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Los Angeles City Attorney, Deutsche Bank Reach Settlement

online.wsj.comJune 30, 2013

By Nicky Redl

The City of Los Angeles Attorney and Germany's Deutsche Bank AG (DB) Saturday said they have reached a settlement in a conflict over foreclosed properties in the city, with the bank saying it will not contribute any funds toward the settlement.

"As we have said from the outset, loan servicers are responsible for maintaining foreclosed properties. Deutsche Bank did not admit any liability or wrongdoing as part of the settlement, and continues to dispute the claims asserted by the city," Deutsche Bank said in a statement.

The Los Angeles City Attorney's Office Saturday said it has settled the civil law enforcement action filed against Deutsche Bank in May 2011 and secured $10 million in civil penalties.

The settlement will be paid by the servicers responsible for the Los Angeles properties at issue and by the securitization trusts that hold the properties, Deutsche Bank said.

As part of the resolution, the servicers will continue to work with the city to maintain these properties and Deutsche Bank as trustee will continue to intermediate between the city and the servicers, the bank added.

The settlement is still subject to court approval.

The Los Angeles City Attorney had accused Deutsche Bank of not maintaining foreclosed properties, and estimated the liability of Deutsche Bank, as well as a U.S. bank it filed a similar case against, potentially in the hundreds of millions of dollars.

It said that Deutsche Bank as trustee for mortgage-backed securities trusts acquired title to thousands of residential properties in the city as a result of the financial crisis, and that hundreds of them were allowed to fall into disrepair after foreclosure.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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