Advantage closes for business

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Advantage Home Loans, the UK specialist lending arm of Morgan Stanley, is to close as the group scales back it residential mortgage business in the UK and US.

Around 1,000 jobs are to go on both sides of the Atlantic as part of the move, prompted by the deteriorating mortgage markets in both countries. Morgan Stanley plans to continue servicing loans in the US via Texas-based Saxon Mortgage Services. Anthony Meola, chief operating officer of US residential Mortgage Business at Morgan Stanley, says: “Given the continued dislocation in the mortgage markets, we have restructured our residential mortgage business to ensure we are appropriately positioned for the environment going forward.” If you would like to comment on this story, contact: John...

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