Under a landmark discrimination lawsuit, Morgan Stanley is being accused of violating the Fair Housing Act by pushing high-risk mortgage loans on African Americans. Individuals in low and middle-income communities in Detroit were especially vulnerable to this kind of activity. The federal Fair Housing Act prohibits discrimination based on race, color, sex, religion, handicap, or national origin.
Morgan Stanley and other Wall Street banks used discriminatory lending practices leading up to the housing crisis of 2008. These banks gave communities of African Americans an overwhelming amount of predatory loans — loans that come with outrageous terms and conditions — usually associated with unfair and deceptive lending practices.
Stand with the ACLU: demand all Wall Street banks that implemented discriminatory lending practices are held accountable!
Photo Credit: Shannon Stapleton/Reuters
To: Attorney General Eric Holder
Wall Street banks caused a housing collapse in certain African American communities by utilizing discriminatory lending practices since 2008. These practices violated the Fair Housing Act and led to countless foreclosures.
Banks are still making large profits off risky mortgages. Rubbie McCoy, a plaintiff in the ACLU’s case against Morgan Stanley, is a victim of receiving a bad loan from a subprime lender. She has been in jeopardy of losing her home ever since. She is just one of many African American individuals affected.
I stand with individuals like McCoy and organizations like the ACLU in demanding Wall Street be held accountable for discriminatory lending practices.
[Your name here]