MFI-Miami Juridically Examines Deutsche Bank's Mortgages

MFI Miami, LLC is narrowing its multistate investigation into illegal foreclosures and is focusing exclusively on Deutsche Bank. In the majority of these cases, Deutsche Bank or its servicer almost never produces or refuses to produce the original note and

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MFI-Miami, LLC is narrowing its multistate investigation into illegal foreclosures and is focusing exclusively on Deutsche Bank.

In the majority of these cases, Deutsche Bank or its servicer almost never produces or refuses to produce the original note and mortgage, or proof that the transfer of the note has been validated. They freely admit this in the actions filed in court. However, some minority homeowners don’t have the legal expertise to understand how important these documents are to their case. They assume they have no defense and don’t show up for the hearing.

In most of the cases MFI-Miami examines, Deutsche Bank has purchased these mortgages and notes on the secondary market as part of a pool with other mortgages. These mortgages have been traded by fund managers like baseball cards.

“Deutsche Bank is named as the trustee on nearly 50% of the fraud investigations we have done in the past six months,” says Stephen Dibert, president of MFI-Miami.

“In many of these cases, it appears that Deutsche Bank management gave their approval to buy a lot of worthless paper on the secondary market.”

“The practices of Deutsche Bank underscore the disorganized process financial firms used in buying and selling mortgages on the secondary market, which is done secretly behind closed doors,” says Glenn F. Russell, bankruptcy attorney, Massachusetts. “They are turning the foreclosure process into the Wild West, and many of these foreclosures are plainly illegal.”

“Deutsche Bank is displacing minority homeowners at a methodical rate,” says Stephen Dibert, president of MFI-Miami.

“I strongly believe that minorities have suffered disproportionately as a result precisely from banks like Deutsche Bank who often never had a legitimate claim to bring a foreclosure action in the first place,” says Shaun Rice, Miami foreclosure defense attorney, Armas, Millich, & Rice, PL.

L.D.

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