Saint-Jean v. Emigrant Mortg. Co.
This case involves a lawsuit by eight Black property owners against Emigrant Mortgage Company and Emigrant Bank, alleging predatory "STAR NINA" loans that targeted minority communities. Plaintiffs claimed these loans were designed to strip home equity by imposing an onerous 18% interest rate upon late payment, a calculated plan given the borrowers' low credit scores and lack of sophistication. A jury found Emigrant liable for violating the Fair Housing Act, Equal Credit Opportunity Act, and New York City Human Rights Law, awarding compensatory damages. Following the verdict, both parties filed post-trial motions. The court granted in part and denied in part both defendants' and plaintiffs' motions, notably finding the Saintils' waiver unenforceable due to public policy and ordering a new trial on damages for all plaintiffs, citing inconsistencies and lack of clarity in the original awards.