Lenders say they're owners 'in name only' and don't have to pay for upkeep


Lenders say they’re owners ‘in name only’ and don’t have to pay for upkeep

Lenders say they’re owners ‘in name only’ and don’t have to pay for upkeep

This is when those placeholders “A Bad Bene, Bogus Assignee” might come in handy… Maybe AG Harris will put a stop to this madness.


Not according to Deutsche or other banks. They say they aren’t really the owners, despite the fact that their name appears on the property title. They also say they are not responsible for maintenance.

Representatives of Deutsche, as well as U.S. Bank, BNY Mellon and HSBC — three other major lenders that Los Angeles is investigating with an eye to suing, all said that loan servicers are responsible for property upkeep, as well as tasks such as sending default notices, modifying loans, selling homes, and collecting rent and mortgage payments.

“We’re there in name only,” said Teri Charest, spokeswoman for U.S. Bank. “We’re trustees. We have a very limited role.”

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