Vice President Kamala Harris said Thursday that federal agencies are taking new steps to stop racial discrimination in appraising home values by proposing a rule intended to ensure that the automated formulas used to price housing are fair.
Vice President Kamala Harris speaks during the graduation ceremony of the U.S. Military Academy class of 2023 at Michie Stadium on Saturday, May 27, 2023, in West Point, N.Y. – Vice President Kamala Harris said Thursday that federal agencies are taking new steps to stop racial discrimination in appraising home values by“Everyone should be able to take full advantage of their aspiration and dream of owning a home," Harris told reporters on a telephone call.
Announcement of the proposed rule comes a year after the administration laid out a plan to stop appraisers fromthe homes of Black people and other underrepresented groups. Low appraisals make it harder for these homeowners to build wealth and access home equity lines of credit, worsening racial inequality. Appraisers help to determine the value of a home so buyers can receive a mortgage.can be massive, in some instances more than halving the value of a property.
Because many financial institutions and mortgage companies use formulas to judge the value of a home, the proposed rule would set out new standards to prevent discrimination. Companies that rely on appraisals would need to adopt policies to improve the accuracy of their appraisals, stop data manipulation and avoid conflicts of interest.
In June 2021, President Joe Biden announced the formation of the Interagency Task Force on Property Appraisal and Valuation Equity, known asCopyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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