News Reports
A recent report by the Congressional Oversight Panel, which is monitoring the government’s Troubled Assets Relief Program, found that only about 1 percent of borrowers had moved from a trial modification into a permanent one.
There is more hope for homeowners from the standpoint of bringing reality to Washington. While lawmakers think HAMP and foreclosure aviodance is working well many homeowners know a different version of the truth.
Morgan Stanley, owner of Saxon Mortgage, and other Wall Street firms agreed to pay $100 million to settle a lawsuit accusing them of propping up American Business Financial Services Inc.
Morgan Stanley is the parent company of Saxon Mortgage. Du Jun, former managing director of Morgan Stanley has been sent behind the bars for seven years by a Hong Kong court for insider trading. Du Jun has also been ordered to pay a fine of HK$23.3 million.
There are changes at Morgan Stanely, parent company of Saxon Mortgage. Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by retail brokerage head James Gorman, signaling the storied bank is embracing stable businesses after losing big on risky ones. Personally I think the move is made before Saxon Mortgage is exposed and sued.