Morgan Stanley Announces Sale of Saxon Mortgage Services, Inc.

NEW YORK--()--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.

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Forward-Looking Statements

The information above contains forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of additional risks and uncertainties that may affect the future results of the Company, please see "Forward-Looking Statements" immediately preceding Part I, Item 1, "Competition" and "Supervision and Regulation" in Part I, Item 1, "Risk Factors" in Part I, Item 1A, "Legal Proceedings" in Part I, Item 3, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 and "Quantitative and Qualitative Disclosures about Market Risk" in Part II, Item 7A of the Company's Annual Report on Form 10-K for the year ended December 31, 2010 and other items throughout the Form 10-K, the Company’s Quarterly Reports on Form 10-Q, including “Risk Factors” in Part II, Item 1A therein, and the Company’s Current Reports on Form 8-K, including any amendments thereto.

Contacts

Morgan Stanley
Media Relations
Mary Claire Delaney, 212-761-2427

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Contacts

Morgan Stanley
Media Relations
Mary Claire Delaney, 212-761-2427