Posted on 03/23/2022 6:26:38 AM PDT by Oldeconomybuyer
Vice President Kamala Harris will announce an action plan to stop racial discrimination in the appraisal of home values, according to senior Biden administration officials.
The plan contains 21 steps to improve oversight and accountability, including a legislative proposal to modernize the governance structure of the appraisal industry. Appraisers help to determine the value of a home so that buyers can receive a mortgage.
Multiple reports, including a September analysis by mortgage buyer Freddie Mac, show that appraisers are more likely to undervalue homes in Black and Hispanic neighborhoods. This form of discrimination widens the racial wealth gap and makes it harder for many Americans from disadvantaged backgrounds to move up the economic ladder.
As part of the action plan, the government will expand the complaint hotline for the Department of Housing and Urban Development and the Consumer Financial Protection Bureau. There also will be appraisal bias training in homebuyer education classes and efforts to ensure that the computer systems used to value homes do not perpetuate racial biases.
(Excerpt) Read more at apnews.com ...
Tackling the pressing issues.
Everything is racist.
Because many such neighborhoods are not well maintained
“appraisers are more likely to undervalue homes in Black and Hispanic neighborhoods.”
Shouldn’t smart buyers be scooping these up?
LOL. slum refi bonanza! CRA v2
OMG, now houses are racist!
Maintenance is not in an African vocabulary
After labor, biden’s job is kissing Black ass.
The U.S. Federal Government is effectively an unlimited, totalitarian government. Constitutional limits have been effectively abandoned.
There is no force on earth that is more threatening to America, the American People, and their freedoms and way of life than the 80%+ unconstitutional portion of the Federal Government.
So the fact that blacks and minorities live in poorer neighborhoods is irrelevant? This is another stupid idea from Washington that will destroy families with too much debt and destroy neighborhoods by inflating hone prices above what the residents can afford. Another idiotic chapter in the “affordable housing” nonsense from Washington that brought us the financial crisis of 2008 and the collapse of financial markets around the globe.
Bullet holes in houses should add value, not decrease it.
Appraisals are racist. Probably best to just automatically double appraisals for POC.
/s
One, appraisers come in all ethnicities, and two, there is absolutely no incentive for an appraiser to undervalue a residence.
If an appraiser really wanted to screw over minorities he or she would over value homes in black and hispanic areas, pricing poor locals out of their own neighborhoods.
Aren’t they always kvetching about gentrification?
Appraisin’ ain’t easy in the ghetto
More regulation reduces inflation. Not
“One Black homeowner in Indianapolis found the appraised value of her home went from $125,000 to $259,000 after she declined to state her race in her application and removed all family photos and African American art in the home.”
Any time spent watching HGTV will clearly demonstrate the value of ‘staging’ your home which includes removing all family photos and art from the home.
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