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The Las Vegas Foreclosure Task Force is a coalition

o community, labor, and aith-based organizations

n southern Nevada who care about the impact o

oreclosures on our neighborhoods and are standing

up or our communities.This report provides an

analysis o Deutsche Banks role in the Las Vegas

housing and fnancial crises. As a major stakeholder

n the Las Vegas Valley and a large benefciary o

US taxpayer bailout dollars, Deutsche Bank shouldbe held responsible or its actions in our community.

Key fndings o the report include:

Deutsche Bank is devastating Las Vegas neighborhoods

and lacks local accountability.

Deutsche Bank owns over 500 houses in Clark

County, Nevada. The Las Vegas Foreclosure Task

force has surveyed over 250 of these houses, and

many are vacant, abandoned and dilapidated.

Some of Deutsche Banks houses had garbage, dead

vegetation, graffiti and boarded up windows. Others

contained animal carcasses, exposed wires, broken

glass, and rancid pools. Such houses may violate

local housing codes and also pose serious threats to

neighborhood and youth safety.

The foreclosure crisis is having a devastating impacton Las Vegas neighborhoods, and Deutsche Bank

continues to contribute to the problem. As a result

of falling property values, Las Vegas residents face

painful budget cuts and increased crime and safety

issues.

Deutsche Bank is a major stakeholder and employ

in Las Vegas. Yet Deutsche has neither establishe

Las Vegas home loan modification centers nor ma

all necessary repairs to bank owned properties.

Deutsche Bank has moved in the opposite directio

by (unsuccessfully) challenging the constitutionalit

of Nevadas Foreclosure Mediation Program.

Deutsche Bank helped build the housing bubble and

benefted rom a US taxpayer-fnanced bailout.

Deutsche Bank was a central contributor to the

housing bubble, and to its collapse. Deutsche

Bank originated subprime and At-A mortgage loans

and packaged these mortgage loans into complex

financial products called Collateralized Debt

Obligations (CDOs). Deutsche Bank also created

financial derivatives which also allowed institution

investors and the bank itself to bet against the ve

CDO securities it was creating and selling.

When the housing bubble burst, the US governmen

was forced to intervene to stabilize the financial

system. Deutsche Bank became a major beneficia

of Federal Reserve programs to stabilize the shaky

financial system. Deutsche Bank benefited from

$11.8 billion from the US taxpayer-financed AIG

bailout and $2 billion in emergency low-cost fundsmade available by the Federal Reserve.

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Deutsche Bank is attempting to evade new Dodd-Frank

fnancial regulations that may mitigate uture housing

and fnancial crises.

In July 2010, the Dodd-Frank Wall Street Reform

and Consumer Protection Act was signed into law,

with the express purpose of reducing systemic risk,

increasing transparency and promoting integrity in

the financial system. Many of the Dodd-Frank ruleshave yet to be written by federal agencies.

Deutsche Bank is attempting to circumvent capital

requirements under Dodd-Frank while holding onto

substantial US tax benefits. Under Dodd-Franks

Collins Amendment, Deutsche Bank could be

required to inject as much as $20 billion to its US

bank holding company, Taunus Corporation. But

instead of raising the capital needed to comply

with the law, the bank has decided to restructure

Taunus in order to avoid the new rule altogether.

Restructuring executed solely to circumvent new

capital requirements undermines the intent of the

Dodd-Frank Act to reduce systemic risk.

The Las Vegas Foreclosure Task Force calls on

Deutsche Bank to take a comprehensive approach

o mitigating the oreclosure crisis, both locally and

ationally. Our demands include:

Responsible Foreclosure Process. In order

to ensure a responsible, fair and accessible

foreclosure process for homeowners, Deutsche

Bank should require its servicers to open loan

modification centers in southern Nevada and

identify local representatives to make necessary

repairs on Deutsche Bank owned properties.

Rehabilitation Fund. We call on Deutsche Bankto contribute $25 million to a Rehabilitation Fund

which will be used to purchase, rehabilitate and

resell properties in concentrated areas.

Vigorous Action as Trustee. We call on Deutsche

Bank to aggressively pursue its responsibilities as

trustee of dozens of mortgage trusts to maximize

investor returns by pursuing loan modifications

when warranted. Deutsche Bank should use its

trustee authority to either require servicers to ente

in to modification agreements with homeowners or

replace those servicers with other servicers who

will act in the best interest of the trust.

Financial Reform. We call on Deutsche Bank to

abandon its plan to evade new rules requiring

additional capital at its US holding company.

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Clergy & Laity

United for Economic Justice