Since the subprime mortgage crisis melted the world economy, Germany became familiar with the financial investments made in America by Deutsche Bank.
Documentaries would air on evening television featuring German news anchors driving around parts of dilapidated neighborhoods in Florida, pointing to vacant home after vacant home and declaring “owned by Deutsche Bank,” sources repeatedly told HousingWire.
Things appear to be turning around as DB began to add staff in Florida in order to feed growing demand for its financial services. Besides, Deutsche Bank is hardly alone in the once-common charge of big banks allowing foreclosures to languish.
But now those bad mortgage bets from year’s past are said to be taking a final, devastating toll on the mighty German bank, according to news reports in Europe.
Or is it?
According to the BBC, Germany is preparing a bail-out of Deutsche Bank “in case it cannot pay fines in the US.”