MortgageIT
MortgageIT is a US company specializing in mortgage business . It was acquired by Deutsche Bank for $ 430 million in January 2007, shortly before the outbreak of the financial crisis .
Business activity
MortgageIT, Inc., founded in 1988, is a US mortgage company based in New York City . The company is a wholly owned subsidiary of MortgageIT Holdings, Inc, a self-managed real estate public company ( REIT ). The company is licensed to provide mortgage loans in all 50 states and operates in 47 states with 2,100 employees.
Procedure
On May 4, 2011, the New York prosecutor opened civil proceedings against MortgageIT and Deutsche Bank. The lawsuit alleges frivolous mortgage lending without a proper credit check. The company is said to have issued around 39,000 real estate mortgages between 1999 and 2009, 12,500 of which the borrowers have since become insolvent. The mortgages were insured with the Federal Housing Administration (FHA) and then resold in bundles as certificates. State mortgage insurance has incurred more than $ 386 million in loan default losses in more than 3,100 cases from these transactions, according to information in the lawsuit.
Web links
- MortgageIT. Retrieved May 4, 2011 from the company's official website.
Individual evidence
- ↑ a b Dorothea Hahn: "Letters unopened and unread". In: the daily newspaper . May 4, 2011, accessed May 4, 2011 .
- ^ Information from the SEC (accessed May 4, 2011)
- ↑ Deutsche Bank completes acquisition of MortgageIT Holdings ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. (accessed on May 4, 2011)
- ↑ Publication of the Department of Justice (accessed May 4, 2011)
- ↑ MortgageIT catches up with Deutsche Bank , Börsen-Zeitung of May 4, 2011
