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Morgan Stanley is in the process of holding an auction for $2.48 billion in mortgages from subprime lender New Century Financial, The New York Post reported Monday.
The loans represent the collateral given to Morgan Stanley [MS
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] for a $2.5 billion credit line the firm extended to New Century Financial [NEWC
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].
As New Century, of Irvine, Calif., sank deeper into financial trouble earlier this month, Morgan Stanley assured the market that the loans and repurchase agreements it had made to the company were in order.
The Post reports that it now appears that Morgan has less confidence in the health of the collateral.
Morgan Stanley, not wanting to draw attention, announced the sale of the 13,200 loans in a small public auction notice in a print ad Friday.
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