Posts Tagged ‘Morgan Stanley’
My payment to Saxon Mortgage was mailed three days ago. I still receive at least four phone calls every day from Saxon. I have seven other mortgage payments, all of which were mailed at the same time. None have ever been late, nor will they ever be late.
Morgan Stanley placed a moratorium on foreclosing on some home loans to give the government time to launch a $50 billion mortgage relief program. The moratorium announcements come days after major bank chief executives committed to pausing mortgage foreclosures at a Congressional hearing.
Both Merrill Lynch and Morgan Stanley were copycatting Lehman Brothers Holdings’ modus operandi of acquiring mortgage originators. We know how well that turned out as Lehman is gone now. Lehman collapsed last September due to a variety of dangerous investments in commercial and consumer real estate and derivatives.
We are in middle-aged and are like most of you. We aren’t special, don’t own a yacht or and airplane, and we support our community. We pay our bills, make the house payment on time, and know our neighbors. We mow our grass, wash the cars, and enjoy life.