Daily News | DOJ reaches ‘historic’ redlining settlement with Philadelphia mortgage lender
The Justice Department announced one of the largest redlining settlements in its history on Wednesday, targeting a tristate area mortgage company that it accused of engaging in discriminatory lending practices that denied conventional loans in low-income and minority neighborhoods.
“This infusion of lending resources in neighborhoods of color will help redress the harm caused by Trident’s harmful activity,” she said. “This was systemic racism — pure and simple,” said Pennsylvania Attorney General Josh Shapiro, who along with counterparts in New Jersey and Delaware signed separate agreements with the company. He added: “This is about real people. People who were ignored and who were harmed and left behind.”
Although the Fair Housing Act banned racial discrimination in mortgage lending more than 50 years ago,identified that the practice has persisted in more than 60 metro areas, including Philadelphia.
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