Tuesday, August 5, 2008

Cold Shoulder

Morgan Stanley Said to Freeze Client Home-Equity Credit Lines

"Morgan Stanley, the second-biggest U.S. securities firm, told several thousand clients this week that they won't be allowed to withdraw money on their home- equity credit lines, said a person familiar with the situation". "Morgan Stanley has already taken about $14.4 billion of losses related to leveraged loans and collateralized debt obligations. The clampdown on home-equity loans mirrors similar efforts by commercial banks".

Posted by alan @ 10:42 PM (463 views)
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