Items Tagged with 'Morgan Stanley'

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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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  • Morgan Stanley makes big push into mortgage originations

    Moves operations in-house
    Morgan Stanley plans to bring its mortgage origination business in-house, as the bank ramps up the business to create a bigger presence in the mortgage market. Along with a digital mortgage that’s expected to launch the first half of 2018, the company now plans to bring its operations in-house to smooth out the mortgage process.
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  • Morgan Stanley nears $400 million in consumer relief for mortgage bond settlement

    Moves past 85% mark in consumer relief obligation
    Morgan Stanley is nearly finished with its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year. A new report from Eric Green, the independent monitor of the consumer-relief portion of the settlement, shows that Morgan Stanley’s consumer relief total now exceeds $338 million.
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  • Morgan Stanley going digital to boost mortgage lending

    Seeks to increase lending to current clients
    Morgan Stanley isn’t really a big player in mortgage lending, but the company wants that to change — and it’s planning to go digital to get there. Basically, the company wants to turn more of its existing clients into mortgage customers, and it is planning to update its mortgage process to entice them.
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  • [Video] Morgan Stanley CEO: "Not a fan of getting rid of Dodd-Frank"

    However, there are elements that need to curtailed
    Shortly after winning the election, Trump’s transition team posted his plan to dismantle the Dodd-Frank Wall Street Reform Act. But to Morgan Stanley CEO James Gorman, more changes could be destructive to the market. Instead, Gorman defend the controversial Dodd-Frank Wall Street Reform Act.
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  • What happened to all that mortgage settlement money?

    New York Times' Dealbook provides look at 8 massive mortgage settlements
    While the headlines don’t show up quite as often as they once did, it still seems like that every few weeks another bank is settling with the federal government (or other parties) over the mortgage misdeeds of the past. Each of those settlements checks in the multi-billion dollar range, but what happens to the settlement money after the banks pay up?
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