Redlining penalty

Trident Mortgage Co., owned by Warren Buffett’s Berkshire Hathaway Inc., will pay more than $20 million over allegations that it discriminated against borrowers in the Philadelphia area in the US Justice Department’s first redlining resolution involving a nonbank lender.

Trident discriminated against people in minority neighborhoods through its marketing, sales and hiring practices, according to the CFPB and Justice Department. The firm’s employees also used racist language in emails, and the lender conducted direct-mail advertising campaigns that exclusively pictured individuals who appeared to be White, the government said.

Trident didn’t admit any wrongdoing, HomeServices said in an emailed statement.
“We strongly disagree with the agencies’ interpretation of Trident’s prior lending practices. Trident and any affiliated companies have never denied or discouraged access to mortgage loans or other services based on race,” HomeServices said. Still, the firm is “committed to supporting additional lending that will help close the racial gap in homeownership.”

https://www.ocregister.com/2022/07/27/berkshires-trident-mor…

I don’t like the real estate sales business. This kind of discriminatory practice has gone on for decades and in spite of the penalties almost impossible to eradicate. I hope BRK gets rid of HomeServices, it is a poor fit for MidAmerican any way.

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