M&T MORTGAGE CORP. V. FOY
20 Misc.3d 274 (N.Y. Sup.Ct. 2008)
NATURE OF THE CASE: This was a ruling by the judge sua sponte to create a new presumption
of discrimination.
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.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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