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DOJ: Buffett company discriminated against Black homebuyers

today07/28/2022 62

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NEW YORK (AP) — The Justice Department says a Pennsylvania mortgage company owned by billionaire businessman Warren Buffett’s company discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware.

Officials are calling it the second-largest redlining settlement in history. Trident Mortgage Co. deliberately avoided writing mortgages in minority-majority neighborhoods in West Philadelphia, Camden, New Jersey and in Wilmington, Delaware. That’s according to a Justice Department Consumer Financial Protection Bureau settlement with Trident.

As part of the agreement with the government agencies, Trident will have to set aside $20 million to make loans in underserved neighborhoods.

 

Source: AP – All contents copyright 2022 Associated Press.  All rights reserved.

 

Written by: Editor

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