By Ben Lane, Housing Wire, December 27, 2016
Over the last few months, Morgan Stanley handed out more than $100 million in consumer relief in the state of New York, pushing the company past the 25% mark in its consumer relief obligations as part of the $3.2 billion settlement it reached earlier this year.
The settlement, which is over its “deceptive” mortgage bond practices in the run-up to the financial crisis, required Morgan Stanley to provide $400 million in consumer relief for New York residents affected by Morgan Stanley’s alleged actions, set to be distributed by the end of September 2019.
A few months ago, a report from Eric Green, the independent monitor of the consumer-relief portion of the settlement, showed that Morgan Stanley had begun fulfilling those consumer relief obligations.
Now, a new report from Green’s office shows that Morgan Stanley is more than a quarter of the way through its consumer relief obligations.
According to Green’s newest report, his office reviewed and conditionally approved credit of $100.2 million since early August for Morgan Stanley’s consumer-relief activities.
Combined with the $10.5 million of conditional credit approved in August, Morgan Stanley has now earned total conditional credit of $110.7 million, or 27% of its $400 million obligation.
“Morgan Stanley is off to a good start,” Green said.
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