Between 2015-2017, approximately 80% of Trident’s mortgage applications came from the Philadelphia Metropolitan Statistical Area (MSA). Trident’s focus was first mortgage loans and refis. Until it stopped accepting mortgage loan applications in 2021, Trident was a non-depository mortgage company operating in Delaware, Maryland, New Jersey, and Pennsylvania. “As demonstrated by today’s historic announcement, we are increasing our coordination with federal financial regulatory agencies and state Attorneys General to combat the modern-day redlining that has unlawfully plagued communities of color.” “Last fall, I announced the Department’s Combatting Redlining Initiative, and promised that we would mobilize resources to make fair access to credit a reality in underserved neighborhoods across our country,” said U.S. The Attorneys General of Pennsylvania, New Jersey, and Delaware also finalized concurrent actions. If entered by the court, the settlement, among other things, would require Trident to pay a $4 million civil penalty to the CFPB to use for the CFPB’s victims’ relief fund. This resolution marks the first redlining settlement that the CFPB and DOJ has reached with a non-bank lender, and the second largest redlining settlement in the DOJ’s history.Īccording to the allegations, Trident discouraged prospective applicants from applying for mortgage and refinance loans in the greater Philadelphia area’s majority-minority neighborhoods. Department of Justice (DOJ) along with the Consumer Financial Protection Bureau (CFPB) and the Attorneys General of Pennsylvania, New Jersey, and Delaware have jointly announced agreements to resolve allegations that Trident Mortgage Company (owned by Berkshire Hathaway Inc.), engaged in a pattern or practice of lending discrimination by “redlining” in the Philadelphia metropolitan area, including neighborhoods in Philadelphia, Camden, and Wilmington.
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