We are pleased that we could bring together the relevant parties to help facilitate a resolution of this matter for the City of Los Angeles. 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. 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.
Deutsche Bank is not contributing 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.
The settlement is subject to court approval, but we believe this
resolution is the best outcome for the City of Los Angeles, the
securitization trusts and their investors.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV