Deutsche Bank Is New Haven’s ‘Foreclosure King’

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Photo: NYT

"In the last few years, Deutsche Bank has been responsible for far and away the most foreclosures here," says Eva Heintzelman. She is the director of the ROOF Project, which addresses the consequences of the foreclosure crisis in New Haven in collaboration with the city administration. According to Heintzelman, Frankfurt-based Deutsche Bank plays such a significant role in New Haven that the city's mayor requested a meeting with bank officials last spring. How many houses was he responsible for, [Deutsche Bank executive David Co] was asked? "Two thousand," he replied. But then he corrected himself, saying that 2,000 wasn't the number of individual properties, but the number of securities packages being managed by Deutsche Bank. Each package contains hundreds of mortgages. So how many houses are there, all told, he was asked again? Co could only guess. "Millions," he said. [Speigel]