Morgan Stanley Announces Sale of Saxon Mortgage Services, Inc.

NEW YORK--(BUSINESS WIRE)--Morgan Stanley (NYSE: MS) today announced the sale of Saxon Mortgage Services, Inc., a provider of servicing and subservicing of residential mortgage loans, to Ocwen Financial Corporation (OCN). Ocwen has agreed to acquire Saxon for the base purchase price of $59.3 million, plus an estimated $1.4 billion for servicing advance receivables outstanding. The transaction is targeted to close in the first quarter of 2012 and is not expected to have a material impact on financial results.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations”

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Forward-Looking Statements

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