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Deutsche Bank Leading the Way in South Florida Foreclosures

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Daily Business Review published a very interesting article today entitled “Special Report: Condo Lending”. It provides a list of the top five banks who have filed the most foreclosure actions from January 1, 2007 to May 4, 2007 in South Florida. Below is that list:

Excel Spreadsheet

The most revealing part is that these banks have no reason to be overly concerned. In most cases, the loans were repackaged as mortgage-backed securities and sold to Wall Street investors. Public records may reveal the banks as the possessor of these loans, because their names are still associated with the notes, but it is the investors who will bear the monetary loss due to the risky underwriting practices of these banks. In fact, the banks actually make additional money by charging fees to the investors by acting as custodians in managing the foreclosure proceedings for them. Helluva a gig! They’re making money on the front-end and back-end!



5 thoughts on “Deutsche Bank Leading the Way in South Florida Foreclosures

  1. There is a huge increase in the number of foreclosures in the past few months. It is not only because of sub-prime and ARM mortgages, but also the high number of people who have got loans with interest rates at an all time low rates along with rapid depreciation in some areas. johnbeck.tv

  2. The Florida foreclosure rates are so high is because of the greed of real estate agents and the Banks, coupled with unethical brokers.
    If any one wants to buy condo foreclosures your nuts,
    there are numerous associations on the verge of going broke.

  3. How do I get a listing for property you are forclosing on? Please send me this information. I am interested in the forclosure of property ID 23817131. Address is 2585 Warren St., Melbourne, Fl. 32904. Also a listing of any other property forclosure in the 32904 or 32935 areas. Thanks.

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