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August 11, 2006
Morgan Stanley to Buy U.S. Mortgage Firm Saxon
New York-based Morgan Stanley on Wednesday confirmed that it would pay $706 million for Saxon Capital Inc., a U.S. lender and servicer of residential mortgages. The deal, expected to close by year-end, is part of a plan by the nation's biggest investment bank to compete more effectively with rivals that have larger, integrated mortgage operations.
Posted by S. Germain at August 11, 2006 09:13 AM