Supreme Court declines Emigrant Bank in predatory lending case

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.

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