Deutsche Bank subprime trader leaves Deutsche Bank

Deutsche Bank is the investor for many of Saxon Mortgage’s loans. It has been said that Deutsche Bank does not allow modifications. With that in mind, here is an article about Deutsche Bank and subprime profits:

NEW YORK, April 21 (Reuters) – Deutsche Bank (DBKGn.DE) has named the head of its European asset-backed securities trading operation to succeed the trader who made big profits betting against the subprime market.

Pius Sprenger will become the global head of Deutsche Bank’s asset-backed securities trading. He succeeds Greg Lippmann, who is leaving Deutsche Bank to join a fund being set up by Fred Brettschneider, the bank’s head of global markets in the Americas.

Lippmann, who bet that the subprime mortgage market would collapse and made big profits for the bank and its clients, said internally in February that he planned to leave, bank spokesman Ted Meyer said. Lippmann will remain in his position for a few months to ease the transition, Meyer said. (Reporting by Dan Wilchins. Editing by Robert MacMillan)