Arab Today, arab today deutsche bank to pay €14bn in us mortgage case
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

Deutsche Bank to pay €1.4bn in US mortgage case

Arab Today, arab today

Arab Today, arab today Deutsche Bank to pay €1.4bn in US mortgage case

Frankfurt - AFP

Deutsche Bank, Germany's biggest lender, said on Friday it will pay 1.4 billion euros ($1.9 billion) to end litigation related to home mortgage-backed securities in the United States. "Deutsche Bank announced today that it has reached an agreement to resolve its residential mortgage-backed securities litigation with the Federal Housing Finance Agency (FHFA) as conservator for Fannie Mae and Freddie Mac," the bank said in a statement. It described the litigation as its single largest mortgage-related litigation case. "As part of the agreement, Deutsche Bank will pay 1.4 billion euros ($1.9 billion," the statement said. "It resolves allegations that between 2005 and 2007 the bank did not provide adequate disclosure about certain residential mortgage-backed securities sold to Fannie Mae and Freddie Mac." Deutsche Bank was one of 17 institutions against which FHFA had brought lawsuits. "Today’s agreement marks another step in our efforts to resolve Deutsche Bank's legacy issues, and we intend to make further progress in this regard throughout 2014," said co-chief executives Juergen Fitschen and Anshu Jain. "We have exited the mortgage businesses that gave rise to these claims and have further improved our controls." Deutsche Bank is investing 1.0 billion euros "to elevate its systems and controls to best in class," Jain and Fitschen said. The settlement was already substantially reflected in Deutsche Bank's existing litigation reserves "and no material additional reserves will be taken for this settlement," the statement added.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today deutsche bank to pay €14bn in us mortgage case Arab Today, arab today deutsche bank to pay €14bn in us mortgage case

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today deutsche bank to pay €14bn in us mortgage case Arab Today, arab today deutsche bank to pay €14bn in us mortgage case

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday