Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Nye Lavalle
Morgan Stanley to Take
$3.7 Billion Write-Down

November 7, 2007 6:26 p.m.
NEW YORK -- Morgan Stanley will take a $3.7 billion write-down in the fourth quarter as the Wall Street firm grapples with its exposure to the U.S. subprime market.

The investment bank, whose shares have sagged this week on speculation it might announce a sizable write-off, said it could lose up to $6 billion if all subprime mortgage-related investments go bad.

As of the two months ended Oct. 31, the write-down shaved about $2.5 billion off its net income. In a prepared statement, Morgan Stanley said the actual impact on the fourth quarter, which includes results for November, "will depend on future market developments and could differ from the amounts noted."

Morgan Stanley is the latest Wall Street investment house to admit massive losses. There has been an estimated $55 billion of losses suffered by financial institutions so far this year.
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CDO Writedowns

From CNBC, an estimate of major financial institutions' coming write-downs due to exposure to collateralized debt obligation shitpiles.

Bear Stearns: $3.2 billion
Lehman Brothers: $3.9b
Merrill Lynch: $9.4b
Goldman Sachs: $5.1b
Morgan Stanley: $3.8b

(source: Credit Sights)

                                  A billion here, a billion there...

Big Banks' Subprime Exposure

A look at just how bad the subprime exposure really is for some of Wall Street's biggest banks, with CNBC's Charlie Gasparino.
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