{"id":20336,"date":"2016-02-11T10:11:54","date_gmt":"2016-02-11T18:11:54","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=20336"},"modified":"2016-02-11T10:11:54","modified_gmt":"2016-02-11T18:11:54","slug":"feds-morgan-stanley-pays-2-6-billion-in-connection-with-sale-of-residential-mortgage-securites","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=20336","title":{"rendered":"Morgan Stanley Pays $2.6 Billion For Misleading Investors About Subprime Mortgage Loans"},"content":{"rendered":"<p><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <span style=\"font-size: 14pt;\">WASHINGTON D.C.<\/span><\/strong><\/p>\n<hr \/>\n<p><span style=\"font-size: 14pt;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1073 alignleft\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/02\/criminal_justice_jurisprudence-2.jpg\" alt=\"criminal_justice_jurisprudence (2)\" width=\"299\" height=\"188\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/02\/criminal_justice_jurisprudence-2.jpg 299w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/02\/criminal_justice_jurisprudence-2-120x76.jpg 120w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/02\/criminal_justice_jurisprudence-2-265x168.jpg 265w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/02\/criminal_justice_jurisprudence-2-284x180.jpg 284w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/02\/criminal_justice_jurisprudence-2-274x173.jpg 274w\" sizes=\"auto, (max-width: 299px) 100vw, 299px\" \/>Federal prosecutors allege that <strong>Morgan Stanley<\/strong> mislead investors who suffered billions of dollars in losses in connection with subprime mortgage loans, according to officials.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Morgan Stanley agreed to pay $2.6 billion to settle state and federal charges stemming from the sale of residential mortgage backed securities, officials announced today.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">\u201cThose who contributed to the financial crisis of 2008 cannot evade responsibility for their misconduct,\u201d said <strong>Deputy Assistant Attorney General Benjamin C. Mizer, head of the Justice Department\u2019s Civil Division<\/strong>.\u00a0 \u201cThis resolution demonstrates once again that the Financial Institutions Reform, Recovery and Enforcement Act is a powerful weapon for combatting financial fraud and that the department will not hesitate to use it to hold accountable those who violate the law.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">A residential mortgage backed security is a type of security comprised of a pool of mortgage loans created by banks and other financial institutions.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Residential backed securities are secured with residential rather than commercial property, officials said.<\/span><br \/>\n<iframe loading=\"lazy\" src=\"http:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&amp;byGuid=3000493341&amp;size=530_298\" width=\"530\" height=\"298\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-size: 14pt;\">Under the settlement, federal prosecutors\u00a0preserve the government\u2019s ability to bring criminal charges against Morgan Stanley, and likewise does not release any individuals from potential criminal or civil liability.\u00a0<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">In addition, as part of the settlement, Morgan Stanley promised to cooperate fully with any ongoing investigations related to the conduct covered by the agreement.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The expected performance and price of a mortgage backed security is determined by a number of factors, including the characteristics of the borrowers and the value of the properties underlying the security, according to officials.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Morgan Stanley was one of the institutions that issued mortgage backed securities during the period leading up to the economic crisis in 2007 and 2008, officials said.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">As part of the <a href=\"http:\/\/www.justice.gov\/opa\/file\/823671\/download\">settlement agreement<\/a>, \u00a0officials said Morgan Stanley acknowledged in writing that it failed to disclose critical information to prospective investors about the quality of the mortgage loans underlying its residential mortgage backed securities and about its due diligence practices.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Investors, including federally insured financial institutions, suffered billions of dollars in losses from investing in RMBS issued by Morgan Stanley in 2006 and 2007.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">\u201cToday\u2019s settlement holds Morgan Stanley appropriately accountable for misleading investors about the subprime mortgage loans underlying the securities it sold,\u201d said Acting Associate Attorney General Stuart F. Delery.\u00a0 \u201cThe Department of Justice will not tolerate those who seek financial gain through deceptive or unfair means, and we will take appropriately aggressive action against financial institutions that knowingly engage in improper investment practices.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><strong>Here are the allegations surrounding this case:<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Morgan Stanley told investors that it did not securitize underwater loans (loans that exceeded the value of the property).<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">However, Morgan Stanley did not disclose to investors that in April 2006 it had expanded its \u201crisk tolerance\u201d in evaluating loans in order to purchase and securitize \u201ceverything possible.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">As Morgan Stanley\u2019s manager of valuation due diligence told an employee in 2006, \u201cplease do not mention the \u2018slightly higher risk tolerance\u2019 in these communications.\u00a0 We are running under the radar and do not want to document these types of things.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">As a result, Morgan Stanley ignored information \u2013 including broker\u2019s price opinions, which are estimates of a property\u2019s value from an independent real estate broker \u2013 indicating that thousands of securitized loans were underwater, with combined-loan-to-value ratios over 100 percent.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">A sales agent uses\u00a0<b>broker&#8217;s price opinion<\/b>\u00a0to determine the selling <b>price<\/b> or estimated value of a real estate property. A broker&#8217;s price opinion is used mainly in situations where a financial institution believes the expense and delay of an appraisal is unnecessary, according to financial experts.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">From January 2006 through mid-2007, Morgan Stanley acknowledged that \u201cMorgan Stanley securitized nearly 9,000 loans with broker price opinion values resulting in [combined loan to value] ratios over 100 percent.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">In addition, Morgan Stanley told\u00a0investors that it did not securitize loans that failed to meet originators\u2019 guidelines unless those loans had compensating factors.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Morgan Stanley\u2019s offering documents \u201crepresented that \u2018[the mortgage loans originated or acquired by [the originator] were done so in accordance with the underwriting guidelines established by [the originator]\u2019 but that \u2018on a case-by-case-basis, exceptions to the [underwriting guidelines] are made where compensating factors exist.\u2019\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Morgan Stanley has now acknowledged, however, that \u201cMorgan Stanley did not disclose to securitization investors that employees of Morgan Stanley received information that, in certain instances, loans that did not comply with underwriting guidelines and lacked adequate compensating factors . . . were included in the RMBS sold and marketed to investors.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">So, in fact, \u201cMorgan Stanley . . . securitized certain loans that neither comported with the originators\u2019 underwriting guidelines nor had adequate compensating factors.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Likewise, \u201cMorgan Stanley also prepared presentation materials . . . that it used in discussions with potential investors that described the due diligence process for reviewing pools of loans prior to securitization,\u201d but \u201ccertain of Morgan Stanley\u2019s actual due diligence practices did not conform to the description of the process set forth\u201d in those materials.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">For example, Morgan Stanley obtained broker priced opinions for a percentage of loans in a pool.\u00a0 Morgan Stanley stated in these presentation materials that it excluded any loan with a BPO value exhibiting an \u201cunacceptable negative variance from the original appraisal,\u201d when in fact \u201cMorgan Stanley never rejected a loan based solely on the broker priced opinion results.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Through these undisclosed practices, Morgan Stanley increased the percentage of mortgage loans it purchased for its residential mortgage backed securities even though it was aware about \u201cdeteriorating appraisal quality\u201d and \u201csloppy underwriting\u201d by the sellers of these loans.\u00a0 <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The bank acknowledged that \u201cMorgan Stanley was aware of problematic lending practices of the subprime originators from which it purchased mortgage loans.\u201d\u00a0 <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">However, it \u201cdid not increase its credit-and-compliance due diligence samples, in part, because it did not want to harm its relationship with its largest subprime originators.\u201d <\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Indeed, Morgan Stanley\u2019s manager of credit-and-compliance due diligence was admonished to \u201cstop fighting and begin recognizing the point that we need monthly volume from our biggest trading partners and that . . . the client [an originator] does not have to sell to Morgan Stanley.\u201d<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The $2.6 billion civil penalty resolves claims under the Financial Institutions Reform, Recovery and Enforcement Act, officials said.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal prosecutors allege that Morgan Stanley mislead investors who suffered billions of dollars in losses in connection with subprime mortgage loans, according to officials.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3],"tags":[2210,2209,2211],"class_list":["post-20336","post","type-post","status-publish","format-standard","hentry","category-home-main-slider","category-u-s-department-of-justice","tag-morgan-stanley","tag-residential-mortgage-backed-securities","tag-subprime-mortgage-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Morgan Stanley Pays $2.6 Billion For Misleading Investors About Subprime Mortgage Loans<\/title>\n<meta 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