COLUMBIA, S.C. (AP) – An Army sergeant based in South Carolina has filed a federal lawsuit accusing a mortgage company of not obeying a law that requires limits on interest rates for active-duty members of the military.
Raymond Wray is a staff sergeant based at Fort Jackson in Columbia, according to a lawsuit filed late last year in federal court in South Carolina. In his initial filing, Wray says he bought a house in North Carolina in 1997, taking out a $68,000 mortgage at a 12.99 percent interest rate. When Wray enlisted in the U.S. Army two years later, he says he asked CitiMortgage, which is based in O’Fallon, Mo., and had bought his loan, to lower his rate because of his military service.
