A mortgage company owned by Warren Buffett’s Berkshire Hathaway discriminated against Black and Latino homebuyers by avoiding to write mortgages in minority-majority neighborhoods in the Philadelphia metropolitan area.
Trident Mortgage Company, a division of Berkshire HomeServices of America, agreed to resolve allegations that it engaged in a pattern or practice of lending discrimination by “redlining” in what the Justice Department said was its second largest redlining settlement and its first against a non-bank lender.occurs when banks or mortgage companies deliberately refuse to underwrite mortgages based on race and ethnicity.
At least $18.4 million will go toward a loan subsidy fund for residents of neighborhoods of color in the area, $750,000 to developing community partnerships to provide services that increase access to residential mortgage credit and $375,000 toward consumer financial education.
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