Morgan Stanley is eliminating 1,000 jobs as it scales back its residential mortgage operations in the U.S. and closes operations in the U.K., Reuters reports, citing Morgan Stanley information. More than 100 other mortgage lenders have cut jobs in the last year as the housing crisis worsens.

The New York-based company will continue serving mortgages in the U.S. through the Saxon Mortgage Services Inc. platform, while its Morgan Stanley Credit Corp. will continue to offer residential mortgages to brokerage clients.

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