Morgan Stanley

Law
2:21 pm
Fri July 26, 2013

Predatory lending lawsuit against Morgan Stanley moves forward, the suit involves Detroit homeowners

(file photo)
Steve Carmody/Michigan Radio

A federal judge ruled this week that a lawsuit accusing investment banking giant Morgan Stanley of predatory lending in Detroit can move forward.

The lawsuit alleges Morgan Stanley pushed sub-prime mortgage lenders to target Detroit neighborhoods with large minority populations.

Morgan Stanley later packaged the ‘high risk’ loans into ‘mortgage backed securities’

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Politics & Government
9:26 am
Tue October 16, 2012

In this morning's Michigan news headlines. . .

User: Brother O'Mara flickr

Senate Fiscal Agency says Prop 6 will cost taxpayers

"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. Proposal 6 would require a public vote on any new international bridge or tunnel. The report says it would cost the state nearly $10.5 million  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.

ACLU suing Morgan Stanley for racist lending in Detroit


"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 reports.

Response to meningitis outbreak might take time

"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.   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 reports.

Politics & Government
7:06 pm
Mon October 15, 2012

ACLU sues Morgan Stanley on behalf of 5 Detroit homeowners

An abandoned home in Detroit.
Sarah Cwiek Michigan Radio

The American Civil Liberties Union, the National Consumer Law Center and others have sued investment bank giant Morgan Stanley on behalf of five black Detroit homeowners.

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