Morgan Stanley http://michiganradio.org en Predatory lending lawsuit against Morgan Stanley moves forward, the suit involves Detroit homeowners http://michiganradio.org/post/predatory-lending-lawsuit-against-morgan-stanley-moves-forward-suit-involves-detroit-homeowners <p>A federal judge ruled this week that a lawsuit accusing investment banking giant Morgan Stanley of predatory lending in Detroit can move forward.</p><p></p><p>The lawsuit alleges Morgan Stanley pushed sub-prime mortgage lenders to target Detroit neighborhoods with large minority populations.</p><p></p><p>Morgan Stanley later packaged the ‘high risk’ loans into ‘mortgage backed securities’</p><p></p> Fri, 26 Jul 2013 18:21:30 +0000 Steve Carmody 13716 at http://michiganradio.org Predatory lending lawsuit against Morgan Stanley moves forward, the suit involves Detroit homeowners In this morning's Michigan news headlines. . . http://michiganradio.org/post/mornings-michigan-news-headlines-93 <p><strong>Senate Fiscal Agency says Prop 6 will cost taxpayers</strong></p><p>"A ballot proposal meant to stall a new international bridge in Detroit could cost Michigan taxpayers tens of millions of dollars. That’s according to a report from the Senate Fiscal Agency. <a href="http://michiganradio.org/post/4-things-know-about-proposal-6-bridge-vote">Proposal 6</a> would require a public vote on any new international bridge or tunnel. The report says it would cost the state nearly $10.5 million&nbsp; to hold a special election on a new crossing. On top of that, researchers say tens of millions of dollars in infrastructure funding could also be in jeopardy," Jake Neher reports.</p><p><strong>ACLU suing Morgan Stanley for racist lending in Detroit</strong></p><p><br>"The American Civil Liberties Union is suing Morgan Stanley on behalf of five Detroit homeowners. The group says Morgan Stanley violated federal anti-discrimination laws by encouraging a now-defunct sub-prime mortgage lender to make risky loans in predominantly black neighborhoods. The lawsuit was filed in a New York federal court, and seeks class-action status," Sarah Cwiek<a href="http://www.michiganradio.org/post/aclu-sues-morgan-stanley-behalf-5-detroit-homeowners"> reports</a>.</p><p><strong>Response to meningitis outbreak might take time</strong></p><p>"Congressman John Dingell says it will take time to figure out the right response to a meningitis outbreak caused by tainted steroids. But he's urging Congress to take action and ensure the same thing never happens again.&nbsp; &nbsp;Dingell says right now, the Food and Drug Administration lacks the authority to regulate the company that made the contaminated medicine -- which has killed 15 people so far," Chris Zollars <a href="http://www.michiganradio.org/post/dingell-says-fda-not-regulating-meningitis-causing-company">reports. </a></p><p> Tue, 16 Oct 2012 13:26:28 +0000 Emily Fox 9490 at http://michiganradio.org In this morning's Michigan news headlines. . . ACLU sues Morgan Stanley on behalf of 5 Detroit homeowners http://michiganradio.org/post/aclu-sues-morgan-stanley-behalf-5-detroit-homeowners <p>The American Civil Liberties Union, the National Consumer Law Center and others <a href="http://www.reuters.com/article/2012/10/15/us-morganstanley-aclu-lawsuit-idUSBRE89E0Q520121015">have sued investment bank giant Morgan Stanley on behalf of five black Detroit homeowners</a>.</p> Mon, 15 Oct 2012 23:06:38 +0000 Sarah Cwiek 9488 at http://michiganradio.org ACLU sues Morgan Stanley on behalf of 5 Detroit homeowners