Deutsche Bank Pays $11.5M To End Nev. Mortgage Probe

Law360, New York (October 17, 2013, 3:07 PM EDT) -- A Deutsche Bank AG unit on Thursday agreed to pay the state of Nevada $11.5 million to settle claims that it purchased and securitized faulty subprime and adjustable rate mortgages issued to borrowers in the state.

The settlement, announced by Nevada Attorney General Catherine Cortez Masto, resolves a nearly two-year investigation into the mortgage securitization practices of DB Structured Products Inc., the German bank's securitization unit. DB Structured Products sold and securitized mortgages issued by subprime borrowers that failed to determine whether borrowers could repay their...
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