Holding Wall Street Accountable for the Subprime Mortgage Crisis in Urban Communities
Event date: 10/22/2012 02:00 PM - 03:30 PM Eastern time zone
Stuart Rossman(Directory of Litigation, National Consumer Law Center), Larry Schwartztol, Staff Attorney (ACLU Racial Justice Program), Deidre Swesnik (Director of Public Policy and Communications, National Fair Housing Alliance), and Odette Williamson (Moderator and Staff Attorney, National Consumer Law Center)
Mortgage securitization (the packaging and selling of "pools" of mortgage debt to investors) precipitated the U.S. subprime mortgage crisis and the fallout disproportionately affected people of color. This webinar looks at a groundbreaking lawsuit against Morgan Stanley which challenges the investment bank's mortgage securitization policies and their racially discriminatory impact. Linking civil rights and consumer laws, this is the first case where a prospective class of affected homeowners victimized by subprime lending abuses is directly suing an investment bank for its role as the driving force behind reverse redlining.
This Webinar is provided by the National Consumer Law Center and hosted by the National Association of Consumer Advocates (NACA).