Morgan Stanley has closed the correspondent division of subprime lender Saxon Mortgage, Glen Allen, Va., shifting that effort over to the Wall Street firm's conduit.A spokeswoman for Morgan Stanley confirmed the shutdown, noting that Saxon remains a wholesale lender. "Correspondent was a small part of Saxon's overall business," she said. "We have a large conduit over at Morgan Stanley Home Loans." Morgan bought Saxon in late 2006. Saxon can be found on the Web at https://www.saxonmortgage.com.

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