Comments on: Deutsche Bank Fails to Foreclose on Mortgages Purchased in Structured Investment Vehicle http://www.dailyreckoning.com.au/deutsche-bank/2007/12/03/ An independent perspective on the Australian and global investment markets Sat, 21 Nov 2009 10:39:45 -0600 http://wordpress.org/?v=2.8 hourly 1 By: don stephens http://www.dailyreckoning.com.au/deutsche-bank/2007/12/03/comment-page-1/#comment-5822 don stephens Sat, 05 Jan 2008 02:14:10 +0000 http://www.dailyreckoning.com.au/deutsche-bank/2007/12/03/#comment-5822 In some cases, the judge does not ask for any doc's, they (banks attorneys) seldom have the actual mortgage, note, and neither does their client. Don Stephens Mortgage Auditor 30+ years (retired). In some cases, the judge does not ask for any doc's, they (banks attorneys) seldom have the actual mortgage, note, and neither does their client. Don Stephens Mortgage Auditor 30+ years (retired).

]]> By: MMLJ of Sydney http://www.dailyreckoning.com.au/deutsche-bank/2007/12/03/comment-page-1/#comment-5261 MMLJ of Sydney Tue, 04 Dec 2007 05:52:37 +0000 http://www.dailyreckoning.com.au/deutsche-bank/2007/12/03/#comment-5261 Before I managed to escape, I sat in an investment bank for nine months. In trying to do boring, old-fashioned mineral biz, legal and risk management went crazy, because all they wanted was contracts that allowed them to gouge the bank's money back in a default, not contracts that actually delivered product. Are we saying top investment banks bundled billions into securities that were in fact unsecured ?? If yes, then look out because if they didn't even check to see if they had something as fundamental as a mortgage, then goodness knows what else they are overlooking. For the first time, I am really disturbed about the sub-prime thing, because it looks suspiciously like the smartest guys in the room aren't so smart after all ?? Before I managed to escape, I sat in an investment bank for nine months. In trying to do boring, old-fashioned mineral biz, legal and risk management went crazy, because all they wanted was contracts that allowed them to gouge the bank's money back in a default, not contracts that actually delivered product.

Are we saying top investment banks bundled billions into securities that were in fact unsecured ??

If yes, then look out because if they didn't even check to see if they had something as fundamental as a mortgage, then goodness knows what else they are overlooking. For the first time, I am really disturbed about the sub-prime thing, because it looks suspiciously like the smartest guys in the room aren't so smart after all ??

]]> By: kage http://www.dailyreckoning.com.au/deutsche-bank/2007/12/03/comment-page-1/#comment-5225 kage Mon, 03 Dec 2007 02:43:45 +0000 http://www.dailyreckoning.com.au/deutsche-bank/2007/12/03/#comment-5225 I had a good chortle when I read about this case two weeks ago. I am unaware of US legal processes, but it would seem that the bank probably won't have any avenue to retest this case in court. Plan B for the bank will include sueing the promoters, ratings firms, brokers, and any lawyers connected to the SIV. If there was any remaining doubt whether these SIVs were worthless, then escalating legal costs and probable law enforcement charges will eliminate this doubt entirely ! I had a good chortle when I read about this case two weeks ago. I am unaware of US legal processes, but it would seem that the bank probably won't have any avenue to retest this case in court. Plan B for the bank will include sueing the promoters, ratings firms, brokers, and any lawyers connected to the SIV. If there was any remaining doubt whether these SIVs were worthless, then escalating legal costs and probable law enforcement charges will eliminate this doubt entirely !

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