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Morgan Stanley slashes mortgage business


    NEW YORK (Reuters) - Morgan Stanley on Wednesday said it will eliminate 1,000 jobs as it scales back its U.S. residential mortgage operations and closes its British residential mortgage lending business, Advantage Home Loans.

    The New York-based company cited continued deterioration in the mortgage market for the cutbacks. It will continue to service mortgages in the United States through its Saxon Mortgage Services Inc platform, and offer residential mortgages to brokerage clients through Morgan Stanley Credit Corp.

    Morgan Stanley joins well over 100 mortgage lenders to slash or curtail jobs in the last year as the U.S. housing crisis deepened and credit conditions worsened.

    (Reporting by Jonathan Stempel; Editing by John Wallace)