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Trident Mortgage Company Settles Credit Discrimination Lawsuit for $20 million
Trident Mortgage Company, a subsidiary of Berkshire Hathaway Inc., has agreed to pay more than $20 million to settle allegations of credit discrimination in the Philadelphia metropolitan area.
The settlement, announced yesterday, marks the first agreement between the US government and a non-bank lender to address allegations of redlining, a practice where lenders deny credit services to communities of color due to their racial composition.
The lawsuit, filed in federal court, alleges that Trident Mortgage Company engaged in a pattern or practice of credit discrimination in the Philadelphia metropolitan area, including in neighborhoods in Philadelphia, Camden, and Wilmington, since at least 2015.
“This settlement is a major victory for communities of color who have been denied equal access to homeownership opportunities and have been disproportionately affected by the lack of credit services,” said Kristen Clarke, the Assistant Attorney General for the Civil Rights Division.
According to the lawsuit, Trident Mortgage Company denied credit services to eligible families who wanted to purchase a home in neighborhoods that were predominantly communities of color. The high cost of housing in the Philadelphia area made it essential for families to have access to credit services.
The settlement provides for the infusion of significant credit resources into neighborhoods of color in the Philadelphia area that have historically experienced racial discrimination.
Trident Mortgage Company is a subsidiary of Berkshire Hathaway Inc. and has agreed to pay more than $20 million to settle the lawsuit. The lawsuit was filed in federal court in Philadelphia and was announced yesterday by the US Attorney’s Office for the Eastern District of Pennsylvania.
Defendant: Trident Mortgage Company, a subsidiary of Berkshire Hathaway Inc.
Criminal Charges: Credit Discrimination under the Fair Housing Act
City and State: Philadelphia, Pennsylvania
Exact Date: The lawsuit was filed in federal court in Philadelphia and was announced yesterday.
Sentence or Outcome: Trident Mortgage Company has agreed to pay more than $20 million to settle the lawsuit.
Dollar Amounts: More than $20 million
Key Facts
- State: Federal
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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