Housing Wire-
It turns out that Morgan Stanley (MS) is not out of the woods when it comes to trouble with regulators. Far from it, in fact.
In a filing with the Securities and Exchange Commission, the company disclosed that it is expecting to be the subject of a lawsuit filed by New York Attorney General Eric Schneiderman over approximately 30 subprime securitizations sponsored by the company.
“NYAG indicated that the lawsuit would allege that the company misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act,” Morgan Stanley said in the filing.
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