Delaware Attorney General Jennings Announces $20 Million Settlement with Mortgage Lender After Allegations of Redlining
Attorney General Jennings today announced a $20 million settlement with former top home mortgage lender, Trident Mortgage Company, to resolve allegations of “redlining” in the greater Philadelphia region, including New Castle County. The deal requires Trident to provide individual subsidies of up to $10,000 in support of new mortgages for owner-occupied homes in majority-minority neighborhoods to qualified applicants.
“Redlining is one of the modern era’s most damaging and insidious forms of racism,” said Attorney General Jennings. “Few practices have done more to enforce de facto segregation in our communities, and the legacy of that segregation — yawning racial disparities in wealth, inter-generational poverty, public services funded in whole or part by property taxes, and opportunity as a whole — has caused unspeakable harm. I’m grateful for the work of our staff and our partners who took on this fight and who have secured crucial assistance for the communities impacted by redlining.”
