Thursday, February 11, 2016

You pay 3000 Morgan Stanley $ 200 million to end the dispute – Digital Journal Juárez

Albany , New York Morgan Stanley agreed to pay 3000 $ 200 million to the Treasury to offset the banking practices that helped cause the financial crisis of 2008, which included distortion of the value of mortgage-backed securities, officials said on Thursday.

Under the national agreement negotiated by a commission created by President Barack Obama in 2012, the bank recognizes that increased levels of acceptable risk to mortgage loans assembled in mutual funds and sold to investors without informing them. These include bad loans.

Morgan Stanley said it had set aside funds for amounts related to the case. The bank acknowledged an agreement in principle to resolve a federal case for 2000 $ 600 million a year ago.

“We are pleased to have closed these agreements that resolve issues of values ​​based on residential mortgage loans” said spokesman Mark Lake said Thursday.

the Justice Department said the federal punitive by 2000 600 million is the largest of the agreements reached with the commission totaling approximately 5,000,000,000 dollars.

“Our task is far from complete,” said the attorney general of New York, Eric Schneiderman, co-chairman of the commission. “The communities in the country have not recovered after the fall”.

The agreements so far totaling about 64 billion dollars, Schneiderman said.

The commission has reached agreements with Citigroup by 7 billion, JP Morgan $ 13 billion and Bank of America for 16 billion 650 million dollars.

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