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FBN’s Peter Barnes breaks down the settlement between Morgan Stanley and the government.
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-- -- news for you.
There is a deal Morgan Stanley just made with the governors about the mortgage foreclosure and the robo signing scandal Peta wants the details.
-- -- -- that's right the Federal Reserve announcing a settlement with Morgan Stanley.
This part of a roll out.
Of settlements where that smaller banks that were in the mortgage business that we're not part of the big 25 billion dollar settlement with the five.
Big banks have -- back in February Justice Department officials have told us back then that they were continuing negotiations with some of the smaller banks.
And so today we have this announcement from.
The Fed that it is have reached a settlement with Morgan Stanley's Saxon mortgage subsidiary.
Which was a very small frankly sold.
Morgan Stanley completed sale of that division yesterday there is no cash settlement.
In this in this settlement today the Fed plans to announce some kind of monetary penalties.
With Morgan Stanley at a at a later date but the deal does require an independent consultant to -- -- and review all of the foreclosures by -- and mortgage and 2009 and and -- 2010.
For possible remediation according to the press release.
But we expect that a number.
Of other banks and firms that were in the mortgage business that we're not part of the big deal to announce -- -- similar settlements what the Fed.
And the next in the coming days and weeks.
Not so that's Morgan Stanley right they've got this -- is correct -- that -- They got many thanks we appreciate you coming in -- about breaking news right now thanks very much -- back.
