The Delaware Attorney General’s office announces a $20 million settlement with a major mortgage lender over alleged redlining practices in New Castle County and the greater Philadelphia area.
The settlement requires Trident Mortgage to pay individual subsidies up to $10,000 in largely minority neighborhoods throughout the region.
Delaware Attorney General Kathy Jennings joined the attorneys general of New Jersey and Pennsylvania in the settlement.
She said Trident engaged in redlining by not providing credit services in majority-minority areas and distributed racist language about certain neighborhoods.
“Trident developed marketing campaigns and advertisements that discouraged and ignored majority minority mortgage loan applicants. For example, Trident developed 15 different mail marketing campaigns where every individual pictured was white.”
While Trident stopped its mortgage lending business in 2020, the company will abide by the settlement for the next five years.
Jennings’ office said the agreement includes a commitment to non-discrimination, anti-bias training and community development partnerships.
“Trident denied the ability of people of color living in communities of color from owning homes. And from doing something that others do routinely,” Jennings said.
She said homeowners who may qualify for subsidies through the settlement should reach out to the Delaware Attorney General’s Consumer Mediation Unit.
Jennings added her office will release more information in the coming weeks about who may qualify for subsidies.
