Morgan Stanley credited with $30M of consumer relief
Morgan Stanley received credit for $30 million of consumer relief, completing 85% of the obligations required by its February 2016 settlement with New York State.
The company was required to provide $400 million of consumer relief; as of June 30, it provided $339 million.
In the latest report issued by the settlement monitor, Eric Green, Morgan Stanley received credit of $29 million for one grant to assist New York local government units and eligible organizations in consumer-relief efforts, including the acquisition of nonperforming loans. The grant brought Morgan Stanley's total for providing financing for the acquisition and remediation of nonperforming loans to $37.4 million.
There was $746,646 of credit given for two grants to New York municipalities and eligible agencies to support housing quality improvement and enforcement programs.
The relief was part of a $3.2 billion settlement that ended a joint federal-state investigation into Morgan Stanley's role in the origination and securitization of subprime mortgage loans.