Delaware attorney general announces settlement with mortgage lender

Delaware State News
Posted 7/27/22

DOVER — In light of allegations of redlining, or discrimination against neighborhoods with racial and ethnic minorities, Delaware Attorney General Kathy Jennings announced a $20 million …

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Delaware attorney general announces settlement with mortgage lender

Posted

DOVER — In light of allegations of redlining, or discrimination against neighborhoods with racial and ethnic minorities, Delaware Attorney General Kathy Jennings announced a $20 million settlement with Trident Mortgage Company on Wednesday.

The deal requires the company to provide individual subsidies up to $10,000 to support new mortgages for homes for qualified applicants. The settlement, agreed upon through a multi-state partnership between New Jersey and Pennsylvania’s attorney generals, also includes the Consumer Financial Protection Bureau and the U.S. Department of Justice.

One of the region’s top mortgage companies, Trident ceased its mortgage lending business in December 2020. In the investigation, the state alleges that Trident engaged in redlining and participated in a close business relationship with a company which it got most of its clients from. As a result of Wednesday’s announcement, the company will implement the settlement over a five-year period.

The companies deny any wrongdoing and no official finding has been determined by Delaware’s courts.

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