Morgan Stanley Begins to Fulfill RMBS Settlement Debt

first_imgHome / Daily Dose / Morgan Stanley Begins to Fulfill RMBS Settlement Debt Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Do Demographics Play a Role in the Current Homeownership Rates? Next: Lenders Find New Strengths In Shared Households Subscribe in Daily Dose, Featured, News Related Articles Tagged with: Justice Department Morgan Stanley Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea August 10, 2016 1,266 Views center_img Sign up for DS News Daily Morgan Stanley has begun to fulfill its consumer relief obligations under a settlement with federal and state regulators in connection with mortgage-backed securities practices, according to a report from independent monitor Professor Eric D. Green.On February 11, 2016, Morgan Stanley entered into a $3.2 billion settlement with the Department of Justice and New York State in connection with the creation, packaging, marketing, underwriting, sale, structuring, arrangement, and issuance of mortgage-based securities in the run-up to the financial crisis.The penalty from the DOJ amounted to $2.6 billion, while Morgan Stanley agreed to provide New York State with $550 million—including $400 million in consumer relief by the end of September 2019.Green said in his first report on the settlement that Morgan Stanley has submitted credit under the settlement of debt that is owed on 19 first-lien mortgage loans totaling approximately $10.4 million in reportable credit. While that total represents less than 3 percent of the overall consumer credit Morgan Stanley agreed to provide, it provided a “test drive” for the monitor and his team to assess Morgan Stanley’s plan for delivering the consumer relief and methodology for calculating how the assistance qualifies for credit under the settlement.Based on the initial review, Green said that Morgan Stanley is “employing a logical and appropriate approach to seeking credit for its consumer-relief efforts” and that “In the coming months, we should get a clearer picture of how quickly Morgan Stanley is delivering on its consumer-relief obligations and how much of what kind of relief is being delivered.”According to the monitor, 11 of the 19 loans were located in Hardest Hit Areas, which are areas identified by the U.S. Census Bureau has having a high concentration of foreclosure and distressed properties. All but one of the 19 homes were underwater on their mortgages. The average principal forgiven on these loans was more than $430,000, according to Green, and after the forgiveness, all 19 of the homes had an LTV ratio of 100 percent or lower—meaning either they were in positive equity or the owners did not owe more than the homes were worth.The February 2016 settlement was not the first for Morgan Stanley over mortgage-backed securities practices. In February 2014, Morgan Stanley entered into a settlement with the Justice Department for $2.6 billion to resolve claims that the investment firm packaged and sold toxic MBS in the run-up to the crisis.Click here to view the monitor’s complete report. Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Justice Department Morgan Stanley 2016-08-10 Kendall Baer Morgan Stanley Begins to Fulfill RMBS Settlement Debtlast_img read more

Editorial: Trump bailout plan is ‘absurd’

first_img FacebookTwitterLinkedInEmailPrint分享The Columbus Dispatch:President Donald Trump’s desire to prop up money-losing coal and nuclear plants is absurd enough on its face that one doesn’t need a lot of help arguing against it.Coal is losing its place to cleaner and cheaper natural gas. It is dirty and dangerous not only in the burning, but in the extraction. Nuclear energy has the potential to be extremely clean, but trying to make it safe renders it prohibitively expensive.The loss of coal-related jobs unquestionably has been painful for coal regions, and their anxiety is justified. Trump has exploited that anxiety and anger, winning support by making promises that are bad for the country and most likely can’t be delivered anyway.Those realities aren’t going to change; the only thing a coal bailout can accomplish, besides lining the pockets of wealthy coal owners, is saving a small number of jobs for a short time. It would do nothing to help develop jobs in alternative energy, tourism or other fields in which coal regions could build better futures.And it would come at the cost of leveling more mountaintops, fouling more streams and making more Americans sick.More: Editorial: Propping up coal, nuclear would be needless, destructive Editorial: Trump bailout plan is ‘absurd’last_img read more

From the Desk of the Editor: After Winter, So Much to…

first_imgTo Our Readers,It really is all about community, and a bit about the weather.So many positive things are happening and the entrée of Spring today is just one of them! I’ve got my eye out for those oh-so-welcome purple, pink and white Crocus and those perky yellow and white Daffodils, as are the many members of garden clubs in this area.Even some of the multitude of pesky, tire-popping potholes are starting to disappear thanks to the hardworking municipal, county and state public workers, who didn’t exactly have an easy Old Man Winter.St. Pat’s Day has seemed like a month-long adventure this year and I’m not complaining. I had the pleasure of marching in the sun-touched Rumson St. Pat’s Parade two weeks ago with staff from The Two River Times along with the dogs, horses and most wonderfully, the children. One of the more moving moments of the parade was the Hudson County Pipe and Drum Corps rendition of “Amazing Grace” back at the Rumson Fire Company in honor of the founder of that parade, Mike Larkin, who passed away unexpectedly at the end of last year. It was one of the more moving pipers’ tributes I have ever heard, and being a Shaughnessy, believe me; I’ve heard a few. And I look forward to hearing them again when we drive, not march this time, in the Highlands parade tomorrow. My brother Bill played the pipes and when I mentioned to one of the corps that I had never heard anything like it, I realized he was teary eyed himself. It was a moment.Then there’s Mater Dei Prep’s team effort to save the school. And it’s got wonderful momentum. The fundraising dinner will be Saturday at the Shore Casino. With 22 days to go, they have managed to raise $769,000 of the million-dollar mandate. And they’ve received 412 pledges totaling $1.1 million.It looks as though The Save the Seraphs is going to make it after all.Finally, everyone came together and took the first steps to correct pedestrian and cyclist safety in Red Bank as promised by the task force assembled by The Two River Times. The borough council has passed two resolutions to move safety forward. They have requested the county put in place an “all red phase” traffic signal for pedestrians and cyclists at the Broad and West Front Street intersection. That resolution has been forwarded to the county who is considering it and Freeholder Thomas Arnone is advancing the issue. The second resolution calls for the state to lower the speed limit on Route 35 as it traverses through Red Bank and Sen. Jennifer Beck has supported that suggestion and has promised to help advance safety ideas as they pertain to state roadways. It’s going to take quite an effort since she has to get the borough into a suspended state program, but she’s trying.It’s been a good week or two. Why? Because it’s always lovely to see a community come together: the parades, the fundraisers, the concern for each other’s safety.That is what the Two River area is all about, isn’t it? We think so and we’re listening.Let’s Have Coffee.Jody [email protected]last_img read more

New-look Leafs ring in New Year with a win over Murdoch rival Beaver Valley

first_imgNo one in the their right hockey minds thought the Green and White would bounce back overnight.But the future sure looks a whole lot brighter heading into New Year for the Nelson Leafs after a win on the final day of 2015.Veterans Rayce Miller and Jordan Davie each had three points to lead the Leafs to a 7-4 Kootenay International Junior Hockey League victory over the Beaver Valley Nitehawks in the annual New Year’s Eve clash Thursday at the NDCC Arena.The win was a first of the season for the Leafs over the Murdoch Division leaders and avenges a 6-5 loss Wednesday in the first of the home-and-home series.“It’s a fresh start and that’s exactly how we’re looking at it,” said Leaf defenceman Kyle Chernenkoff.“We’ve got 17 games left this season and we have no choice but to put our best foot forward. I think the guys are all buying in to our new systems and once we get going we’re going to finish off real strong.”“As a team were ready to go,” added captain Rayce Miller.“The mood on the team is really positive.”Of course, the game didn’t go exactly as it was drawn up on the blackboard.After jumping to a 2-0 lead seven minutes into the game on goals by Blair Andrews and Davie, the Hawks scored four straight times to lead 4-2 midway through the second frame.But much like Wednesday in Fruitvale, the Leafs bent but did not break. Two quick goals by Nicholas Ketola 45 seconds apart tied the game at 4-4 heading into the third period.Andy Fitzpatrick gave Nelson the lead for good, scoring his eighth of the season with eight minutes remaining in the contest.Empty net goals by Davie and Austin Anselmo with time running out secured the win for the Leafs.“We’re going to get into playoffs and we’re going to compete,” Chernenkoff said.“We have to come every night and work hard. It doesn’t matter what happened in the past, this is now and we all have to step up to play.”Allan Pruss, Jace Weegar, Blake Sidoni and Sam Swanson scored for the Hawks.Beaver Valley out shot the Leafs 32-27 in the contest.Kootenay Ice affiliate netminder Kurt Doyle, making his second consecutive start, was solid in the nets for Nelson to register the win in goal.Hawks’ netminder Tallon Kramer took the loss for Beaver Valley.“We’re a talented group,” explained Miller, adding he’s pleased to see the players respond positively to the coaching change.“We work hard at practice. Once we get systems and everything down with the new coach I think things will begin to get better,” Miller said.And what about 2016?“Can’t wait,” Miller exclaimed.ICE CHIPS: After scoring 12 goals in the past five games, the Leafs busted out for a dozen markers in two games. . . . Head coach Mario DiBella watched from the lower level, allowing assistant coaches Sean Dooley (forwards) and Isaac MacLeod (defence) to hold down the bench duties. . . . Jordan Davie has been on fire offensively for the Leafs. Davie is currently riding a five-game scoring streak, with 11 points during that time. The Kaslo native has points in eight of his last nine games. . . . Nelson trails third-place Grand Forks by two points in Murdoch standings.last_img read more