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by CareyBot

Morgan Stanley has joined the ranks of Merrill Lynch and Citigroup in reporting billions of dollars in losses on subprime mortgage-related assets, which have declined in value as a result of continued market deterioration since August 2007. One of the highest-ranked securities firms by value, Morgan Stanley said late Wednesday that it lost $3.7 billion for the two months ended Oct. 31 on securities related to mortgages given to borrowers with spotty credit histories. The loss will cut fourth-quarter earnings by approximately $2.5 billion, the firm said, and warned that its exposures to losses related to subprime-related securities could continue into the quarter. "It is expected that market conditions will continue to evolve, and that the fair value of these exposures will freq...