'America's Foreclosure King' How the United States Became a PR Disaster for Deutsche Bank *LINK*

Subject: 
'America's Foreclosure King' How the United States Became a PR Disaster for Deutsche Bank *LINK*
Posted By: 
Moonshadow
Date: 
Friday, June 11, 2010 02:10 pm

Ahhh...we Americans were so proud of our little \'melting pot\' (or maybe I should say \'smelting pot\'), allowing foreigners to come in and take over our country because we wanted to be \'International\' with the rest of the world...Reminds me of the ancient Israelites who complained because they didn\'t have a King to rule over them like the other nations.  They weren\'t content just to obey God directly, no...they wanted to be like everyone else in the world. So God basically told them to go ahead, but warned them the Kings will \"eat your lunch and then make slaves of you.\" So who is God -- what does HE know?    [ OLD LINK REMOVED ]

Question:  Who REALLY owns Deutsche Bank and controls the German banking system?  I doubt it\'s the German people... 

\'America\'s Foreclosure King\'
How the United States Became a PR Disaster for Deutsche Bank

[snip]

Deutsche Bank is deeply involved in the American real estate crisis. After initially profiting from subprime mortgages, it is now arranging to have many of these homes sold at foreclosure auctions. The damage to the bank\'s image in the United States is growing...

Deutsche Bank Is Considered \'America\'s Foreclosure King\'

Deutsche Bank\'s tracks lead through the entire American real estate market. In Chicago, the bank foreclosed upon close to 600 large apartment buildings in 2009, more than any other bank in the city. In Cleveland, almost 5,000 houses foreclosed upon by Deutsche Bank were reported to authorities between 2002 and 2006. In many US cities, the complaints are beginning to pile up from homeowners who lost their properties as a result of a foreclosure action filed by Deutsche Bank. The German bank is berated on the Internet as \"America\'s Foreclosure King.\"

American homeowners are among the main casualties of the financial crisis that began with the collapse of the US real estate market. For years, banks issued mortgages to homebuyers without paying much attention to whether they could even afford the loans. Then they packaged the mortgage loans into complicated financial products, earning billions in the process -- that is, until the bubble burst and the government had to bail out the banks.

Deutsche Bank has always acted as if it had had very little to do with the whole affair. It survived the crisis relatively unharmed and without government help. Its experts recognized early on that things could not continue as they had been going. This prompted the bank to get out of many deals in time, so that in the end it was not faced with nearly as much toxic debt as other lenders.

But it is now becoming clear just how deeply involved the institution is in the US real estate market and in the subprime mortgage business. It is quite possible that the bank will not suffer any significant financial losses, but the damage to its image is growing by the day...

\'Deutsche Bank Is Now in the Process of Destroying Milwaukee\'

According to the Federal Deposit Insurance Corporation (FDIC), Deutsche Bank now holds loans for American single-family and multi-family houses worth about $3.7 billion (€3.1 billion). The bank, however, claims that much of this debt consists of loans to wealthy private customers.

Last Thursday, Deutsche Bank CEO Josef Ackermann was publicly confronted with the turmoil in US cities. Speaking at the bank\'s shareholders\' meeting, political science professor Susan Giaimo said that while Germans were mainly responsible for building the city of Milwaukee, Wisconsin, \"Deutsche Bank is now in the process of destroying Milwaukee.\"

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