Morgan Stanley slashes mortgage business
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Morgan Stanley  on Wednesday  said it will eliminate 1,000 jobs as it scales back its U.S.  residential mortgage operations and closes its British  residential mortgage lending business, Advantage Home Loans.
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China has agreed to pump $5 billion into Morgan Stanley as the U.S. investment bank reported a stunning fourth-quarter loss fueled by $9.4 billion in write-downs in subprime mortgages and other assets.
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Morgan Stanley , the second-largest investment bank by market value, said on Tuesday it would spin off its Discover credit-card division as quarterly profit fell 11 percent.
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Morgan Stanley, the second-biggest US securities firm, said Wednesday its fiscal third-quarter profit tumbled 34 percent, falling short of estimates, as bond trading plunged.
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Morgan Stanley  on Wednesday said third-quarter profit fell as the summertime freeze in mortgage and corporate loan markets forced the bank to mark loans down by $940 million, but shares held their own on optimism that financial markets may be starting to revive.
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Mortgage giant Freddie Mac is shutting down some operations of its debt-securities sales division and transferring others -- moves that experts said should
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MORGAN Stanley, the American investment bank, has seen its quarterly profits slide 34 per cent amid reduced trading revenues. The latest figure fell well short of Wall Streetâs already-lowered expectations after a summer of sluggish market activity.
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Government-sponsored lender Freddie Mac said Monday that it will restructure some of its mortgage securities operations, primarily by ceasing the market-making activities of its Securities
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Morgan Stanley follows Lehman Brothers' lead and reports a small fall in three-month profits.
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Stocks were lower on Wednesday after  investment bank Morgan Stanley MWD.N reported lower quarterly  profit and a U.S. regulator challenged Fannie Mae's FNM.N  accounting methods.
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Investment bank Lehman Brothers Holdings Inc  on Thursday said it would stop U.S. wholesale mortgage lending because of a continued slump in credit and housing markets, a move that will cut 1,300 jobs and result in a $40 million charge.
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Northern Rock, one of Europeâs biggest casualties of the credit crisis, sold some of its mortgage portfolio to JPMorgan Chase.
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JP Morgan Chase says its earnings for the last three months of 2007 fell 34% as a result of bad mortgage debts.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped 34 percent  amid reduced trading revenue, falling well short of Wall  Street's already-lowered expectations after a summer of  sluggish market activity.
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Freddie Mac , the No. 2 U.S. mortgage finance company, said on Monday it will no longer serve as a broker dealer in the multi-trillion-dollar mortgage bond market, a move some said is designed to lower risk and placate regulators.
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HSBC Holdings Plc , Europe's biggest bank, said on Friday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking $945 million in charges and write-downs, because the business is no longer sustainable.
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The largest U.S. mortgage lender said quarterly profit slid 33 percent and slashed its full-year earnings outlook, citing rising defaults as the housing market slumps.