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Tag Archives: Morgan Stanley

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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Justice Dept. Settles With Servicers Over Wrongful Military Foreclosures

The Justice Department announced a settlement with Bank of America and Saxon Mortgage to resolve allegations that the companies wrongfully foreclosed on active duty service members without obtaining court orders, a violation of the Servicemembers Civil Relief Act (SCRA). The combined settlements represent more than $22 million in monetary victim relief. Both companies have also agreed to repair negative credit reporting related to the foreclosures and will not pursue remaining amounts owed under the mortgages.

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New York AG Looks to Link Financial Crisis and Mortgage Securities

Industry analysts, economists, even lawmakers generally concede that the pooling of risky subprime mortgages into secondary market securities fueled the economic collapse that almost brought the nation's financial system to its knees. But New York Attorney General Eric Schneiderman is looking for proof that major financial institutions were hocking these dicey mortgage-backed securities during the days leading up to the collapse of the housing market, knowing that these transactions would result in billions of dollars in mortgage losses.

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Treasury Divests Ownership Stake in Citi with $10.5B Stock Sale

The U.S. Treasury Department has priced a public offering of its remaining 2.4 billion shares of Citigroup Inc. common stock at $4.35 per share, bringing the government's ownership of the nation's third largest bank to an end. The deal should yield about $10.5 billion. Treasury expects to reap total proceeds of $57 billion from its $45 billion investment in Citigroup, netting a tidy $12 billion profit for taxpayers for the bank's bailout. The total amount of TARP funds returned to taxpayers now exceeds $261 billion.

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