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Los Angeles Wins $10M Lawsuit

Two years ago, Los Angeles sued Deutsche Bank AG for neglecting its foreclosed properties in the city of Los Angeles. The servicers were responsible for maintaining foreclosed properties but they neglected to do so and the homes quickly fell into disrepair, creating problems for the city. The city of Los Angeles is receiving a $10 million settlement from the servicers and securitization trusts to address the issues associated with these homes.  In addition, they reached an agreement with loan servicers that will give code enforcement agencies immediate access to servicers if housing code violations occur. Read the article

SOURCE: Bloomberg Businessweek

URL: http://www.businessweek.com/news/2013-06-28/deutsche-bank-says-servicers-trusts-to-pay-l-dot-a-dot-settlement-1