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I have recently been in an ongoing litigation with Emigrant Mortgage Bank, contesting their selective exploitative approach. Emigrant Mortgage Bank has recently lost a class action suit filed against them for their predatory loans directed towards minorities, yet they continue these practices. I am one of many minorities within the community that have worked hard for my assets. It is disheartening to know that Emigrant Bank has dedicated its resources to stripping us of our financial freedom. Emigrant Bank took steps to ensure that I would default on my mortgage by refusing to disburse insurance proceeds from a fire that left my property uninhabitable. Two Judges ruled that Emigrant Mortgage Bank should either disburse the funds directly to Contractors as they work on the damaged property or towards reducing my principle. Emigrant Bank refused to do either and the Judges allowed them to keep a 24% Default Rate. I STILL continued to pay them for two years after their ill faith behavior. In 2014 the Judge ruled that Emigrant Bank, by law, SHOULD have used the insurance proceed, $193,569.52, to reduce the principle. Emigrant Bank forced me into default In October 2010; Emigrant began a foreclosure in 2011, and implemented a 24% Default Interest. Emigrant Bank asked the Judge to assign a Receiver (a Management Company that collects the rent) I have not seen a penny of that rental income, over $150,000 PER YEAR, for several years. Then pressured the Court, for me to put up a bond for $369,735.97, to prevent them from Foreclosing PRIOR to getting a decision from the Court. I AM STILL WAITING for the Bond Company to release this money.
As we rally together as a community, bonded through our despair, we must address the underlying ongoing issues within the community that keeps us restricted and confined in poverty. These ill-fated loans directed at minorities are intended to retract any hope we as a people have of bestowing generational wealth upon our children. A privilege that has been purposely denied to us by way of the current system set in place; yet even when we prevail through the many obstacles, as we often do, there’s a final attempt to take from us. The purpose of the property was for my retirement, which is now. I desperately need your support to keep my properties from Emigrant’s illegal foreclosure by Emigrant Bank removing the Default Interest and exorbitant fees. I also need your support bringing this issue forward as another contributing factor to the cycle of oppression and poverty within our urban communities. EMIGRANT BANK NEEDS TO KNOW THAT THEY ARE NOT ABOVE THE LAW.