NEVER TRUST DEUTSCHE BANK….the King of Foreclosure Banks

Feb 12, 2013      Let Consumer Rights Defenders help you sue your lender. 

Deutsche Bank’s Illegal US Foreclosure Practices

President Obama has announced programs to reduce or prevent foreclosures, but these will

come too late for tens of thousands of Americans who are being forced from their homes by

Deutsche Bank.  From Boston toHonoluluDeutsche Bank is America’s Foreclosure King.

In Kansas City alone, Deutsche Bank is the largest owner of foreclosed properties, and is

letting the city rot as it allows the properties to fall into disrepair and neglect.

Not content to foreclose on the existing properties in its portfolio, Deutsche Bank is compounding

the misery of homeowners – especially properties owned by minorites – by illegally buying up

the notes of defaulting mortgagees.  The problem is particularly acute for

black and hispanic homeowners in Florida:

(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 Bank.

Deutsche Bank is named as the trustee on nearly 50 percent of the fraud investigations we have done in the past six months,” says Stephen Dibert, president of MFI-Miami, an 11-month-old firm he founded in West Palm Beach, FL.

Dibert  maintains “Deutsche Bank retains law firms that aren’t interested in defending the legitimacy of their claim. Their purpose is to intimidate, obtain default judgments, and foreclose as fast as possible against homeowners who are uneducated about the legal foreclosure process.”

“They are turning the foreclosure process into the Wild West, and many of these foreclosures are plainly illegal.”

Miami foreclosure defense attorney Shaun Rice, of De Armas, Millich, & Rice, PL, says, :”I strongly believe that minorities have suffered disproportionately as a result precisely from banks like Deutsche Bank who often never had a legitimate claim to bring a foreclosure action in the first place.”

Adds Dibert:  “Deutsche Bank is displacing minority homeowners at a methodical rate.”

But some homeowners are fighting back against the German financial giant, with a new organizational effort known as “Produce The Note” movement.  In order to feed the securitization frenzy of investment banks such as Deutsche Bank, many mortgage originators had sloppy or non-existent paperwork practices, so now the trustee is unable to produce physical evidence that it actually owns the mortgage note.  This has worked against Deutsche Bank in some notable instances:

“In a recent Supreme Court case in Saratoga, New York, Judge Thomas Nolan denied Deutsche Bank’s foreclosure action against a borrower because the Bank offered “no evidence that it took physical delivery of the note and mortgage before commencing this action.”

As recently as August 19, a Massachusetts bankruptcy court denied Deutsche Bank National Trust’s motion and ordered counsel to the debtor “to submit an application for compensation.”

Also in Ohio, a rash of foreclosure cases brought by mortgage investors were dismissed by Judges. According to court documents, Federal Judge Christopher Boyko dismissed 14 foreclosure cases filed by Deutsche Bank in 2007, ruling that “the plaintiff had failed to establish that they had a standing to bring the lawsuits.”

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