Las Vegas, NV – Nevada Attorney General Catherine Cortez Masto today announced that she filed an Assurance of Discontinuance with Morgan Stanley Mortgage Capital Holdings (“Morgan Stanley”) to resolve an investigation into the firm’s role in purchasing and securitizing roughly 3,000 subprime mortgages in Nevada. 

The Assurance requires Morgan Stanley to: (1) commit to certain practices to securitize Nevada mortgages, (2) to refund and adjust interest rates for certain Nevada borrowers, and (3) to pay $7.2 million to prevent foreclosures and mortgage fraud in Nevada.  The Assurance, filed in the Eighth Judicial District Court, will provide relief to between approximately 600 and 700 consumers and will provide relief valued at between $21 million and $40 million.