DOJ: WARREN BUFFETT’S MORTGAGE COMPANY DISCRIMINATED AGAINST BLACK, LATINO HOMEBUYERS

A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett’s Berkshire Hathaway discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what is being called the second-largest redlining settlement in history.

Trident Mortgage Co., a division of Berkshire’s HomeServices of America, deliberately avoided writing mortgages in minority-majority neighborhoods in West Philadelphia like Malcolm X Park; Camden, New Jersey; and in Wilmington, Delaware, the DOJ and the Consumer Financial Protection Bureau said in their settlement with Trident.

“Trident’s unlawful redlining activity denied communities of color equal access to residential mortgages, stripped them of the opportunity to build wealth, and devalued properties in their neighborhoods,” said Kristen Clarke, an assistant Attorney General of the Justice Department’s Civil Rights Division, in a prepared statement.

Kristen Clarke, at podium, Assistant Attorney General for the Justice Department’s Civil Rights Division, is joined with, from left, New Jersey First Assistant Attorney General Lyndsay Ruotolo, Pennsylvania state Sen. Vincent Hughes, Pennsylvania Attorney General Josh Shapiro, Rohit Chopra, CFPB Director, Delaware Attorney General Kathy Jennings and Jacqueline C. Romero, United States Attorney for the Eastern District of Pennsylvania during a press conference at Malcolm X Park, Wednesday morning.

Trident Mortgage Co., a division of Warren Buffett’s Berkshire’s HomeServices of America, discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what they are calling the second-largest redlining settlement in history.

Along with avoiding making mortgages in minority neighborhoods, the employees of Trident made racist comments about making loans to Black homebuyers, calling certain neighborhoods “ghettos.”

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