Morgan Stanley to Scale Back Residential Mortgage Businesses
Morgan Stanley (NYSE: MS) announced today that it will scale back its residential mortgage operations in the U.S. in response to the continued deterioration of the mortgage markets. In addition, the Firm will discontinue its UK-based residential mortgage lending business, Advantage Home Loans. Approximately 1,000 employees in the U.S. and the UK will be affected by this restructuring.
Morgan Stanley will continue to service mortgage loans in the U.S. through its Saxon Mortgage Services, Inc. platform, based in Fort Worth, Texas. In addition, the Firm will still offer residential mortgages to its retail brokerage clients through Morgan Stanley Credit Corporation, preserving a successful partnership between the Institutional Securities business and Global Wealth Management.
“Given the continued dislocation in the mortgage markets, we have restructured our residential mortgage business to ensure we are appropriately positioned for the environment going forward,” said Anthony Meola, Chief Operating Officer of the U.S. Residential Business at Morgan Stanley.
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