Interesting Appeal - Deutsche Bank and the California Housing Mess

Thu, May 1, 2014 - 11:24am

California, some say, was ground zero for the housing crisis brought about from reckless lending to unqualified borrowers. I say it was the natural, rational outcome created by the reckless FED printing worthless FRN's using the illusion that somehow those worthless FRN's have any value.

Saving was dis-incentivized, while borrowing, at artificially low rates, was incentivized. Yield-chasing TBTF institutions needed underlying collateral upon which to build their behemoth derivative structures, and housing was it.

Not only did the financial engineers recklessly lend, they single-handedly revolutionized the entire traditional residential real estate market, right down to the local land records. Gone were the anachronistic paper documents, on file at the local land office. Instead, a new scheme was created where the residential real estate backed loans, which loans were in turn used to support financial securities, in turn which were marketed to yield-chasing institutions. All of it rested upon the assumption that the underlying collateral backing the loans would not all collapse. Under that assumption, risk models were created that forecast SOME defaults would occur, but not defaults or loss of underlying value of the thousands of residential units serving as collateral.

Of course, this was the weak point, as was the oversight at the loan initiation starting point. So long as residential real estate values kept rising, or at least did not decline, the entire collateral structure would produce revenue. If some of the residential units declined in value, or, alas, defaulted, no worries, because in the aggregate, those in last position on the lending tranches would take the losses while the first position tranches would still enjoy revenue streams. Or so it was thought.

No one, and I mean no one, correctly anticipated the reality and natural outcome of forcing too many unqualified borrowers into the pool. No one did so because NO ONE HAD ANY INCENTIVE TO DO SO. The FED loved this concept, as it provided a ready means to blow another bubble and prop up the failed Keynesian economy. Banksters, and their FIRE economy-dependent sycophants loved it too, as they all made off, well, like banksters.

Politicians, those ever money grubbing psychopaths, true to form, loved it too, as it gave them cover to buy votes and pander to the down-trodden, ala Bawney Fwank.

Marginal, unqualified borrowers loved it, too, because they could fog a mirror and get the keys to a shiny new home no questions asked. Income from which to make payments? Shhhh! Just pretend. Housing never goes down in value. If someone gets into trouble, just refinance the loan and roll over the debt! Yaaayy!

Durable goods manufacturers loved it, too, because all of those homes needed appliances, etc.

Auto manufacturers loved it, too, because all of that fake wealth, the so called "home equity," accruing yearly in amounts greater than the median yearly income, created tons of paper wealth, that was immediately tapped in the form of home equity loans, and spent like crazy on consumer goods, including brand new cars, yaayyy!!! What could go wrong?

So it went, for years.

Some people clued in, most did not. Then, the greed and avarice, manifested nicely by ol' orange face Mozillo, came into focus, and things began to unravel. The FEDS undertook QE to infinity, not to stimulate the economy, no. It was done to stave off massive deflation occurring from the utter destruction of trillions of paper debt, based on inflated home values bearing no rational relationship to median incomes. As that debt defaulted, and was destroyed, it jeopardized the derivative structures based upon that now worthless, or soon to be worthless, "collateral" known as overbuilt residential housing.

Then, of course, we have the aftermath. Granted, it has taken years, and years, but we have arrived at the end game. Foreclosures, bankruptcies, ad nauseum, tons of human suffering and misery from misallocated capital. But still, those residential structures have some value, and for that, there is still a story to be told.

One such natural consequence is highlighted in a case decided against TBTF Deutsche Bank. The court of appeal ruled that the lender, here, Deutsche Bank, is exposed to California State Law wrongful eviction claims, despite Deutsche Bank's claims that only the servicer bears liability for kicking out a tenant. "Deutsche Bank National Trust Co., a U.S. unit of Europe’s largest investment bank, was the beneficiary of the deed of trust securing the loan on the property in Sunnyvale, California. Deutsche Bank, as trustee, acquired the home, which had a two-bedroom garage rental unit, after the owner defaulted on the mortgage. The tenants, who paid rent to the owner, sued after their belongings were tossed outside and destroyed and police barred them from the home. Deutsche Bank says the foreclosure ended the tenants’ lease, it played no role in evicting them, and loan servicers are responsible for dealing with renters."

The court of appeal ruled against Deutsche Bank, and said they can be held accountable for wrongfully evicting the tenants.

The ramifications are ENORMOUS!

The federal law, which expires at the end of this year, requires that tenants be given 90 days’ notice of eviction. The San Jose appeals court said Deutsche Bank stepped into the landlord’s shoes when it acquired the home and had to honor the existing lease until it expired 10 months later or a new owner moved in and gave the tenants 90 days’ notice.

It doesn’t matter that the rental wasn’t legal because the owner hadn’t obtained the proper permit, the court said.

A California law granting the same protections to renters in foreclosed properties was passed last year, Rothschild said. [Link is here:

“We are unaware of even a mild dent in the housing market,” he said in a filing urging the California Supreme Court not to review the case. Median home prices in California rose to a six-year high in March to $376,000, according to San Diego-based research firm DataQuick.

More than 480,000 properties nationwide were bank-owned as of last month, compared with more than 1 million in January 2011, according to research firm RealtyTrac. Almost 45,000 California homes were bank-owned, down from about 146,000 in January 2011, according to RealtyTrac.


The full story is here:

In any event, in what is not a surprising ruling at all given the facts, Deutsche Bank lost the ruling, and the California Supreme Court let stand the decision that said this here:

Deutsche Bank lost its challenge to a California court ruling that exposes bank trustees to wrongful-eviction claims it says will depress prices in foreclosure sales and spur lawsuits against unsuspecting homebuyers.

The California Supreme Court yesterday let stand a lower-court ruling that the Frankfurt-based bank stepped into the shoes of a landlord for a rental unit on a property it acquired through foreclosure and must face a lawsuit the tenants filed after they were evicted and their possessions trashed. The court didn’t give a reason for its decision to deny the bank’s petition to review the ruling.

“It’s good news and not surprising,” said Richard Rothschild, an attorney for renter Rosario Nativi, who lost her possessions and Sunnyvale, California, home in 2009 after the homeowner she’d been paying rent to defaulted on the mortgage, unbeknown to Nativi, and the bank acquired the property.

The ruling upheld yesterday “says essentially that banks and other players in the mortgage industry have to play by the same rules as other property owners,” Rothschild said in a phone interview. Nativi’s lawsuit, which seeks damages for the loss of home and property, will proceed in state court in San Jose, California, he said.

So, what does all this mean?

The TBTF banks, are now potentially liable for state law violations upon foreclosing. "Lenders and investors will have to weigh the risks of buying properties that house unwanted tenants, are subject to leases, or are vulnerable to lawsuits brought by renters evicted by paid middlemen, they said." [From the article, here].

Look what the dunce bankster had to say:

Ari Cohen, a Deutsche Bank spokesman, declined to comment after yesterday’s decision.

Cohen said earlier that Deutsche Bank filed the petition for review with the California Supreme Court as trustee of the mortgage-backed security “on behalf of the investors.”

“Deutsche Bank has no financial stake in this case,” he said in an e-mail. “Loan servicers, and not Deutsche Bank as trustee, are responsible for foreclosure activity, including actions relating to tenants of foreclosed properties, and the maintenance and resale of foreclosed properties.”

No financial stake in the outcome? What a buffoon! Of course the TBTF bank has a stake in the outcome! If there was not financial stake, then why did the bank allow the servicer to foreclose? Oops.

What this will do, of course, is engender indemnity or breach of contract lawsuits. What is even more likely is a shareholder derivative lawsuit against the TBTF banks for their failure to hold the servicers accountable for their foreclosure misdeeds. Watch and see.

The aftermath will no doubt result in more foreclosure delays, if not outright pull backs in the rate of foreclosures. This is going to slow down the resolution of foreclosures, and the mark to market, absolute dire necessity to clear inventory and bring the housing market back to normal.

All of this means yet "MOAR QE" because there is no way that all of this debt can go "poof" without seriously jeopardizing the collateral supporting the big derivative structures held by the TBTF institutions and sovereigns.

Isn't this fun?

Stay tuned for more from the lovely, but crazy, State of California.

About the Author


May 1, 2014 - 11:32am

Housing now that is interesting

Over here we have a situation. Will comment more later. Have to run.

May 1, 2014 - 11:32am


CaL that is great stuff! Very, very important info. Well done!

Mr. Fix
May 1, 2014 - 11:45am

1st, & The housing market will never go back to “normal”.

Just like all of the other markets that we watch these days, the “endgame” is being played out currently, with rampant fraud and theft throughout every system.

What we are watching is a prelude to a systemic collapse, one that nearly nobody sees coming, and when it is finally unleashed, the catastrophe will be biblical in proportion.

The only thing you can do now, is to stock up on food, friends and family, whatever it takes to defend yourself, and of course, physical gold and silver to preserve your wealth, since it is unlikely that any other store of value will survive what's coming.

Even real estate at this point may not be of much value since we are living in a completely lawless society, and the governments/bankers can simply steal your property and there will be absolutely no one to turn to for regress. Even the “little victories” that you outlined in your article will go completely unenforced. The too big to fail banks, are also too big for law enforcement to have any control over. Besides, even these small victories will simply be appealed to a higher court where the judges have long been bought and paid for.

California Lawyer, thank you for this article, but I have become quite dubious as to how the law will apply to any of this in the future, when the shit hits the fan, all pretense of law will evaporate, in fact, for the most part, it is already gone.

May 1, 2014 - 11:53am

so glad

i'm no longer a landlord. .....nor ever expect to be one again.

May 1, 2014 - 11:54am



May 1, 2014 - 11:59am
May 1, 2014 - 12:00pm


Nice recovery Ag. You'll go far some day.

Someone on ZH linked this. Hilarious.

Silver taking potshots, and the public reaction to pm investments.

The Jerk
bullion only
May 1, 2014 - 12:07pm

California mess

Hey! I resemble that comment.

Actually bought my place at the November 1989

top of the market. 20% down with an adjustable rate mortgage.

7 3/4% rising 1/2% ever 6 months.

Underwater when the lower rates came so had to put another 10% down and

buy pmi insurance.

Cant imagine buying at the top now.

Urban Roman
May 1, 2014 - 12:09pm

The TBTJs do not want foreclosure

Remember way back when, the DB story, I think it was out of Chicago?

A judge determined that the Delta Bravo bank did not, in fact, own a house that it was trying to foreclose on. The news story was quickly swept under the carpet, but it was there for a brief shining moment. I think it was in 2007 or 2009 or so. And the reason that they did not own it, was because the actual mortgage, the document everybody signs when they buy a house, had been 'lost', and the bank's chain of evidence was broken. And in most states if you want to foreclose you must produce the mortgage. Not an abstract electronic 'record' of it, but the actual pile of paper.

Over the next year or so, stories emerged on ZH and 4closurefraud and various other sites, and experts such as Janet Tavakoli and Meredith Whitney, stories of wholesale fraud, with thousands of fake mortgage documents signed by illustrious folks such as Linda Green and Urban Roman. Special "rocket docket" courts, with crooked judges and lawyers, were set up to rubber-stamp these and expedite foreclosures.

See that Everest-size lump in the middle of the carpet? Yeah, that one. It's starting to stink.

Well, along about 2011 or so, the foreclosures stopped happening. Or at least they slowed way down. The reason is that all the real estate that was coming on the market was beginning to depress prices. So what Douche and the other banks are doing is they are delaying and dragging their feet and not foreclosing. Eventually they will get your house if you are in default, but you might be able to keep it for quite a while. Your kids could be grown up and moved out by the time they get around to filing on it, or with the news in this article, they might never file.

As for this one case, it is in fact good news. It's obviously a case that has been working its way through the system since the rash of foreclosures 5+ years ago. Thanks for the update, CL, it's good to hear.

Weasel Tracker
May 1, 2014 - 12:16pm

2013: A Silver Market in Review

2013: A Silver Market in Review
May 1, 2014 - 12:35pm

I live about 10 miles from Sunnyvale

And here, according to zillow, my neighbor's house was worth 6M USD. One day, the neighbor just up and left--moving trucks came and off they went. No goodbye. No for sale sign. Just up and gone.

Just got the public notice it changed hands at 13M, off MLS. The new owners just transplanted 3 new mature trees they brought in on double trailers.

I like to think they pocked 13M worth of PMs but unlikely.

May 1, 2014 - 12:47pm

@California Lawyer - Outstanding work

Thanks for posting the story on DB.

Your write-up is like a torpedo in the side of a bank's sinking ship.

DB apparently chose to ignore this issue in their 2013 Annual Report.

There is another facet in this story.

DB would have leveraged those mortgages into various MBS contracts. Those MBS contracts are likely in the middle of the existing New York state litigation over Fannie and Freddie.

If DB bought $100 Billion in UST's through Belgium over the last several months, I am guessing that such purchases are related to the settlements in New York.

If the UST yields fall over the next few years, DB can liquidate out of those positions at a gain and while paying off the "settlements".

Apparently, DB forgot to pay off the state levels and only considered the federal.

Patriot Family
May 1, 2014 - 1:02pm

Watching what these banks and

Watching what these banks and foreclosure mills did to people on 2007-2010 in FL and the subsequent lack of accountability and legal recourse, I am convinced the rule of law and judicial authority in FL's mortgage market has been shredded beyond repair. I don't live there anymore. If I ever move back, I will for sure use a knowledgeable real estate lawyer for any and all transactions. I am happy to see that CA is ruling in favor of families that were unfairly impacted in foreclosure cases.

Mr. Fix
May 1, 2014 - 1:03pm

Fixing the foreclosure problem: Just tow them away!

With 1 In 3 Homes Unaffordable, Freddie Mac Prepares To Enter The Trailer Home Loan Market

Submitted by Tyler Durden on 05/01/2014 - 12:32

We can’t say this is surprising. After all, with average peasants, we mean citizens, now priced out of the domestic housing market (Zillow recently showed 1 in 3 homes are unaffordable) due to billionaire financiers and foreign oligarchs buying up all real estate in cash purchases, American serfs now will find out where the “elites” think they belong. In trailer homes, naturally. Oh, but the story gets better, a lot better. As is generally the case in the USSA these days, crony capitalist oligarchs have perfectly positioned themselves to benefit financially from the final transition of Americans to neo-feudalism.

May 1, 2014 - 1:04pm

Additional find on Banking - Ukraine link

(yeah, Yahoo!News, not my typical source)

“Rather than react to events as they unfold, which has been the policy of this administration, we need to inflict more direct consequences on Russia prior to Vladimir Putin taking additional steps that will be very difficult to undo,” said Bob Corker of Tennessee, the top GOP member of the Senate Foreign Relations Committee, who drafted the measure.

The bill provides for sharply expanded U.S. and NATO support for the militaries of Poland, Estonia, Lithuania and Latvia, according to a summary provided to Yahoo News.

It also calls for Obama to accelerate and expand American missile defense systems in Eastern Europe — something Russia fiercely opposes.

Notably, the legislation would expand existing economic sanctions by taking aim at four major Russian banks — Sberbank, VTB Bank, VEB Bank and Gazprombank.

And it would for the first time impose sweeping sanctions on Russia’s energy sector, including the giant Gazprom firm, which provides about 30 percent of Europe’s natural gas. Other energy firms in the bill’s cross hairs include Novatek and Rosneft. The large Russian arms export firm Rosoboronexport would also face new sanctions.

If Russian armed forces push into eastern Ukraine, the legislation would “essentially cut all senior Russian officials, their companies, and their supporters off from the world’s financial system,” according to the summary.

“In addition, tough sanctions would target any Russian entities in the arms, defense, energy, financial services, metals, or mining sectors that has ownership by the Russian Government or any other sanctioned individual or entity. Additional sanctions would also cut Russian banks off from the U.S. banking system,” the document said.

May 1, 2014 - 1:11pm

Top notch article CalLawyer!

Top notch article CalLawyer!

Mr. Fix
May 1, 2014 - 1:12pm

This is truly comical:

Two Days After Swearing Market Isn't Rigged, SEC Slaps NYSE Wrists For Rigging Markets

Submitted by Tyler Durden on 05/01/2014 - 12:04

It is somewhat ironic, actually make that criminal, that two days after new SEC head Mary Jo White (whose conflict of interest list is so vast courtesy of her prior position as defending every Wall Street from their criminal acts she now has to recuse herself from virtually every enforcement action) solemnly promised Congress under oath that the "markets are not rigged", the SEC comes out swinging and slaps the wrist of the NYSE with an intolerable .5 million fine for allowing market rigging "for a period of time from 2008 to 2012."

Mr. Fix
May 1, 2014 - 1:33pm

Peak shit shoveling: They're going to need a bigger shovel:

Government agencies and their mainstream press lapdogs,

have finally reached the point where excrement shoveling has

reached a point where all of their shovels are maxed out in capacity.

So, instead of doing the right thing, and finally fessing up to the truth,

our government agencies are determined to double down on maximum deception, and will now replace their shovels with somewhat larger more efficient models:

silver66 Urban Roman
May 1, 2014 - 1:45pm

Urban Roman-- mortgage market

Thanks for the post. I have followed this since '08 and I think this is a really big deal. Can't quite wrap my pea brain around why or the final implications yet. From the amount of sweeping under the rug happening going on tells me they don't want to many questions asked


May 1, 2014 - 2:14pm

Why U.S. foments dissent in Ukraine just now . . .

"The U.S. had essentially robbed the rest of the world for several decades now by using its power to force a bastardized and wasting currency on the rest of the world.

But there is a growing number of nations that are sick and tired of being fleeced by the United States. And a couple of those more powerful countries are starting to flex their muscles as the U.S. and NATO threaten their national sovereignty. Daniel McAdams talks almost weekly about NGO’s with human-sounding names, fermenting revolution in places like Syria and the Ukraine and in some cases, such as the Ukraine (but not only), generating revolutions against elected leaders if they won’t buy into the U.S. dollar-based economic system.

And so now the BRICS (Brazil, Russia, India, China, and South Africa) are setting out to build up their own financial and trading institutions as a means of better defending themselves. The U.S. will use its intelligence operatives to ferment dissidence and then, as in the case of the Ukraine, put in a puppet who will lean toward NATO even it if is not in the best interest of the country.

David Jensen has proposed a theory about why we are itching for yet another war, this time in the Ukraine. David thinks it is possible if not even likely that because all the gold is now disappearing from the West and is heading to China (thanks to gold market manipulation by our major banking institutions on the New York and London markets) that the fake futures markets in the U.S. will soon explode to the upside when widespread failure to deliver gold finally shakes confidence in the dollar and the U.S. financial system. David theorizes that in order to put the blame somewhere other than on the massive market manipulation of the gold price by J.P. Morgan, Goldman Sachs, and some of the other usual suspects, we pick a fight with Putin so we can blame him for a gold price that goes berserk."

ancientmoney Mr. Fix
May 1, 2014 - 2:35pm

@Mr. Fix re: SEC head Mary Jo White . . .

A comment from the article you linked:

"It makes me proud to know that in AMERIKA even grotesque Lesbian dwarves can carry water for Wall Street Banks!"

I guess the government does have Equal Opportunity Employment after all . . .

May 1, 2014 - 2:37pm

Silver is the comeback kid

Silver is the comeback kid today. This is an interesting FUBM formation.

May 1, 2014 - 3:10pm

Dollar losing safe haven status? Appears so . . .

"To make sure everyone understands this chart (below):

  • Treasuries are rising (bond yields falling) when there’s a “flight” into Treasuries.
  • The dollar index is rising when the dollar is rising versus a basket of currencies.
  • A positive correlation suggests that Treasuries and the dollar move in the same direction. On the days when Treasuries are risings the dollar index will rise as well. Similarly when Treasuries are falling the dollar index declines. In other words, when there’s a “flight” into Treasuries on a typical risk-off day, it’s associated with a flight into the greenback, out of foreign assets.
  • A negative correlation suggests that Treasuries and the dollar move in the opposite direction. On days when Treasuries are risings the dollar index is falling, and when Treasuries are falling the dollar index is rising. In other words, when there’s a “flight” to safety (Treasuries are rising), it’s associated with a flight OUT OF the greenback. This could happen when domestic investors flock to the greenback, but foreigners prefer other assets.

The steep drop on the right hand side appears to suggest that the U.S. dollar is losing its safe haven appeal."

AlienEyes Mr. Fix
May 1, 2014 - 3:26pm

Mr. Fix, I call bull shit !!!

Mary Jo White, SEC head, my ass !!

That bitch is the renegade Russian KGB agent in "From Russia With Love". The one with the poison knife in her shoe. If people around her start suddenly'll know why.

May 1, 2014 - 3:48pm

SDR they will issue it

SDR loans will be issued by the IMF only IF western Ukraine takes back the east from Russia. They are beating some heavy drums now.

New Reserve Currency?


I Run Bartertown
May 1, 2014 - 3:51pm

Thanks CA Lawyer

This makes me want to just stop paying my mortgage. I wish I'd tapped into all the equity at the peak and stopped paying then.

Oh well, 20/20 hindsight...


and today is May 1. I promised a contest. The entries (melt price of a silver quarter) were:

Dr Jerome $5.15

gold slut $5.50

ancientmoney gallon of gas

dannyhaha $4.11

Iceberg Slim $3.99

Tjeffson $3.50

Bongo Jim $3.41

Saratoga Prepper $4.90

Deacon Benjamin $3.72

El Gordo $5.04

erewenguy $4.36 says $3.44.

Bongo Jim wins! Only off by $0.03! Check your PM's.

I Run Bartertown
May 1, 2014 - 4:15pm

Happy May Day, Commies

The largest democratic election in the history of the world is halfway complete. The entrenched powers are losing to a Hindu Nationalist who is banned from entering the US. Not unexpectedly, "Police opened a investigation against Hindu nationalist Narendra Modi, tipped to be the next prime minister"


UKIP polling as #1 party for European Elections. Not unexpectedly, "Every day another example of Ukip racism is exposed"


"The establishment Greek parties have taken major legislative action to derail Golden Dawn. This includes denying the party the share of public funding it was entitled too. This also includes leveling fake criminal charges against many of it’s members and leaders.

Now, Golden Dawn’s has announced it’s list of 42 candidates for the May 22-25th EU elections. The list has hit the establishment like a bomb! Two of the candidates are retired Lt. Generals.

Georgios Epitideios is a retired Lt. General who has served as member of senior staff at the Supreme Headquarters Allied Powers Europe (SHAPE), the central command of NATO military forces. He has also served on NATO’s International Military Staff (IMS), and as director of the department of crisis response and current operations of the European Union Military Staff (EUMS).

Eleftherios Synadinos is a retired Lt. General and once commanded the Greek Special Forces."

The Greek General Epitideios has made the following declaration:

This election will largely determine whether and how our country will continue to exist in the future as a free and sovereign state and whether Europe will continue to maintain its historical and cultural identity or will evolve into something different from what it is today.

The decisions taken at the European Parliament regard the fate of the nations of Europe and have a direct impact on our daily lives. It is therefore necessary that the voice of the Greek nationalists is represented in it to offer dynamic and decisive support for our national interests.

Our country is facing the greatest risk to its existence since it became an independent state. The elements that make up the concept of nation and state are being attacked by enemies, using all available means.

Sovereignty has been surrendered; religion, history, education, health, economy, justice, national defence and security, and our cultural heritage are being destroyed; the constitution and individual liberties are being flagrantly violated, the leader, MPs and officers of a legally elected political party have been arrested and are being detained illegally; the population is being impoverished financially; much of our youth has emigrated; and thousands of desperate compatriots have been driven to suicide.

Dagney Taggart
May 1, 2014 - 4:21pm


As some of you know or may do yourself, I follow Apmex inventory for 100 toz JM bars because I can see the inventory in realtime.

Present inventory: 25 (twenty-five)!!!

For the last 2+ years, inventory has been in the 500-800 range the whole time. The last month has shown a precipitous drop in inventory from 500 or so to 100. Two days ago, inventory was 107.

Sorry paper losers. The bear is over.

Dagney Taggart
May 1, 2014 - 4:27pm

@ Fix

From your first comment, define "normal".

In my book, normal requires a free market using sound money. How many here remember what that felt like?

Good article, CL! I can see the anxiety and signs of sweat walking around town here in southeastern BC.

My broken record moment: get ready for hyperinflation.

Dagney Taggart
May 1, 2014 - 5:05pm

That's pretty interesting

Thanks, Dagney!

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