"WASHINGTON, D.C. - THE SUPREME COURT last month declined to hear an appeal from Emigrant Bank and Emigrant Mortgage Company in a long-running case over the bank's predatory lending practices, in a victory for a group of eight New York City homeowners, six of whom are from Brooklyn, reports BK Reader . The refusal lets stand a $722,000 jury award affirmed last year."
"Emigrant in 2016 was found to have targeted low-income and minority communities with its STAR NINA program, which extended loans to homeowners with high equity but poor credit and imposed "hidden" high interest rates if the borrowers ever missed payments, leaving many of the bank's clients with no options but to sell their homes, until regulators forced it to cease in 2008."
""This case has been important to me. We lost our home to Emigrant's loan in 2008. My daughter and I have been waiting so long for justice," said Flatlands resident Jeanette Small."
The Supreme Court declined to hear Emigrant Bank and Emigrant Mortgage Company's appeal, leaving a $722,000 jury award intact. Emigrant was found in 2016 to have targeted low-income and minority communities with its STAR NINA program, extending loans to homeowners with high equity but poor credit and imposing hidden high interest rates when borrowers missed payments. Those rates and terms forced many borrowers to sell their homes. Regulators forced the program to cease in 2008. Eight New York City homeowners prevailed in the case, six of whom live in Brooklyn. A Flatlands resident said she and her daughter lost their home in 2008 and have waited for justice.
Read at Brooklyn Eagle
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