When lawyers for the City of Los Angeles filed a lawsuit against Deutsche Bank two years ago, they criticized the world’s fourth-largest bank as among the city’s worst slumlord and sought hundreds of millions of dollars in penalties and restitution.
Despite the fanfare and rhetoric when the case was brought, the city of Los Angeles just announced that it settled with Deutsche Bank for only ten million dollars and that the settlement money was not going to be paid by the bank.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “Deutsche Bank foreclosed on more than 2,000 homes in metropolitan Los Angeles between 2007 and 2011. Many homes fell into disrepair and crime increased in the neighborhoods where the foreclosures took place. “
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com
If you feel you are the victim of Mortgage Fraud, please do not hesitate to email or call the The Resolution Law Group (203) 542-7275 for a confidential, no obligation consultation.