Jun
16

Defending a Loan Program: Emigrant Bank’s Rebuttal

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We at Emigrant Bank are disappointed at the lack of balance in Jim Dwyer’s June 8 About New York column regarding a lawsuit involving one of our loan programs.

The program that Mr. Dwyer describes (which ended in 2008) was a small part of Emigrant’s operations — less than 5 percent of the bank’s total assets. It was a 100 percent legal loan program developed by Emigrant and intended for borrowers with low credit scores who otherwise would have been shut out of credit markets. The product was available to any borrower, regardless of race or other protected classes…

Defending a Loan Program: Emigrant Bank’s Rebuttal

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