Personal Finance

This Week in Credit News: Morgan Stanley Sued

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Credit NewsThe biggest credit news this week involved a lawsuit filed by the American Civil Liberties Union over what it alleges are discriminatory loan practices.

Morgan Stanley Sued by ACLU Over Discriminatory Loan Practices

A lawsuit filed in New York by the ACLU claims that Morgan Stanley discriminated against African-American and Latino homeowners by giving them mortgages that the bank knew they could not afford.

The crux of the suit is centered in Detroit, where the ACLU claims Morgan Stanley falsified mortgage documents to make unqualified borrowers seem worthy of large lines of credit in an attempt to profit off of the selling and packaging of those bad mortgages.

@CreditExperts

Check Your Credit For FreeObama or Romney: Who’s Better for Homeowners?

We broke down the policy differences between President Obama and Governor Romney to get to the brass tacks of what American homeowners can expect of the next administration. Here’s what we discovered.

When it comes to past policies, Romney argues that the President has been a failure in helping homeowners. And while independent studies of the administration’s policies agree with Romney, Democrats argue that eliminating those policies would give too much power back to the banks that caused the mess in the first place.

@CreditExperts

5 Things to Do Now to Prep for the Holidays

Think the holiday season doesn’t start until Halloween is over? Think again. With only 10 weekends left until Christmas, Americans should make a plan for how they’re going to pay for their holiday expenses, says Credit.com’s Director of Consumer Education Gerri Detweiler.

Detweiler suggests consumers can get a jump start on holiday budgeting by following five simple steps. The first is to make a list of everything you’re going to need to purchase this holiday season, from presents to decorations to travel expenses. Next, start redeeming those credit card rewards you’ve been saving up, since some credit issuers can take four to six weeks to deliver the gift cards or redeem the cash-back or miles. To see what else Gerri suggests, read the full article.

@GerriDetweiler

Image: NS Newsflash, via Flickr

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