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Home | Tag Archives: Morgan Stanley

Tag Archives: Morgan Stanley

Morgan Stanley Announces $1.25B Settlement with FHFA

In a filing with the Securities and Exchange Commission (SEC) Tuesday, Morgan Stanley revealed it has reached a $1.25 billion agreement in principle with FHFA to resolve pending mortgage-backed securities (MBS)-related litigation. In connection with the settlement, the company announced it is recording a $150 million addition to its fourth-quarter legal reserves.

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More than 220K Foreclosure Review Checks Scheduled for May 3

The checks for Goldman Sachs and Morgan Stanley borrowers covered under the foreclosure review settlement should be mailed out Friday, May 3, the Federal Reserve announced Monday. The next batch of payments will go out to more than 220,000 borrowers who had a mortgage in any stage of the foreclosure process in 2009 and 2010 that was serviced by one of the former subsidiaries, Litton Loan Servicing LP or Saxon Mortgage Services, Inc. The checks for the borrowers are valued at $247 million.

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ACLU Files Suit Against Morgan Stanley for Alleged Discrimination

The American Civil Liberties Union announced it has filed a suit against Morgan Stanley on the grounds of loan discrimination. The complaint filed by the ACLU, the National Consumer Law Center, and Lieff Cabraser Heimann & Bernstein alleges Morgan Stanley discriminated against black homeowners and violated civil rights laws by providing incentives to a subprime lender to originate mortgages that were likely to be foreclosed on.

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Morgan Stanley Investment Management Raises Over $450M

Morgan Stanley Investment Management (MSIM) closed its Morgan Stanley Opportunistic Mortgage Income Fund with over $450 million in capital commitments. The Opportunistic Mortgage Income Fund targets investments in a wide range of mortgage-related securities that may offer the potential for strong cash flow yields under multiple scenarios.

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Three Servicers Pledge to Abide by Fair Servicing Standards

Three mortgage servicers have voluntarily entered into an agreement with the New York State Department of Financial Services in which they pledge to abide by upgraded mortgage servicing standards that ensure fairness for all borrowers. The agreement was forged between Benjamin M. Lawsky, superintendent of the state regulatory agency, and Morgan Stanley and its Texas-based servicer Saxon; American Home Mortgage Servicing, also based in Texas; and Vericrest Financial, based in Oklahoma.

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Ocwen to Buy Saxon for $59.3 Million

Morgan Stanley has announced the sale of Saxon Mortgage Services to Ocwen Financial Corporation. Ocwen has agreed to acquire Saxon for the base purchase price of $59.3 million. The deal also includes an estimated $1.4 billion for servicing advance receivables outstanding. The transaction is expected to close in the first quarter of 2012. This marks Ocwen's third major acquisition over the past year.

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Morgan Stanley Announces Leadership Transition

John J. Mack will step down as chairman of Morgan Stanley and leave the board as expected at the end of the year. Mack also will retire from a full-time role at Morgan Stanley and become a senior advisor to the firm at that time. James P. Gorman, president and CEO, was elected by the board to also take on the role of chairman, effective January 1, 2012.

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