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Tag Archives: Morgan Stanley

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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