GLUKOWSKY v. EQUITY ONE, INC.


848 A.2d 747 (2004)

180 N.J. 49

Mark GLUKOWSKY, Plaintiff-Respondent, v. EQUITY ONE, INC., a Delaware Corporation, Defendant-Appellant.

Supreme Court of New Jersey.

Decided May 26, 2004.


Attorney(s) appearing for the Case

Mark S. Melodia, Princeton, argued the cause for appellant (Reed Smith, attorneys; Mr. Melodia and Lauren Graham Delehey, on the brief).

Lewis G. Adler argued the cause for respondent (Mr. Adler, attorney; Mr. Adler, Roger C. Mattson, Woodbury, and Louis D. Fletcher, on the briefs).

Dennis R. Casale, Princeton, argued the cause for amicus curiae Mortgage Bankers Association of New Jersey (Levy & Watkinson and Pepper Hamilton, attorneys; Mr. Casale and E. Robert Levy, West Orange, of counsel; Mr. Casale, Mr. Levy and Michael G. Petrone, on the brief).

David McMillin argued the cause for amicus curiae Legal Services of New Jersey (Melville D. Miller, Jr., President, attorney; Mr. McMillin, Carrie Ferraro, North Plainfield, Gwen E. Orlowski and Rebecca Shore, on the brief).

William H. Hyatt, Jr., Newark, submitted a brief on behalf of amicus curiae National Home Equity Mortgage Association (Kirkpatrick & Lockhart, attorneys).

Michael M. Horn, Newark, submitted a brief on behalf of amici curiae American Bankers Association, American Financial Services Association, America's Community Bankers, Consumer Bankers Association, Consumer Mortgage Coalition, Mortgage Bankers Association of America, New Jersey Financial Services Association and New Jersey League of Community Bankers (McCarter & English, attorneys; Mark D. Knoll, on the brief).


Justice ALBIN delivered the opinion of the Court.

In 1996, the federal Office of Thrift Supervision (OTS) issued a regulation authorizing state housing lenders to charge prepayment penalties in alternative mortgage transactions (AMT). Alternative Mortgage Transaction Parity Act, 12 C.F.R. § 560.220 (1996). That regulation would preempt our state laws that prohibit housing lenders from charging prepayment penalties. Plaintiff contends that OTS exceeded...

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