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Deutsche Bank
and the Las Ve gas Foreclosure Crisis
Prepared by the

Las Vegas Foreclosure Task Force
October 2011

Contents
3 5 6 7 8 10 11 12 13 14 Executive Summary Our Campaign Devastating our Neighborhoods Mapping Deutsche Bank’s Real Estate Owned Deutsche Bank Comes to Your Neighborhood Building the Housing Bubble Benefitting from the Bailout Evading Financial Reform Demanding Accountability Notes

Deutsche Bank
and the Las Vegas Foreclosure Crisis

2 Las Vegas Foreclosure Task Force

Deutsche Bank

Executive Summary
The Las Vegas Foreclosure Task Force is a coalition of community, labor, and faith-based organizations in southern Nevada who care about the impact of foreclosures on our neighborhoods and are standing up for our communities.This report provides an analysis of Deutsche Bank’s role in the Las Vegas housing and financial crises. As a major stakeholder in the Las Vegas Valley and a large beneficiary of US taxpayer bailout dollars, Deutsche Bank should be held responsible for its actions in our community. Key findings of the report include:
Deutsche Bank is devastating Las Vegas neighborhoods and lacks local accountability. Deutsche Bank owns over 500 houses in Clark County, Nevada. The Las Vegas Foreclosure Task force has surveyed over 250 of these houses, and many are vacant, abandoned and dilapidated. Some of Deutsche Bank’s houses had garbage, dead vegetation, graffiti and boarded up windows. Others contained animal carcasses, exposed wires, broken glass, and rancid pools. Such houses may violate local housing codes and also pose serious threats to neighborhood and youth safety. The foreclosure crisis is having a devastating impact on Las Vegas neighborhoods, and Deutsche Bank continues to contribute to the problem. As a result of falling property values, Las Vegas residents face painful budget cuts and increased crime and safety issues.

and the Las Vegas Foreclosure Crisis

Deutsche Bank is a major stakeholder and employer in Las Vegas. Yet Deutsche has neither established Las Vegas home loan modification centers nor made all necessary repairs to bank owned properties. Deutsche Bank has moved in the opposite direction by (unsuccessfully) challenging the constitutionality of Nevada’s Foreclosure Mediation Program. Deutsche Bank helped build the housing bubble and benefited from a US taxpayer-financed bailout. Deutsche Bank was a central contributor to the housing bubble, and to its collapse. Deutsche Bank originated subprime and At-A mortgage loans, and packaged these mortgage loans into complex financial products called Collateralized Debt Obligations (CDOs). Deutsche Bank also created financial derivatives which also allowed institutional investors and the bank itself to bet against the very CDO securities it was creating and selling. When the housing bubble burst, the US government was forced to intervene to stabilize the financial system. Deutsche Bank became a major beneficiary of Federal Reserve programs to stabilize the shaky financial system. Deutsche Bank benefited from $11.8 billion from the US taxpayer-financed AIG bailout and $2 billion in emergency low-cost funds made available by the Federal Reserve.

Continued on next page

Las Vegas Foreclosure Task Force 3

Deutsche Bank

Executive Summary continued
Deutsche Bank is attempting to evade new Dodd-Frank financial regulations that may mitigate future housing and financial crises. In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law, with the express purpose of reducing systemic risk, increasing transparency and promoting integrity in the financial system. Many of the Dodd-Frank rules have yet to be written by federal agencies. Deutsche Bank is attempting to circumvent capital requirements under Dodd-Frank while holding onto substantial US tax benefits. Under Dodd-Frank’s Collins Amendment, Deutsche Bank could be required to inject as much as $20 billion to its US bank holding company, Taunus Corporation. But instead of raising the capital needed to comply with the law, the bank has decided to restructure Taunus in order to avoid the new rule altogether. Restructuring executed solely to circumvent new capital requirements undermines the intent of the Dodd-Frank Act to reduce systemic risk.

and the Las Vegas Foreclosure Crisis

Responsible Foreclosure Process. In order to ensure a responsible, fair and accessible foreclosure process for homeowners, Deutsche Bank should require its servicers to open loan modification centers in southern Nevada and identify local representatives to make necessary repairs on Deutsche Bank owned properties. Rehabilitation Fund. We call on Deutsche Bank to contribute $25 million to a Rehabilitation Fund which will be used to purchase, rehabilitate and resell properties in concentrated areas. Vigorous Action as Trustee. We call on Deutsche Bank to aggressively pursue its responsibilities as trustee of dozens of mortgage trusts to maximize investor returns by pursuing loan modifications when warranted. Deutsche Bank should use its trustee authority to either require servicers to enter in to modification agreements with homeowners or replace those servicers with other servicers who will act in the best interest of the trust. Financial Reform. We call on Deutsche Bank to abandon its plan to evade new rules requiring

The Las Vegas Foreclosure Task Force calls on Deutsche Bank to take a comprehensive approach to mitigating the foreclosure crisis, both locally and nationally. Our demands include:

additional capital at its US holding company.

Clergy & Laity United for Economic Justice

4 Las Vegas Foreclosure Task Force

Our Campaign
Las Vegas has been devastated by the economic crisis and the downturn in the housing market. In fact, Clark County has the highest density of foreclosures in the country and has been called “ground zero of the housing and financial crises.” 1
The Las Vegas Foreclosure Task Force—a consortium of community, labor and faith-based organizations that represent Las Vegas residents—is launching a campaign to hold Deutsche Bank, a Frankfurt, Germany-based bank, accountable to our community. Through our research, we have learned that Deutsche Bank owns over 500 houses in the Las Vegas valley. We surveyed over 250 Deutsche Bank owned properties. Many of these properties are dilapidated, vacant and abandoned. These properties cause tremendous problems for our neighborhoods: safety issues for citizens, neighborhood deterioration, and decreased property values. As a result, local authorities are spending taxpayer dollars on additional building inspections, as well as fire and police services. As a major owner of casino companies, Deutsche Bank is an important stakeholder and employer in Las Vegas. With significant, potentially long term investments in the Las Vegas gaming industry, Deutsche Bank has a responsibility to be accountable to local communities. Yet Deutsche Bank has neither established Las Vegas home loan modification centers nor made all necessary repairs to bank owned properties. Indeed, Deutsche has moved in the opposite direction by (unsuccessfully) challenging the constitutionality of families in their homes.2

Deutsche Bank
and the Las Vegas Foreclosure Crisis

Nevada’s Foreclosure Mediation Program, a process in which lenders and homeowners can meet in person and exchange proposals to avoid foreclosure and keep

We view this situation as unacceptable. Deutsche Bank is a global bank that had a hand in producing the housing crisis and also received from an $11.8 billion payout as a part of the US taxpayer-financed AIG bailout. The Las Vegas Foreclosure Task Force is committed to holding Deutsche Bank accountable for its business practices in our neighborhoods.

Las Vegas Foreclosure Task Force 5

“They [referring generally to banks which foreclosed] are just letting them go. It further devalues our property and it’s not secure. Then you have homeless people coming, kids are walking into a insecure home, it’s dangerous for them, and deteriorates the neighborhood.”
Clark County Commissioner, Chris Giunchigliani

Deutsche Bank
and the Las Vegas Foreclosure Crisis

Devastating our Neighborhoods
As of October 2011, Deutsche Bank owns over 500 houses in Las Vegas. The Foreclosure Task Force visited 250 houses that Deutsche Bank foreclosed on throughout the Las Vegas Valley, which includes Clark County, Las Vegas, North Las Vegas, and Henderson.
Many of these houses were vacant, abandoned and dilapidated. Some had garbage, dead vegetation, graffiti and boarded up windows. Others contained animal carcasses, exposed wires, broken glass, and rancid pools. Such houses may violate local housing codes and also pose serious threats to neighborhood and youth safety.3 The foreclosure crisis is having a devastating impact on Las Vegas neighborhoods, and Deutsche Bank continues to contribute to the problem. As a result of falling property values, Las Vegas residents face painful budget cuts and increased crime and safety issues. 1 Property Values in “free fall.” Since 2006, Las Vegas housing prices have been in a “free fall.”4 Median house prices have fallen more than 60% from their peak, and they continue to drop.5 Indeed, home prices are at their lowest level since 1990.6 As one local housing analyst states: “The reason Las Vegas home values keep dropping is 3 periods.”7 2

directly tied to foreclosed properties that are being neglected by banks and left in bad condition for long

Massive local budget cuts. The steep drop in property values in Las Vegas has in turn led to falling property tax revenues. In 2011-12, Clark County’s property tax revenue will decrease by more than $130 million, or more than 10% of its total budget.8 The decline in property tax revenues negatively impacts local school, library, fire and police budgets. This year alone the Clark County School District plans to cut its textbook budget in half and slash administrative and bus driver positions.9 Neighborhood crime and safety. Large numbers of foreclosed and vacant houses in concentrated areas can make neighborhoods particularly susceptible to crime and public safety hazards.10 For example, people and pets have been stung by killer bees that created the “mother of all bee hives” in one Deutsche Bank house’s backyard.11 Mark Burns, Las Vegas homeowner, put it best: “The longer [foreclosed homes] are empty and nobody is around them, the more trouble they invite.”12

☛☛
1999

Timeline:DeutscheBank’sRecord
2006 2007
Deutsche Bank purchases MortgageIT, another US subprime mortgage originator.

☛☛

2007
Deutsche Bank creates and invests in Credit Default Swaps (CDS) that bet against the US mortgage market and mortgage bonds it is creating, itself. The bank’s top derivatives trader calls the mortgage bonds “pigs” and “crap.”31

Deutsche Bank enters US market on a large scale with acquisition of Bankers Trust. Deutsche Bank purchases Chapel Funding, a US subprime mortgage originator.
6 Las Vegas Foreclosure Task Force

Mapping Deutsche Bank’s Real Estate Owned
Figure 1:

Deutsche Bank
and the Las Vegas Foreclosure Crisis

Deutsche Bank’s real estate owned Figure 2: Deutsche Bank’s real estate owned per 1000 single-family units

Source: RealtyTrac, June 2011

☛☛

Timeline:DeutscheBank’sRecord
2008 2008
Deutsche Bank is identified as the largest owner of foreclosed homes in Kansas City.

☛☛

2005-2008
Deutsche Bank acts as sponsor for over $150 billion in total mortgage securities and as underwriter for over $105 billion in mortgage securities. 32

2008-2010
Deutsche Bank participates in Federal Reserve Board programs to provide low interest loans, buy toxic assets, and stabilize the system.

Deutsche Bank receives $11.8 billion of taxpayer bailout money through AIG counterparty contracts.

Las Vegas Foreclosure Task Force 7

The Las Vegas Foreclosure Task Force joins a chorus of voices from around the nation who are standing up to Deutsche Bank and demanding accountability.

Deutsche Bank Comes to Your Neighborhood
In 2008, Deutsche Bank was the largest owner of foreclosed properties in Kansas City. According to the local Legal Aid society, Deutsche Bank had allowed many properties to fall into disrepair. The Legal Aid society sent letters to Deutsche Bank demanding some attention to the community.13

A Milwaukee community group has brought attention to Deutsche Bank’s foreclosure presence in Wisconsin. Milwaukee representatives traveled to the Deutsche Bank shareholder meeting last year and received a commitment from the bank to help stabilize their neighborhoods.19

In 2011, Deutsche Bank sued to stop a Nevada program aimed at keeping Nevada borrowers in their homes. In August, a Nevada judge ruled against Deutsche Bank to uphold the program. As of September 15, Deutsche Bank has not appealed the decision.22

In 2011, the City of Los Angeles reportedly filed suit against Deutsche Bank for allegedly being “one of the major slumlords in the city.”21 Deutsche Bank has denied the allegations and claims that the case has been filed against the “wrong party.” Deutsche claims that as trustee rather than as a servicer it is not contractually responsible for the upkeep of foreclosed properties. As of September 22, the case remains ongoing.

8 Las Vegas Foreclosure Task Force

Deutsche Bank
and the Las Vegas Foreclosure Crisis

In Ohio, in 2007, a federal judge dismissed several Deutsche Bank foreclosure cases because the Bank lacked necessary documentation.18 Deutsche Bank has not appealed the decision.

In an effort to stem foreclosures, the city of Providence enacted an ordinance to require banks to take part in homeowner mediation before foreclosing. Deutsche Bank sued the city to rescind the ordinance. In May 2010, a Rhode Island Superior Court judge ruled against Deutsche Bank.20 Deutsche Bank has not appealed.

In early 2010, Deutsche Bank was the largest owner of foreclosed homes in New Haven, Connecticut. The bank has allowed many of the properties to fall into disrepair.15 New Haven community groups have organized meetings with Deutsche Bank representatives to protest the bank’s foreclosure practices.16

In July 2011, the New York Daily News identified Deutsche Bank as the largest owner of foreclosed homes in the City and, also, the owner of the most homes with open code violations. In response, the New York legislature has passed a law requiring banks to maintain foreclosed properties before a foreclosure auction.17 In 2009, a Florida task force created by the Florida Supreme Court identified Deutsche Bank as one of the banks with the most foreclosures in its state. The task force recommended that the “Florida Supreme Court address the explosion of foreclosures as soon as possible for the welfare of our courts, our communities, our businesses, and our state.”14
Las Vegas Foreclosure Task Force 9 Las Vegas Foreclosure Task Force 9

“Deutsche Bank was…part of a ‘CDO machine’ run by investment banks that produced hundreds of billions of high risk CDO securities.”
US Senate Permanent Subcommittee on Investigations

Deutsche Bank

Building the Housing Bubble
The financial crisis of 2008 was precipitated by a bubble in the US housing market. In many areas, Deutsche Bank was a central contributor to this housing bubble, and to its collapse. Deutsche Bank, through subsidiaries, originated subprime and Alt-A mortgage loans, packaged these mortgage loans into complex financial products called Collateralized Debt Obligations (CDOs), and sold these CDOs, piecemeal, to investors. According to its financial statements, between 2005 and 2008, Deutsche Bank packaged together over $150 billion in total mortgage securities, and also, sold about $105 billion in mortgages directly to investors.23 Deutsche Bank also created financial derivatives which allowed institutional investors and the bank itself to bet against the very CDO securities it was creating and selling. This practice magnified the effects of the crisis.24 When the mortgage bubble burst, the US government was forced to intervene to stabilize the financial system. Deutsche Bank became a major beneficiary of Federal Reserve programs to stabilize the shaky financial system. In the years following the crisis, Deutsche, in its capacity as a trustee for the owners of the mortgagebacked securities it sold to investors, has become an increasing, if unwelcome and allegedly negligent, In many of the foreclosures, Deutsche Bank was acting as the trustee for investors in mortgage pools. As a trustee, Deutsche Bank has a duty to act in the interest of presence in many communities across the United States.

and the Las Vegas Foreclosure Crisis

those investors. Among the duties of the trustee is to ensure that the underlying mortgages were properly transferred to the mortgage trust and that the financial institution sponsoring the trust has accurately described the mortgages so transferred. If a trustee discovers that mortgages were not properly transferred, for example, it has a responsibility to compel the trust sponsor to repurchase those mortgages. Trustees also oversee the mortgage servicers who process payments on behalf of the trust. If the trustee determines that servicers have been derelict in their contractual obligations to the trust, or have otherwise engaged in improper activity, it may be able to terminate such servicers and bring in new ones.

☛☛

Timeline:DeutscheBank’sRecord
2010
Securities Exchange Commission reportedly starts criminal probe into Deutsche’s CDS business.

☛☛

2008-2011

2010

2011
City of Los Angeles files suit against Deutsche Bank. Deutsche Bank denies allegations. As of September 2011, the case is ongoing.

Multiple investors file separate suits against Deutsche for losses sustained in mortgage backed securities.

Deutsche Bank is identified as the largest owner of foreclosed homes in New Haven, CT.

10 Las Vegas Foreclosure Task Force

Deutsche Bank

Benefitting from the Bailout
When the mortgage market crashed, Deutsche Bank was a major beneficiary of US taxpayer support meant to stabilize the financial system. Specifically:
As one of the largest counterparties of failed insurer AIG, Deutsche Bank received $11.8 billion of the funds used to bail out AIG.
25

and the Las Vegas Foreclosure Crisis

highly risky derivative bets into fully guaranteed payment obligations,” and, in 2010, continued “to have a poisonous effect on the marketplace.”28 In 2009, Deutsche Bank had profits of over $5 billion.29 Incredibly, a few months before receiving billions of dollars from the Federal Reserve as part of the AIG bailout, the bank paid out to its shareholders more than $3 billion in dividends. And since then it has paid out an additional $2 billion in dividends.30

The Federal Reserve made emergency low-cost funds widely available to foreign as well as US member institutions through its discount window. Deutsche Bank was the second heaviest user of such funds, borrowing more than $2 billion.26 The Federal Reserve also created a program known as the Term Asset-Backed Securities Lending Facility, which allowed banks to use their assets, including troubled or hard-to-value assets, as collateral for short term loans. Deutsche Bank was the largest user of the program, sending the Fed more than $290 billion worth of mortgage securities.27 According to the Congressional Oversight Panel, the AIG bailout “distorted the marketplace by transforming “In 2008, the financial system failed. The financial regulatory system failed. Though there were many causes of the 2008 financial crisis, derivatives played a central role.”
Gary Gensler, Chairman, Commodity Futures Trading Commission

☛☛
2011

Timeline:DeutscheBank’sRecord
2011
Wall Street Journal Reports that Deutsche Bank tries to maneuver around Dodd Frank regulations intended to ensure the stability and integrity of the financial system.

☛☛

2011
Deutsche Bank lobbies Commodities Futures Trading Commission and other government bodies on derivatives rules.

2011
The Federal Housing Finance Agency files suit against Deutsche Bank for allegedly misrepresenting the quality of mortgages they sold to Fannie Mae and Freddie Mac during the housing bubble. No response to the suit has yet been filed.

US Attorney files suit against Deutsche and MortgageIT. Deutsche Bank files motion to dismiss. As of September 2011, the US Attorney files an amended and expanded complaint. The case is ongoing.

Las Vegas Foreclosure Task Force 11

Deutsche Bank

Evading Financial Reform
As the 2008 crisis and bank bailouts proved, our existing financial regulatory framework has failed us. In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law, with the express purpose of reducing systemic risk, increasing transparency and promoting integrity in the financial system. “Capital regulation is the supplest and most dynamic tool we have to keep pace with the shifting sources of risk taken by financial firms.”
Daniel K. Tarullo Member, Federal Reserve Board of Governors

and the Las Vegas Foreclosure Crisis

dozen times with federal regulators to ‘water down’ proposed derivative rules.34 Deutsche Bank has argued that foreign banks already have “extensive control mechanisms” to regulate certain aspects of derivatives which are subject to “home country rules.”35 But those “home country” rules did not protect US taxpayers from the derivative bets that Deutsche Bank made with AIG. Even more troubling, Deutsche Bank is also attempting to circumvent capital requirements under Dodd-Frank while holding onto substantial US tax benefits. Under Dodd-Frank’s Collins Amendment, Deutsche Bank could be required to inject as much as $20 billion to its US bank holding company, Taunus Corporation.36 But instead of raising the capital needed to comply with the law, the bank has decided to restructure Taunus in order to avoid the new rule altogether. Restructuring executed solely to circumvent new capital requirements undermines the intent of the Dodd-Frank Act to reduce systemic risk and makes the job of preventing future bailouts that much harder.

Many of the Dodd-Frank rules have yet to be written by a bevy of agencies, including the Federal Reserve, Securities Exchange Commission and Commodity Futures Trading Commission. Meanwhile, many of the same global banks that fueled the financial crisis are now spending millions to lobby against the robust application of the new law, or in some cases, to quash the new rules altogether.
33

The regulation of financial derivatives, for example, is a critical component of the Dodd-Frank Act. As of September 2011, Deutsche Bank has met over a

Deutsche is a global investment bank, based in Germany and operating across the world. Here’s a quick snapshot of Deutsche Bank’s finances at end of 2010 (all figures in €millions): 2010 Total Assets 2010 Net Revenue 2010 Net Income 2010 bonuses, compensation, benefits 1,905,630 28,567 2,330 12,671

What is Deutsche Bank?

Source: Deutsche Bank 2010 Financial Report
12 Las Vegas Foreclosure Task Force

Deutsche Bank

Demanding Accountability
As a major stakeholder in the Las Vegas, and beneficiary of US taxpayer dollars, Deutsche Bank should be held responsible for its actions in our community. The Las Vegas Foreclosure Task Force calls on Deutsche Bank to take a comprehensive approach to mitigating the foreclosure crisis, both locally and nationally.
1 Responsible Foreclosure Process. In order to ensure a responsible, fair and accessible foreclosure process for homeowners, Deutsche Bank should implement the following measures, which will provide homeowners with a means to speak directly with bank representatives.
Modification Centers – Require all Deutsche Bank servicers to open loan modification centers in southern Nevada to ensure a fair and accessible foreclosure process. Local Representatives – Identify locally based representatives that can be contacted to make necessary repairs on Deutsche Bank owned properties.

and the Las Vegas Foreclosure Crisis

3

Vigorous Action as Trustee. We call upon Deutsche Bank to aggressively pursue its responsibilities as trustee of dozens of mortgage trusts to maximize investor returns by pursuing loan modifications when warranted. To the extent that servicers are failing to pursue loan modifications, even when such modifications would be the best alternative to foreclosure, Deutsche Bank should use its trustee authority to either require servicers to enter into modification agreements with homeowners or replace those servicers with other servicers who will act in the best interest of the trust.

4

Financial Reform. Deutsche Bank was a main contributor to the housing bubble and its collapse and a recipient of bailout money. Our communities cannot afford another financial crisis. We call on Deutsche Bank to abandon its plan to evade new rules requiring additional capital at its US holding company. “Addressing the financial crisis can’t be just about Wall Street, or even just about Main Street, it has to be about the 30,000 homeowners in Clark County alone that have lost their homes this year and the families that are struggling all over the country.”
Elizabeth Warren (2008) Former Chair, Congressional Oversight Panel

Rehabilitation Fund. Deutsche Bank cannot continue to neglect our neighborhoods. In order 2 to restore vacant properties, a pool of revolving capital is needed. With average rehabilitation costs of $35,000 per property, 500 houses could be brought back to life. In order to cover such costs, we call on Deutsche to contribute $25 million to a Rehabilitation Fund which will be used to purchase, rehabilitate and resell properties in concentrated areas.37

Las Vegas Foreclosure Task Force 13

Notes

Deutsche Bank
and the Las Vegas Foreclosure Crisis

1 Field Hearing Before the Congressional Oversight Panel, “Clark County, NV: Ground Zero of the Housing and Financial Crises,” December 16, 2008; Archive-News, “Clark County is U.S. Foreclosure Capital,” December 10, 2010. 2 Reno Gazette-Journal, “Real Estate: Judge rules that Nevada’s foreclosure mediation is constitutional,” August 30, 2011. 3 See Clark County, Nevada, Municipal Code §11.06.020; Las Vegas, Nevada, Municipal Code § 9.04.010; North Las Vegas, Nevada, Municipal Code, § 8.24.060; Henderson, Nevada, Municipal Code § 15.12.030 4 Las Vegas Review-Journal, “Price-slide slowdown signals housing bottom is near,” Las Vegas Review-Journal, July 20, 2011. 5 Ibid. 6 Ibid. 7 Las Vegas Review-Journal, “Damaged foreclosures hurting Las Vegas values,” July 17, 2011. 8 Las Vegas Sun, “Clark County treasurer: Property tax revenue will drop $130 million next year, “January 14, 2011. 9 Las Vegas Sun, “District to cut 200 bus driver positions, change school start times,” April 8, 2011; Las Vegas Sun, “School District to hang on to 1,000 teachers, maintain sizes,” June 8, 2011. 10 See Las Vegas Sun, “Metro takes aim at thieves targeting vacant homes,” June 22, 2011; Las Vegas Sun, “Vandals suspected of starting fire at vacant house,” May 13, 2011. 11 KTNV 14 News, “Massive bee hive found in foreclosed home plagues neighborhood,” May 5, 2011. 12 KLAS-TV 8 News, “County Addresses Vacant Home Epidemic,” July 19, 2011. 13 Pitch News, “As Kansas City’s largest owner of foreclosed properties, Deutsche Bank lets the city rot,” August 21, 2008. 14 Florida Supreme Court Task Force, “Final Report and Recommendations on Residential Mortgage Foreclosure Crisis,” August 17, 2009. 15 New Haven Independent, “Cops Raid Deutsche Bank’s House,” Jan. 27, 2010. 16 New Haven Independent, “This is the Face of Deutsche Bank,” April 28, 2009. 17 New York Daily News, “Banks default on duty, let foreclosed homes become eyesores – and disregard fines,” July 24, 2011. 18 New York Times, “Foreclosures Hit a Snag for Lenders,” November 15, 2007. 19 Spiegel Online, “America’s Foreclosure King: How the United States Became a PR Disaster for Deutsche Bank,” June 10, 2010; Milwaukee Journal Sentinel, “Deutsche Bank commits $2.4 million to fight city foreclosures,” June 23, 2011.

20 Providence Journal Bulletin, “Judge Upholds City’s Foreclosure Ordinance,” May 20, 2010. See Deutsche Bank National Trust Company v. City of Providence, State of Rhode Island Superior Court, P No. 10.C. 1240. 21 Bloomberg, “Deutsche Bank Sued by City of Los Angeles for Evicting Low Income Tenants,” May 4, 2011. 22 Reno Gazette-Journal, “Judge Rules Nevada’s Foreclosure Mediation Program Constitutional,” Reno Gazette. August 30, 2011. 23 Deutsche Bank, “2011 2Q Interim Financial Report,”July, 2011; Deutsche Bank, SEC Form 20-F, March 2010. 24 Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report. January 2011, p.191 25 Business Week, “German and French banks got $36 billion from AIG bailout,” March 15, 2009. 26 Bloomberg, “Foreign Banks tapped Fed’s Secret Lifeline Most at Crisis Peak,” April 1, 2011. 27 Huffington Post, “Fed Opens Books, Revealing Foreign Megabanks Were Biggest Beneficiaries,” January 31, 2011. 28 Congressional Oversight Panel, “The AIG Rescue, Its Impact on Markets, and the Government’s Exit Strategy,” June Oversight Report, June 10, 2010. 29 Deutsche Bank, Press Release, February 4, 2010. 30 Deutsche Bank Annual Report 2009 and 2010; Interim Report 2Q 2011. 31 US Senate Permanent Subcommittee on Investigations, Wall Street and the Financial Crisis: Anatomy of a Financial Collapse, April 13, 2011. 32 Deutsche Bank, SEC Form 20-F, March, 2010. 33 On the relationship between the financial crisis and Dodd-Frank derivative and capital rules, see Gary Gensler, “Testimony of Chairman Gary Gensler Before the Financial Crisis Inquiry Commission,” July 1, 2010; and Daniel K. Tarullo, “Regulating Systemically Important Financial Firms,” June 3, 2011. 34 Commodity Futures Trading Commission, “External Meetings,” CFTC website, accessed September 2011. 35 Public comment letter submitted to the CFTC and SEC by Barclays Bank PLC, BNP Paribas SA, Deutsche Bank AG, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, UBS AG, “Re: Application of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act to Foreign Banks’ Global Swaps Businesses,” January 11, 2011. 36 Wall Street Journal, “Deutsche Bank Maneuvers Around New Law,” April 13, 2011. 37 For rehabilitation cost estimates, see Southern Wisconsin Common Ground, “Research and Action Report Regarding the Foreclosure Crisis in South Eastern Wisconsin,” January 1, 2010. *All photos taken between June and July 2011 when held by Deutsche Bank; some properties shown may have subsequently been cleaned up and/or sold.

14 Las Vegas Foreclosure Task Force

The Las Vegas Foreclosure Task Force 1630 S. Commerce Street Las Vegas, NV 89102

The Las Vegas Foreclosure Task Force
1630 S. Commerce Street Las Vegas, NV 89102 For more information, we can be reached at [email protected]

Clergy & Laity United for Economic Justice

www.lvforeclosuretaskforce.org

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