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Morgan Stanley Correspondent Conduit Announcements and Updates In today's challenging market, Morgan Stanley understands the importance of actively managing your risks and liabilities. To that end, we are pleased to announce a new initiative that will enable us to work together to manage EPD exposure. Effective for loans locked on and after Tuesday, September 4, 2007, our new policy will be as follows: Morgan Stanley will notify a Seller within 120 days of an EPD breach in order to preserve our repurchase rights. This change deals exclusively with the notice period and does not alter any of Morgan Stanley's repurchase rights defined by the early payment default language currently in your Seller Agreement. We believe this change will benefit our customers by ensuring timely notice of EPD's. As always, we continue to review all our policies for future enhancements. |
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