AF Astoria Financial Corp. (delisted)

Court Upholds Claims That Astoria Federal Did Not Fully Disclose Mortgage Loan Fees MANHASSET, N.Y., March 11 /PRNewswire/ -- The law firm Whalen & Tusa, P.C. announces that U.S. District Judge Arthur D. Spatt has denied a motion to dismiss plaintiffs' Truth In Lending Act claim ("TILA") against Astoria Financial Corporation (NYSE:AF), Astoria Federal Savings Bank, Astoria Mortgage Corporation, Long Island Savings Bank and Long Island Bancorp. Plaintiffs claim that the defendants did not fully disclose fees demanded of consumers when they repaid their mortgage loans prior to maturity. The judge also permitted five state law claims to remain in federal court. The plaintiffs are six former New York homeowners who had mortgage loans or home equity loans from Astoria Federal or Long Island Savings. The plaintiffs are represented by former New York State Attorney General G. Oliver Koppell and Whalen & Tusa, P.C. The case alleges the banks routinely demand and collect fees and other charges not permitted by the mortgage agreements and federal and state laws. The complaint further alleges that such fees constitute finance charges, prepayment penalties, refinancing penalties, and payoff fees that are imposed on consumers who pay-off mortgage loans prior to maturity. Such fees may include an "Attorney Document Preparation Fee," "Facsimile Fee" (to receive a payoff letter or payoff amount), "Satisfaction Fee," "County Clerk Fee" or a "Recording Fee." All allegedly unlawful fees are demanded in Astoria's payoff letters and are demanded and collected at closing. Whalen & Tusa, P.C. is a law firm specializing in litigation with offices in Manhasset and New York City that is dedicated to protecting the rights of consumers abused by corporate fraud, deception and over-billing. CONTACT: Whalen & Tusa, P.C., (212) 786-7377, http://www.whalen-tusa.com/ DATASOURCE: Whalen & Tusa, P.C. CONTACT: Whalen & Tusa, P.C., +1-212-786-7377, Web site: http://www.whalen-tusa.com/

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