Monitor: Morgan Stanley Completes 85 Percent of its Consumer-Relief Obligations under Mortgage Settlement

BOSTON, June 30, 2017 /PRNewswire/ — Morgan Stanley moved closer to completing its obligations under its February 11, 2016, mortgage settlement agreement with the State of New York, receiving conditional approval for another $29.78 million of credit for consumer-relief activities performed in recent months, Eric D. Green, independent Monitor of the settlement agreement, announced today.

The amount of cumulative credit conditionally validated now totals $338,921,327, or 85 percent of the $400 million worth of credited consumer relief required under the agreement, which settled claims that Morgan Stanley had violated New York State law in connection with residential mortgage-backed securities.

“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,” Professor Green said today in his fourth 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 May 1, 2017, credit submission – covering the bank’s activities through that date – Morgan Stanley claimed credit of:

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

The Monitor’s team of financial and legal professionals reviewed and validated both credit claims.

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 morganstanleymonitor@mortgagesettlementmonitor.com.

 

SOURCE Monitor Eric D. Green