The statement below is by Commissioner Jonathan Young Sr. on behalf of the Board regarding the settlement with Trident Mortgage Company LP and Fox & Roach LP over allegations of redlining
Yesterday, it was announced that state Attorney General, Matt Platkin, settled with former home mortgage lender Trident Mortgage Company LP, amounting to more than $20 million in loan subsidies and other relief for allegations that Trident and real estate brokerage Fox & Roach LP used redlining in New Jersey, Pennsylvania and Delaware. Specifically, Trident avoided giving credit services in Camden, Burlington and Gloucester counties communities due to the race or national origin of the residents, which in turn deterred Black and brown borrowers from obtaining loans to buy homes.
The fact that it’s 2022 and this type of blatant racism by a major company was able to occur, is absolutely appalling. The hardworking people of Camden County and every community involved in this disgusting display of discrimination can finally feel a bit of relief in knowing that they will have justice. This settlement just goes to show that although we have achieved so much in the past few decades, we have a long way to go before we reach a truly equitable society. I applaud everyone who was involved in the four-year investigation that led to this historic settlement, that includes the Division on Civil Rights and the Attorney General’s Offices of Pennsylvania, Delaware and New Jersey, among others.