To: Eric Holder, Attorney General
Hold Wall Street accountable for its discriminatory lending
By pushing lenders to issue high risk, irresponsible loans, Morgan Stanley and many other Wall Street banks devastated communities of color with deceptive and harmful lending practices, in violation of the Fair Housing Act.
The evidence is there, and it's time to take the banks to court for violating the law.
The evidence is there, and it's time to take the banks to court for violating the law.
Why is this important?
Lost in the story of Detroit's bankruptcy (the biggest municipal bankruptcy in history) were all the bankrupted dreams of the communities of color targeted for predatory home loans.
Detroit had the highest foreclosure rate in the country at the peak of the housing crisis, and years later, homeowners like Rubbie McCoy, a single mother of four, are still dealing with the stress and fear of losing their home. Rubbie was the victim of predatory and discriminatory lending that devastated Black and Latino borrowers especially. And it wasn't just wrong--it was illegal.
Now Rubbie is finally getting her day in court - as a plaintiff in an ACLU-backed lawsuit, by challenging Morgan Stanley for its instrumental role in racially discriminatory lending practices. But that's just the tip of the iceberg in Wall Street's role in discriminatory lending, in violation of the Fair Housing Act.
What we need now is for the Department of Justice to do its part to stand up for all the Rubbies out there and finally hold all the big banks accountable for financing illegal and discriminatory lending practices.
Sign the petition today urging Attorney General Eric Holder to take Wall Street banks to court for violating the Fair Housing Act.
Detroit had the highest foreclosure rate in the country at the peak of the housing crisis, and years later, homeowners like Rubbie McCoy, a single mother of four, are still dealing with the stress and fear of losing their home. Rubbie was the victim of predatory and discriminatory lending that devastated Black and Latino borrowers especially. And it wasn't just wrong--it was illegal.
Now Rubbie is finally getting her day in court - as a plaintiff in an ACLU-backed lawsuit, by challenging Morgan Stanley for its instrumental role in racially discriminatory lending practices. But that's just the tip of the iceberg in Wall Street's role in discriminatory lending, in violation of the Fair Housing Act.
What we need now is for the Department of Justice to do its part to stand up for all the Rubbies out there and finally hold all the big banks accountable for financing illegal and discriminatory lending practices.
Sign the petition today urging Attorney General Eric Holder to take Wall Street banks to court for violating the Fair Housing Act.