Mortgage Fines and Bond Restructuring

Deutsche Bank.

There was a time, not that long ago, where every week seemed to bring a new multibillion-dollar settlement with a big bank over fraudulently originating and selling mortgages in the run-up to the financial crisis. But they've thinned out a bit, and so when there is a big one now it feels more like an event. Yesterday Deutsche Bank AG did its $7.2 billion of penance, and from the press release it seems like everyone in the Justice Department lined up patiently to give a fierce quote about how bad Deutsche Bank was. "Deutsche Bank did not merely mislead investors: it contributed directly to an international financial crisis," said Attorney General Loretta Lynch. "This $7.2 billion resolution – the largest of its kind – recognizes the immense breadth of Deutsche Bank’s unlawful scheme by demanding a painful penalty from the bank, along with billions of dollars of relief to the communities and homeowners that continue to struggle because of Wall Street’s greed," said a principal deputy associate attorney general. There's also a principal deputy assistant attorney general, and some other quotes.