Posted on 06/01/2023 11:39:04 AM PDT by ChicagoConservative27
Vice President Harris on Thursday announced a new rule to require financial institutions ensure that their home appraisal algorithms are not contributing to racial bias in home valuations.
The rule, subject to a 60 day public comment period, aims to establish quality control standards to help ensure accuracy and fairness for Automated Valuation Models (AVM), the algorithmic models used to assess the value of homes.
AVMs would have to adopt policies and safeguards to protect from data manipulation, avoid conflict of interest, and conduct random sample testing.
Harris also announced actions to expand the ability of consumers appealing what they suspect to be a bias valuation. Agencies plan to issue proposed guidance on how financial institutions can integrate reconsiderations of value policies.
(Excerpt) Read more at thehill.com ...
Simple, give black people a 10% discount.
Every home owned by a negro is worth $5M. Problem solved.
Well, it is a Bay Issue. There is more racism in San Francisco Bay than most places in the US.
Communists are really good at solving imaginary problems.
More Government Overreach - signed a so called “P.O.C.” and FJB!
What does this stupid bitch know about home appraisals? Same thing goes for the lazy ass bureaucrats that never worked a real job in their lives? There zero reason for government to be involved in home appraisals. They are needed between buyers and banks. That’s the transaction at hand. I’m sure the banks don’t want to screw up because they are lending money against the value of the home.
Funny thing. The neighborhood I live in doesn’t have a biased appraising rating dependent on the color of your skin, and it has many different races in it.
I have never been asked for a photograph for an appraisal. Maybe California is different? /s
Too bad they can’t be equally careful about elections.
We must focus on the future, what will be, and not on the past, what was. **clap**
Wasn’t this addressed a few years ago?
Were it's a home or a car...or a piece of land.
Or a dog..a bike...ANYTHING!!!~!!!
These people....are insane.
She’s a post turtle,,,for sure.
Were you expecting something sentient coming out of Kamalamadingdong?!?
LOL! So now homes in the ghetto will be appraised as if they were in a high end neighborhood, and nobody will buy them at that price.
What bias, ours went up $100,000, and were 74/83 year old, Retired Military in a starter home. Rural area of our county.
Movin’ on up
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