Posted October 17, 2018 08:21:14 The Morgan Stanley mortgage lender announced Thursday that it won “no further action” on a $2.4 billion deal it signed with Merrill, according to a statement.
Morgan Stanley also announced a $1.5 billion investment in Wells Fargo & Co. on Thursday.
Merrill, the second-largest U.S. mortgage lender by assets, said Thursday that the deal would help grow its mortgage business in the U.K. and help it expand in emerging markets.
Morgan’s mortgage business is growing fast, and it’s adding new loans to a growing list of products and services in the industry, the company said.
The investment by Morgan Stanley and Wells Fargo, the world’s second-biggest mortgage lender, is the latest move by the financial giant to bolster its home loan business.
Morgan Stanley also said it will help the company expand in Brazil, the U., Australia and India.
The deal is a milestone for Morgan Stanley, which has been struggling in recent years with its ability to make money from its home mortgage lending.
The company is also looking to diversify its portfolio, focusing on loans for homeowners in areas like technology, retail, hospitality and healthcare.
It also is investing in mortgage lending, especially in the mortgage-backed securities industry.