Trident Mortgage Company, a subsidiary of Fox & Roach LP, agreed to reinvest more than $20 million because of a history of what officials said were racist lending practices in Philadelphia and elsewhere, the department said Monday. of Justice.
READ MORE: DOJ reaches ‘historic’ settlement with Philadelphia mortgage lender
An Inquirer analysis of city property records and U.S. Census data shows that most loans the Philadelphia Area Mortgage Company took out in the city between 2015 and 2019 were clustered in largely white neighborhoods and relatively wealthy.
The Philadelphia Public Records cannot show who was denied a mortgage by Trident.
But in those five years, the company took out 5,535 mortgages in the city, according to an Inquirer analysis of real estate records, making it the second largest lender after Quicken Loans.
READ MORE: Black homebuyers face barriers from past racist policies and current practices
According to the U.S. Census, the six ZIP codes in which the highest percentage of new mortgages came from Trident average 6% Latino and 11% Black, while the entire city is 15% Latino and 41% black.
The loans were in Chestnut Hill (19118), Center City (19102, 19103 and 19106), Spring Garden and Fairmount (19130), Bella Vista and Queen Village (19147).
“Trident’s illegal redlining activity has deprived communities of color of equal access to residential mortgages, deprived them of the opportunity to create wealth, and devalued properties in their neighborhoods,” said Kristen Clarke, Assistant Attorney General in the Department of Justice’s Civil Rights Division.
READ MORE: Philly remains one of America’s most racially segregated cities