- Posted April 05, 2012
- Tweet This | Share on Facebook
Morgan Stanley to pay for some U.S. foreclosures
By Derek Kravitz
AP Business Writer
WASHINGTON (AP) -- The Federal Reserve says Morgan Stanley will review foreclosures carried out by its old mortgage subsidiary and reimburse any homeowners who were improperly forced out of their homes.
The Fed says it has settled with Morgan Stanley to "address a pattern of misconduct and negligence" at its former mortgage-loan unit, Saxon Mortgage Services Inc.
Morgan Stanley officials declined to comment on the settlement Monday.
Morgan Stanley sold a substantial portion of its holdings of Saxon to Ocwen Financial Corp., and it has closed other parts of its residential mortgage servicing business.
Before the sale, Saxon was the 34th largest mortgage servicer in the United States.
Published: Thu, Apr 5, 2012
headlines Oakland County
- Associations gather for Spring Fling
- Law school’s team wins William and Mary Colonial Cup Competition
- Supreme Court makes it easier to sue for job discrimination over forced transfers
- Oakland County Physician bound over on insurance fraud charges
- Innocence Project leaders present at University of Pennsylvania Carey Law School Spring Symposium
headlines National
- Incarceration series includes female inmates but doesn’t tell full story
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Former DOJ official who alleged election fraud violated at least one ethics rule, ethics committee says
- Winston & Strawn will provide reduced-cost legal services for routine tasks under Winston Legal Solutions umbrella
- Should Justice Sotomayor retire? Chemerinsky, White House haven’t joined calls for her to step down
- Which BigLaw firms are increasing lateral associate hiring the most? One made legal headlines last year