Morgan Stanley sold its Russian mortgage unit, one of the country’s leading mortgage operators, to Russian Orient Express bank, the Russian lender said late on Thursday. Morgan Stanley has been looking for a buyer for its City Mortgage Bank since the global financial crisis hit the country’s construction sector hard and effectively froze the securitization market and killed demand for new loans.
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Some housing pundits report the demand for housing is strong, while these same pundits, on another day say that we are in a housing affordability crisis. Can the two narratives be accurate at the same time?
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