Relevant:
- Morgan Stanley to sell Saxon
- Saxon Sells Subprime Servicing Rights to Ocwen
- Ocwen Gets Saxon; Will Lay Off 680; MS Gets Consent Order
- FRB: Press Release--Federal Reserve Board reaches agreements in principle with Goldman Sachs and Morgan Stanley to provide $557 million in payments and other mortgage assistance to borrowers
- Morgan Stanley to Cut 1000 Mortgage Jobs, Close Saxon Wholesale
2009-07-16 — wsj.com
"Morgan Stanley's mortgage-loan servicing firm, Saxon Mortgage Services Inc., has a long road to go. An April Credit Suisse Group analysis of how quickly companies have renegotiated loans ranked Saxon last among 18 mortgage-servicing firms. Saxon has modified just 6% of the loans it oversees that originated between 2005 and 2007. By contrast, Litton Loan Servicing, a Goldman Sachs Group Inc. unit, modified 28% of its loans."
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