On October 15, 2012, five Detroit residents and Michigan Legal Services sued Morgan Stanley for discriminating against African American homeowners by “providing strong incentives to a subprime lender to originate …
subprime
DOJ Settles Discrimination Suit With Wells Fargo; Bank to Provide $175 Million in Relief
On July 12, 2012, the U.S. Department of Justice announced a $175 million settlement — the second largest fair lending settlement in the department’s history — to resolve allegations that Wells …
Consumer Group Releases New Study on Fair Lending
The National Consumer Law Center (NCLC) issued a new report examining the fair housing implications of the mortgage lending crisis. The report, entitled “Why Responsible Mortgage Lending Is a Fair …