DOJ: Buffett company discriminated against Black homebuyers

By KEN SWEET - AP Business Writer Jul 27, 2022

NEW YORK (AP) — A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett's company 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 Hathaway'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 Justice Department and the Consumer Financial Protection Bureau said in their settlement with Trident.

As part of the agreement with the government, Trident will have to set aside $20 million to make loans in underserved neighborhoods.

“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. Read more