Estimated reading time: 0 minutes, 28 seconds

Emigrant Savings Bank Preyed On Minority Homeowners: Jury

A federal jury found Emigrant Savings Bank discriminated against minority homeowners by marketing them subprime mortgages with “predatory interest rates” as high as 18% a year. So reports The New York Times.

Eight homeowners were named in the suit, claiming that between 2005 and 2009 the bank targeted minority customers with low credit scores. The bank was found to have violated the Fair Housing Act.

Six of the plaintiffs were awarded a total of $950,000, while two waived their claims after entering a loan modification agreement. Emigrant is planning an appeal.

Read the full article from The New York Times.

Read 3640 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.