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Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) announced today that it has reached an agreement to resolve its residential mortgage-backed securities litigation with the Federal Housing Finance Agency (FHFA) as conservator for Fannie Mae and Freddie Mac. As part of the agreement, Deutsche Bank will pay EUR 1.4 billion.
The FHFA made claims against 17 financial institutions in relation to residential mortgage-backed securities, including Deutsche Bank. To date, details of settlements with two other institutions have been disclosed.
The agreement resolves Deutsche Bank’s single largest mortgage-related litigation case. It resolves allegations that between 2005 and 2007 the Bank did not provide adequate disclosure about certain residential mortgage-backed securities sold to Fannie Mae and Freddie Mac.
The settlement also includes an agreement with the FHFA to resolve past and future claims seeking to have Deutsche Bank repurchase mortgage loans underlying certain residential mortgage-backed securities purchased by Fannie Mae and Freddie Mac that the FHFA has asserted breached certain representations and warranties.
Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said: “Today’s agreement marks another step in our efforts to resolve the Bank’s legacy issues, and we intend to make further progress in this regard throughout 2014.”
They added: “We have exited the mortgage businesses that gave rise to these claims and have further improved our controls.”
As part of Strategy 2015+, Deutsche Bank is investing EUR 1 billion to elevate its systems and controls to best in class.
The settlement amount is already substantially reflected in the Bank’s existing litigation reserves and no material additional reserves will be taken for this settlement.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 15 April 2013 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.