PHILADELPHIA (CBS) – The Justice Department reaches a multi-million dollar settlement with a mortgage company accused of discriminatory red-lining lending practices in New Jersey, Pennsylvania, and Delaware. Federal, state, and city officials held a joint press conference at Malcolm X Park, in West Philadelphia on Wednesday.
Trident Mortgage Company was accused of illegally excluding mortgage-lending services to neighborhoods of color in the Philadelphia Metro Area, including Camden and Wilmington.
The initial investigation was opened by Pennsylvania Attorney General Josh Shapiro.
As part of the settlement, Trident will invest at least $20 million to increase credit opportunities in those neighborhoods.
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