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.
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