Redlining settlement requires Philly lender to improve mortgage access in communities of color

Trident Mortgage Co. agreed to pay $20 million for systematically denying loans to low-income neighborhoods of color across Pennsylvania, New Jersey and Delaware in a settlement announced by the Department of Justice on Wednesday. It’s the second-largest redlining lawsuit in the department’s history. Between 2015 and 2019, Trident had an official policy of not lending in neighborhoods of color. The company is owned by Warren Buffett.

Source link