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LinkedIn/James Gorman
In the latest of several recent cases, Morgan Stanley has agreed to pay $3.2B to settle charges of shady MBS practices that contributed to the 2008 financial crisis.
The $70.9B banking giant admitted to relaxing standards for mortgage loans, packing loans with material defects into securities and selling them to investors without informing them of the appropriate risks, according to The Real Deal.
Morgan Stanley’s settlement comes on the heels of Goldman Sachs and HSBC ending their own MBS investigations, settling for $5B and $470M respectively.
This isn’t the first Morgan Stanley settlement on the issue, either—the investment behemoth shelled out $2.6B for similar charges last year. [TRD]
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