A New Jersey-based bank has agreed to pay $13 million to settle claims that it engaged in discrimination by intentionally denying housing-related loans and credit to people of color. This form of discrimination, known as redlining, was banned under the Fair Housing Act of 1968. According to the U.S. Justice Department, Lakeland Bank failed to provide mortgages to people living in Black and Hispanic neighborhoods in Newark and elsewhere in Essex, Somerset and Union counties. The DOJ also noted all of the bank’s branches were located in white neighborhoods. As part of the settlement, Lakeland Bank admitted to no wrongdoing.
New Jersey’s housing market — like those in the rest of the U.S. — has cooled. The New Jersey Realtors association says inflation, higher interest rates and fears of a recession took a toll on buyers and sellers this summer. There are 20% fewer homes on the market compared to a year ago. Mortgage rates have been climbing; as of Thursday, the average 30-year fixed mortgage rate is 6.82%, according to Bankrate. NJ Realtors says that in August closed sales were down more than 16% compared to a year ago. Buyers aren’t the only ones on the sidelines. Would-be sellers are also holding back on listing their homes.
One of New Jersey’s largest employers is hiking worker wages. Amazon is increasing the average starting pay for its warehouse and transportation workers to more than $19 an hour, up from $18. The pay raise will cost Amazon nearly $1…
