Items Tagged with 'Morgan Stanley'

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  • Morgan Stanley to pay $150 million for pushing toxic mortgage bonds on California's teachers and public employees

    Finally settles 2016 charges with California Attorney General
    Morgan Stanley has agreed to a $150 million settlement to resolve claims that it misrepresented the poor-quality of pre-crisis mortgage bonds and cost California teachers and public employees millions of dollars, the California Attorney General announced Thursday. The settlement puts an end to a three-year investigation into Morgan Stanley's failure to reveal the true nature of the mortgage-backed securities is was selling to CalPERs and CalSTRS.
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  • Former CoreLogic exec named general counsel at Fannie Mae

    Terry Theologides will bring his legal expertise to the GSE
    Fannie Mae has brought on former CoreLogic exec Stergios "Terry" Theologides to serve as EVP, general counsel and corporate secretary. Theologides worked previously as CoreLogic’s SVP, general counsel and secretary, where he helped guide strategic initiatives and advised on matters related to compliance, information security and enterprise risk.
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  • Bernie Sanders wants to break up the nation’s biggest banks (again)

    Sanders repeats campaign call to break up big banks
    Back when he was a presidential candidate, Sen. Bernie Sanders, I-VT, called for sweeping reforms to the nation’s financial system, including breaking up the big banks. And now, he's at it again. On Wednesday, Sanders announced that he is introducing the “Too Big to Fail, Too Big to Exist Act,” which would break up JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.
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  • Keller Williams integrates new AI tech from CognitiveScale

    Keller Williams is putting increased effort into its AI R&D efforts to improve agent experience
    Keller Williams is continuing to add new technologies to help its real estate agents succeed, announcing recently that it is teaming up with CognitiveScale to bolster KW's artificial intelligence infrastructure.
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  • Morgan Stanley fined for failing to protect clients

    Agrees to pay SEC $3.6M for weak policies
    Morgan Stanley agreed to pay a $3.6 million fine after regulators determined it failed to detect or prevent the misappropriation of client funds, the U.S. Securities and Exchange Commission said Friday. As part of the agreement, Morgan Stanley did not admit or deny any wrongdoing.
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  • Fed fails one bank in second round of stress tests

    Two others met with conditional approval
    During the second round of the 2018 annual stress tests, the Federal Reserve objected to one bank’s capital plan but passed the other 34 largest banks. In addition to failing one bank, the Fed also gave conditional approval to Goldman Sachs and Morgan Stanley after recent tax reform laws reduced their capital.
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  • Fed fines another 5 banks $35.1 million for mortgage servicing and foreclosure infractions

    These big banks yet to be penalized
    On Friday, the Federal Reserve Board announced another $35.1 million in civil penalties against five banks as part of its effort to terminate enforcement actions, issued in 2011 and 2012, against a total of 10 banks related to residential mortgage loan servicing and foreclosure processing.
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  • Morgan Stanley completes $400M consumer relief obligation for $3.2B mortgage settlement

    Settlement required company to provide relief to New Yorkers
    Morgan Stanley recently completed its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year. The settlement covers Morgan Stanley’s “deceptive” mortgage bond practices in the run-up to the financial crisis and requires the company to provide consumer relief for New York residents affected by the company’s alleged actions.
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  • Morgan Stanley earnings beat consensus by nearly $200 million

    Net revenues increase before big move into mortgage market
    Morgan Stanley's earnings beat revenue expectations by nearly $200 million. The company's CEO explained the results reflected the stability that the company's wealth management, investment banking and investment management businesses bring when the sales and trading business faces a subdued environment.
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  • Morgan Stanley closing in on $400 million in consumer relief for mortgage bond settlement

    Moves past 90% in consumer relief obligation
    Morgan Stanley is nearing the end of its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year. The settlement covers Morgan Stanley’s “deceptive” mortgage bond practices in the run-up to the financial crisis and requires the company to provide $400 million in consumer relief.
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