M&T Mortgage Corp. v. Foy

20 Misc.3d 274 (N.Y. Sup.Ct. 2008)

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Nature of the Case

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Facts

Foy (D) got a 30-year loan on a home in 2000 at 9.5%. D was a reserve officer and was engaged in active duty and found herself in financial difficulty because of her service. D had moved to reform the mortgage under New York Military Law. During this process, the court determined sua sponte that D may have been the victim of reverse redlining. A study somewhere in the federal government determined that an interest rate of 9% on a 30-year loan would amount to a higher priced loan and warrant investigation for discrimination.