As set forth in the Settlement Agreement, the Monitor’s job is to: (i) report quarterly on Deutsche Bank’s progress towards completion of the Consumer Relief portion of the Settlement Agreement; (ii) report on credits earned by Deutsche Bank; and (iii) ultimately determine and certify Deutsche Bank’s compliance with the terms of the Settlement Agreement.
Mr. Bresnick is responsible for determining whether Deutsche Bank has fulfilled its Consumer Relief obligations as required by the Settlement Agreement. Mr. Bresnick is focused on following a transparent process and will provide publicly-available quarterly reports starting in July 2017. If you have questions about Mr. Bresnick’s monitorship, you can contact us here.
The Monitor does not have the authority under the Settlement Agreement to intervene in individual cases. If you have specific questions for Deutsche Bank, please contact 1-800-356-2539 or visit the contact page for more information. To find organizations that may be able to assist you, please click here.
Mr. Bresnick will provide regular updates about Deutsche Bank’s compliance with the Settlement Agreement through his reports, which will be made available on this website. The Monitor can be contacted at firstname.lastname@example.org.
Under the terms of the Settlement Agreement, Deutsche Bank must pay a $3.1 billion civil penalty to DOJ, and provide $4.1 billion in Consumer Relief. For more information on the forms the Consumer Relief may take, please click here.
The Settlement Agreement outlines what kind of modifications and activities qualify as Consumer Relief. Under the Settlement Agreement, Deutsche Bank is not required to modify any specific loan or provide relief to any specific consumers; it must, however, provide relief to consumers, in the aggregate, sufficient to meet the $4.1 billion commitment it has made and consistent with the overall terms of the Settlement Agreement.
If you have questions about whether you may be eligible for relief under the Settlement Agreement, you may call Deutsche Bank at 1-800-356-2539 or visit the contact page for more contact information.
You can read and download the components of the Settlement Agreement:
Pursuant to the Consumer Relief portion of the settlement, Deutsche Bank will provide $4.1 billion in Consumer Relief through loan modifications, including loan forgiveness and forbearance, to distressed and underwater homeowners, as well as financing for affordable rental and for-sale housing throughout the country. More specifically, options for Consumer Relief include:
The Settlement Agreement does not entitle any specific consumer to relief, but many homeowners may benefit. Deutsche Bank will make individual determinations about eligibility, and the Monitor will oversee Deutsche Bank’s compliance to ensure it provides relief to consumers sufficient to meet its $4.1 billion commitment. If you have specific questions for Deutsche Bank, you can reach Deutsche Bank here.
The Settlement Agreement was announced on January 17, 2017, and was effective immediately. The start date of crediting was April 1, 2017.
The Settlement Agreement does not direct relief to be provided to any specific homeowners. As a result, homeowners are not guaranteed relief even if their mortgage was held in a trust subject to the Settlement.
There is no application process for seeking relief specifically under the Settlement Agreement. The Settlement Agreement does not require Deutsche Bank to provide Consumer Relief to any specific consumers. If you believe you may be eligible or have specific questions for Deutsche Bank, you can reach Deutsche Bank here.
The Settlement Agreement provides that Consumer Relief will not be conditioned on a waiver or release by a borrower, provided that waivers and releases shall be permitted in the case of a contested claim where the borrower would not otherwise have received as favorable terms or consideration absent relief under the Settlement Agreement.
No, the Settlement Agreement does not provide tax relief for homeowners for income arising from the Consumer Relief. Whether a homeowner will be required to pay any federal, state, local, or other tax from Consumer Relief pursuant to the Settlement Agreement is dependent upon each homeowner’s individual circumstances. Homeowners can find useful information at www.irs.gov. If you have questions, you may wish to obtain legal or tax advice from a lawyer, accountant or other tax advisor. For more information, please click here.
The Monitor cannot represent or provide legal or tax advice to individual homeowners. Homeowners considering seeking mortgage modifications or other relief from Deutsche Bank under the Settlement Agreement may wish to obtain legal or tax advice from a lawyer or tax advisor of their own selection. Homeowners who desire such assistance but who do not know where to obtain it or cannot afford it, please click here.
Your servicer is listed on your mortgage statement that you receive each month. Your servicer would also be noted on other mortgage-related correspondence you may have received. If you received an IRS Form 1098 or 1099-C, your servicer would be listed as the payee. You may also contact Deutsche Bank toll-free at 1-800-356-2539.