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Morgan Stanley Nears $400 Million in Consumer Relief for Mortgage Bond Settlement

by Neil Garfield | July 5, 2017

Editor's Note: And after Morgan Stanley takes the tax credits, it will have paid literally nothing for its fraudulent conduct. Stanley is to pay $400 million of consumer relief including repurchasing defective loans that it will resecuritize, doctor-up the docs and sell at a profit. Crime pays for Big Banks.

Moves past 85% mark in consumer relief obligation

Ben Lane | June 30, 2017

cash house two

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.

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 for New York residents affected by the company's alleged actions.

A new report from Eric Green, the independent monitor of the consume‐relief portion of the settlement, shows that Morgan Stanley's consumer relief total now exceeds $338 million.

In the last few months, Green's office credited Morgan Stanley with $29.78 million of credit for consumer-relief activities that the company performed.

That pushes Morgan 's office, Morgan Stanley received the $29.78 million of consumer relief credit for the follow activities:

  • $29,037,500, for one grant to assist New York local government units and eligible organizations in consumer‐relief efforts, including the acquisition of non‐performing loans (that they will take back and sell to investors for a profit)

  • $746,646 for two grants to New York municipalities and eligible agencies to support housing quality improvement and enforcement programs

"I am pleased to be able to confirm that Morgan Stanley continues to make steady progress toward meeting its obligation to provide consumer relief to New York communities in need of housing assistance," Green said in the report.

 

 

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"CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea–it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 832-932-3952 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online)".

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