BOSTON, MASS. – September 29, 2017 – Morgan Stanley neared completion of its consumer-relief obligations under its February 11, 2016, mortgage settlement agreement with the State of New York, receiving conditional approval for $34.43 million of credit for 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 $373,353,040, or 93 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 relating to residential mortgage-backed securities.
“Nineteen months after the settlement agreement was signed, Morgan Stanley has nearly completed its obligation to provide relief to New York communities in need of housing assistance,” Professor Green said today in his fifth 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 August 1, 2017, credit submission – covering the bank’s activities through that date – Morgan Stanley claimed credit of:
- $29,037,500, for a grant to help stabilize New York City neighborhoods by assisting in the acquisition and remediation of non-performing loans on abandoned properties,
- $4,312,500 for a grant supporting critical-need housing and associated services in Buffalo, N.Y., and
- $1,081,713 for grants to 15 municipalities or eligible agencies in New York State to support housing quality improvement and enforcement programs.
The Monitor’s team of financial and legal professionals reviewed and validated the 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.
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