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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.

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