
I think a person for the US government to go after would be William P Foley CEO of Fidelity National Title former chair of LPS dOCX. He knows the inner workings of everything fake that was bestowed upon this nation to destroy our US Constitution.
The tip of the iceberg. I was there before Direct Endorsement and after. As an ‘old school’ Loan Processor, (I worked with borrowers before we had Loan Officers), I didn’t like direct endorsement as all kinds of underwriter egos entered the picture. Working directly with the FHA was a much better practice. They knew what they were doing and I knew what I was doing. The FHA manuals were my bible. When FHA went with the Direct Endorsement program I could see how it could turn into a nightmare. Some of the in house Underwriters had never processed an FHA loan and didn’t know the guidelines. I found myself arguing with ‘supposed’ FHA approved Underwriters about FHA guidelines.
Every mortgage banker had to apply to be Direct Endorsement and I am sure they did. Brokers were not allowed to be Direct Endorsement. Consequently all mortgage brokers had to submit to a mortgage banker for underwriting and loan approval. That is why a broker claimed to be able to ‘shop’ a loan. They had lists of bankers and rates they were charging and really it was like shopping. They went to the banker that charged the least, that is how it was supposed to work anyway. I rather doubt that was how it ended up.
i don’t know how much changed after I left but I do know that Loan Officers (who were commission sales people and were not Loan Processors and did not know FHA guidelines) became very powerful in the industry. This was due to the fact that they originated the loans. Management stood behind the L.O.’s and started to treat the Processors as second class citizens, applauding the handing of fraudulent papers, ie: gift letters, etc. I was beginning to see the fraud being done by Loan Officers when I left. Loan Officers pulling rank on Processors and Underwriters with the companies approval. The Loan Officers did not care about the borrowers, they cared about their commission. As a salaried employee I cared deeply about my borrowers. I took pride in my work and as the L.O. provided the docs to the Processor it was easy for them to alter the information. I had L.O.’s checking the bank accounts of borrowers prior to closing to see how much they had in the bank so they could charge the borrower in the end for their overage and commission. The L.O. certainly didn’t care if the loan was foreclosed on. The companies I worked for didn’t want their loans in foreclosure, we weren’t in the real estate business in the olden days. A foreclosure was a mark against your company and the quality of your procedures and personnel.
Duetsche Bank is just the beginning. Every lender will have to have their FHA files pulled and audited. I am happy to see the Mortgage Insurance Premium (MIP) addressed. FHA loans were the norm when I left, they were for the ‘first time homebuyer”. All this subprime mess happened when they threw all the FHA buyers into their Conventional programs and called them prime. Conventional loans also had insurance, it was called PMI, Private Mortgage insurance, and was required on any loan with more than 80% Loan to Value. Few buyers could afford 20% down so had to pay for PMI. The lender then got real creative and figured out a way around that one by giving the buyer an 80% first mortgage and a 20% second thus eliminating the need for PMI. The borrower ended up with a 100% loan…go figure..better than an FHA loan with it’s 3% down and MIP.
This case just adds fuel to the fire. This demands that a National Moratorium on all foreclosures be called for immediately. I am sure the ‘VA’ loans are having the same problem. The difference being that VA ‘guaranteed’ the loans and didn’t charge an insurance premium, though that may have changed since I left too. The VA guaranteed that the service member would pay the loan because they had served our country and were a good risk. How much was that program abused by the banks… I wonder.
Let me know when it’s “United States vs Chase”, then it will be time for moderate excitement.
And excrement!
This document fully lays out what William Black calls a “criminogenic environment”. We can extrapolate from this how the federal regulator consent orders will be handled. All the required reports and audits and reviews and programs will be handled in similar disdainful fashion by the financial industry. And why not? There will be no enforcement, sanctions, punishment, or even full investigation.
Well, we will wait on this one. I do not see anyone going to jail yet.
I knew there was more coming for Deutsche Bank…he did finance Hitler’s war against the Jews, they did get American Tax payers money for their foreign bank here and in Germany…they do own most of America financial institutions and carries the most foreclosure fraudulent cases….the CEO did boast of their huge obscene profits during the financial crisis…google the article….and laughing their way to the “banks…”
Heil deutsche bank! May all of the banksters hang!
This suit just made NPR news flash 5-3-2011 at 12:10 PM CDT. Will be one to watch. However, it IS only a Civil suit without criminal fraud charges. It will be paid off without disclosure, no-fault. What is needed desperately is Criminal charges against these companies to include Countrywide, Mozilo and yes Deutsche but if you do that wouldn’t you have to go up the food chain and get the rating companies, insurers, etc. etc. Frankly, I think there are a few whistleblowers out there that could benefit by tipping out but is anyone looking?
Does TOO BIG TO ALLOW FAILURE ring a bell with anyone?
Just hoping “I vent” doesn’t have a heart attack. You have to mentally pace yourself. Vacation sounds like it should b on your agenda. Anyway – I am praying more fraud fights the light of day. The depositors and the insurers knew this was the deal and they played anyway. I’m sure there were many many deep dark deals there too. With the government behind the scheme and the insurers having the backing of our tax money made insane deals with the devi. Deutshe is the devil. The devil has pierced their corporate vail for suee. Its sickening. It needs to stop and now. Insanity has met its match. Debi
Nice. Enemy against enemy.
Right on!!!!!!!!!
who knows, maybe this will actually mean something, like maybe somebody is taking us seriously?
Don’t exhale yet, wait and see where this goes.
Pray that it catches on like a wildfire and sears all the pretender lender asses.
Agreed, this is a move in the right direction for sure. The foreign multinational banksters are one of the many which includes the WALL STREET multinationals, who should be forced to pay for the PONZI SCHEME. Not the American people via class warfare and fraudclosures. DEATH TO THE FASCIST FOREIGN MULTINATIONAL TYRANNY! DEATH TO CAPITALIST CRONYISM!
Once again there are no individuals, that’s NOBODY BEING CHARGED, and then watch the several billion dollar settlement, amounting to a slap on the wrist……………and on we go to more netherworld mortgage foreclosure. For me, this is getting pretty surrealistic!
Or should I say fuc—- surreal.