DOJ says Warren Buffett's mortgage company discriminated against Black homebuyers in 3 states

The wealth gap in America already featured *** chasm before the pandemic. But the recent economic downturn is actually making the situation worse as the rich are still faring better. Peter Atwater, *** lecturer at William and mary tells axios that the average blue collar worker or small business is experiencing unprecedented job losses and business closures. While the average wealthy and middle class individuals who hold assets, stocks and our homes have retained or resumed their work adding to those woes. The outlet points out that the $600 weekly additional unemployment benefits has run out as Congress is still looking to pass further stimulus plans. The exceptionally rich are also well getting richer during these times, with the Guardian reporting that the collective wealth of Jeff, Bezos, Warren, Buffett Larry, Ellison, Bill Gates and Mark Zuckerberg has increased by over $100 billion since the coronavirus reached the US in mid March until mid june Axios reports that the wealthy also appear to be hoarding cash amid the pandemic, saying that the savings rate in the country rose to *** record 32% in April, dipping to around 23% in May. While past savings rates hovered around 8% for most of last year

A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett's Berkshire Hathaway discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what they are calling the second-largest redlining settlement in history.Trident Mortgage Co., a division of Berkshire'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 DOJ and the Consumer Financial Protection Bureau said in their settlement with Trident. As part of the agreement with the DOJ and the CFPB, Trident will have to set aside $20 million to make loans in underserved neighborhoods.Related video above: Buffett and other billionaires increase net worth, expand wealth gap amid pandemic바카라 게임 웹사이트�Trident바카라 게임 웹사이트�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,바카라 게임 웹사이트� said Kristen Clarke, an assistant Attorney General of the Justice Department바카라 게임 웹사이트�s Civil Rights Division, in a prepared statement.The DOJ alleged that between 2015 and 2019 the employees of Trident, which stopped writing mortgages in 2020, made racist comments about making loans to Black homebuyers, calling certain neighborhoods 바카라 게임 웹사이트�ghettos.바카라 게임 웹사이트� One manager of Trident was photographed posing in front of the Confederate Flag. The marketing materials used by Trident involved exclusively white individuals, and nearly all of the company's staff were white.Josh Shapiro, Pennsylvania's attorney general who is running for governor, called the behavior by Trident 바카라 게임 웹사이트�systematic racism, pure and simple.바카라 게임 웹사이트�Philadelphia has a long history of racism toward Black homebuyers that even to this day is not resolved. The Philadelphia City Council released a report Wednesday that found that 95% of all of Philly's home appraisers were white and a racial gap remains between how homes owned by Black homeowners are valued versus homes owned by white owners.Trident also agreed to hire mortgage loan officers in impacted neighborhoods as well as pay a monetary fine of $4 million. Since Trident no longer operates, a separate company will be contracted to provide the $20 million in loan subsidies, the DOJ said.HomeServices of America didn't immediately reply to a request for comment. Buffett did not immediately respond to a request for comment, but historically has deferred any comment to Berkshire's subsidiary companies.

NEW YORK —

Trident Mortgage Co., a division of Berkshire'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 DOJ and the Consumer Financial Protection Bureau said in their settlement with Trident. As part of the agreement with the DOJ and the CFPB, Trident will have to set aside $20 million to make loans in underserved neighborhoods.

Related video above: Buffett and other billionaires increase net worth, expand wealth gap amid pandemic

바카라 게임 웹사이트�Trident바카라 게임 웹사이트�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,바카라 게임 웹사이트� said Kristen Clarke, an assistant Attorney General of the Justice Department바카라 게임 웹사이트�s Civil Rights Division, in a prepared statement.

The DOJ alleged that between 2015 and 2019 the employees of Trident, which stopped writing mortgages in 2020, made racist comments about making loans to Black homebuyers, calling certain neighborhoods 바카라 게임 웹사이트�ghettos.바카라 게임 웹사이트� One manager of Trident was photographed posing in front of the Confederate Flag. The marketing materials used by Trident involved exclusively white individuals, and nearly all of the company's staff were white.

Pennsylvania's attorney general who is running for governor, called the behavior by Trident 바카라 게임 웹사이트�systematic racism, pure and simple.바카라 게임 웹사이트�

Philadelphia has a long history of racism toward Black homebuyers that even to this day is not resolved. The that found that 95% of all of Philly's home appraisers were white and a racial gap remains between how homes owned by Black homeowners are valued versus homes owned by white owners.

Trident also agreed to hire mortgage loan officers in impacted neighborhoods as well as pay a monetary fine of $4 million. Since Trident no longer operates, a separate company will be contracted to provide the $20 million in loan subsidies, the DOJ said.

HomeServices of America didn't immediately reply to a request for comment. Buffett did not immediately respond to a request for comment, but historically has deferred any comment to Berkshire's subsidiary companies.

DOJ says Warren Buffett's mortgage company discriminated against Black homebuyers in 3 states

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