holding that an assertion that the "initial interest rate set in the note was 9.110% per annum, and was variable thereafter such, does not in and of itself establish the [APR] threshold set forth in [Section 6-l(1)(g)(i)]"
Summary of this case from Johnson v. Wells Fargo Bank, N.A. (In re Johnson)May 9, 2008.
Banks and Banking — Loans. Banking Law — § 6-1 (1) (High-cost home loans).
holding that an assertion that the "initial interest rate set in the note was 9.110% per annum, and was variable thereafter such, does not in and of itself establish the [APR] threshold set forth in [Section 6-l(1)(g)(i)]"
Summary of this case from Johnson v. Wells Fargo Bank, N.A. (In re Johnson)Full title:U.S. Bank N.A. v. Russell
Court:Supreme Court of the State of New York. Queens County
Date published: May 9, 2008
And at least one court has observed that Section 6-l's APR threshold is not met by allegations that a…