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Morgan Stanley Agrees to Pay $275 Million to End SEC Probe

businessweek.com | February 26, 2014

By Michael J. Moore

Morgan Stanley (MS:US) agreed to pay the U.S. Securities and Exchange Commission $275 million to resolve a probe into the sale of subprime mortgage-backed securities in 2007.

The SEC hasn’t presented the proposed settlement to the commission and offered no assurance it will be accepted, the New York-based bank said today in an annual regulatory filing. The firm said it’s also responding to subpoenas and requests for information from federal and state regulators in mortgage-related matters.

Morgan Stanley listed nine legal matters it resolved or settled since October, including agreements with MetLife Inc. and Cambridge Place Investment Management Inc., as the largest U.S. banks seek to put crisis-era lawsuits behind them. The firm said its litigation costs more than tripled to $1.95 billion in 2013 from $513 million in 2012.

“The company expects future litigation expenses in general to continue to be elevated, and the changes in expenses from period to period may fluctuate significantly, given the current environment regarding financial crisis-related government investigations and private litigation affecting global financial services firms,” the bank said in the filing.

Morgan Stanley agreed this month to pay $1.25 billion to settle a U.S. regulator’s claims the investment bank sold faulty mortgage-backed securities to Fannie Mae (FNMA:US) and Freddie Mac. Morgan Stanley took a $150 million charge to its fourth-quarter results, after saying last month it added $1.2 billion to legal reserves in the period related to mortgage-backed securities litigation and investigations.
Due Diligence

The bank said today it is responding to subpoenas and requests for information from members of the RMBS Working Group of the Financial Fraud Enforcement Task Force.

“These matters include, but are not limited to, investigations related to the company’s due diligence on the loans that it purchased for securitization, the company’s communications with ratings agencies, the company’s disclosures to investors, and the company’s handling of servicing and foreclosure related issues,” the firm said.


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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 888-758-2352 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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