deutsche 01Deutsche Bank reaches deal over toxic mortgages


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Risky assets played role in US housing meltdown.

LONDON (CNNMoney) – Deutsche Bank has struck a deal worth $7.2 billion with the U.S. government to settle claims that it packaged up toxic mortgages between 2005 and 2007.

Risky assets from Deutsche Bank and other financial firms played a role in the meltdown of the U.S. housing market and the global financial crisis that followed.

Under the preliminary deal announced late Thursday, Germany’s biggest lender said it will pay a fine of $3.1 billion and provide $4.1 billion in measures like loan modifications to homeowners and borrowers in the U.S.

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