New York, May 17, 2006

Deutsche Bank to acquire mortgage origination Chapel Funding LLC


Deutsche Bank today announced it has signed definitive agreements to acquire Chapel Funding LLC, a California-based mortgage originator. Closing of the transaction is subject to regulatory approval and financial terms were not disclosed.

"This transaction is an important step for Deutsche Bank as we continue to develop a vertically integrated Residential Mortgage Backed Securities business," said Phil Weingord, Managing Director and Head of Global Markets Americas. "The integration of a mortgage originator will provide significant competitive advantages, such as access to a steady source of product for our securitization program."

Transaction Details

Under the terms of the agreements, certain assets and liabilities of Chapel Mortgage Corporation were transferred to its majority-owned subsidiary, Chapel Funding, LLC. Chapel Funding, LLC had not conducted any business or originated any loans prior to the date of the agreements.  Deutsche Bank, through an affiliate, will purchase all of the equity interests in Chapel Funding, LLC. Effective immediately, Chapel Mortgage Corporation will cease doing business under the names Chapel Funding Corporation and Consumer First.

 

For further information, please call:

Rohini Pragasam                     212-250-4516
Media Relations

Michele Allison                     212-250-4864
Media Relations

 

Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,035 billion in assets and 64,103 employees, Deutsche Bank offers unparalleled financial services in 73 countries throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

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