Monitor: Morgan Stanley Completes 77 Percent of its Consumer-Relief Obligations under Mortgage Settlement

BOSTON, March 31, 2017 /PRNewswire/ — In another step towards fulfilling its obligations under its February 11, 2016, mortgage settlement agreement with the State of New York, Morgan Stanley has received conditional approval for nearly $200 million of additional credit for consumer-relief activities performed in recent months, according to Eric D. Green, independent Monitor of the settlement agreement.

The amount of cumulative credit conditionally validated now totals $309.1 million, or 77 percent of the $400 million worth of credited consumer relief in New York State required under the agreement, which settled claims that Morgan Stanley had violated New York State law in connection with residential mortgage-backed securities.

“With these actions, Morgan Stanley has continued to provide consumer relief to New York communities in need of housing assistance,” Professor Green said today in his third report on the bank’s consumer-relief activities. Professor Green is a Boston-based professional mediator and a retired Boston University law professor.

In its March 24 credit submission, Morgan Stanley listed 14 grants to counties and municipalities to support certified land banks, 75 grants to municipalities and eligible agencies to support housing quality improvement and enforcement programs and four actions to fund critical-need housing developments. Morgan Stanley claimed total credit of $198,430,440 in the submission, broken out as following:

  • $28,458,763 for certified land banks,
  • $28,229,506 for housing quality improvement and enforcement programs,
  • $141,742,171 for affordable rental housing.

Today’s report is available at the Monitor’s website at: http://morganstanley.mortgagesettlementmonitor.com. The website provides further details about the settlement, plus contact information for Morgan Stanley, New York State Attorney General Eric T. Schneiderman’s office, and agencies that provide legal or tax advice to consumers.

The Monitor’s mailing address is: Monitor of the Morgan Stanley Mortgage Settlement, P.O. Box 10300, Dublin, OH 43017-5900, and the e-mail address is [email protected].

 

 

SOURCE Eric D. Green, Monitor of the Morgan Stanley Mortgage Settlement