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In Brief / LENDING

Morgan Stanley is a complaint target

September 25, 2007|From Times Wire Services

An advocacy group for low- income housing accused Morgan Stanley of discriminating against minority borrowers seeking mortgages.

The National Community Reinvestment Coalition said it filed a civil rights complaint asking the U.S. Department of Housing and Urban Development and the Securities and Exchange Commission to investigate whether Morgan Stanley used the practice of redlining when considering mortgage applicants.

Redlining is a discriminatory practice through which banks and other financial institutions refuse or limit loans, mortgages, insurance and other services, often to minorities in inner cities.

Morgan Stanley said it was reviewing the complaint.

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