[UK] Advantage - Morgan Stanley - Subprime
Reuters reported today that Morgan Stanley announced the final shut down of Advantage, its UK residential mortgage unit, would be on 2008-06-16. Advantage had withdrawn "all mortgage products and announced plans to close" some three months prior.
"Advantage was one of a string of specialist units, often backed by investment banks, which piled into the UK non-confirming mortgage market over the past few years on the back of a booming securitization market, but have since been forced to close down."
The article says Advantage employed 150 people.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.