Yellen warns of ‘significant’ AI risks to financial system

https://www.coloradopolitics.com/legislature/artificial-intelligence-discrimination-colorado-bill/article_aeeed5d2-0311-11ef-a2f7-338829fe3c00.html

He added: “The defense of innovation for the sake of innovation fails to mean something when that innovation is concentrated in the hands of the few, held behind opaque curtains, and is a source of systemic abuses.”

That above is a quote from a high school kid. Below, a conversational AI type system executive.

“This bill ensures that careful developers stay that way and makes reckless development impossible,” he said.

Beth Rudden, CEO of Bast AI, called the bill a “pragmatic and necessary measure” to maintain the integrity of artificial intelligence systems. She argued that the bill is not just about compliance within the industry, but also about holding developers accountable for unethical actions.

“By supporting this bill, we commit to a path that respects consumer rights, promotes transparency, and fosters trust in the technologies that are shaping our future,” she concluded.

And the high school kid wins by a mile.

Thank you. The redlining article from a few days ago.

Baggins-
That is scary.
Data analytics models for loan treatment? The Colorado overlords know not what they do if they green-light this, which could set a dangerous precedent. I’ll read more on this later.

Off to mow lawns…

Eric, I did listen to that today. The outlook is rather bleak. I am not sure if marketing is even worth it anymore. Contraction is everywhere. The GSE’s appear to be advocating for investor class dominance of residential housing markets, supported by automation. I mean hell, my reserve smaller lawn mower would not even start and somehow the front wheel is broken. I’m not sure what to do…

Check out this find. Colorado proposed bill on; Consumer Protections For Artificial Intelligence. Is the avm qualified as ‘synthetic digital content’? ‘Algorithmic discrimination.’ People may have mistook a technical automated lender side process for appraisal bias.

https://leg.colorado.gov/bills/sb24-205

https://patents.google.com/patent/US8775300B2/en?q=(~patent%2fUS20160078573A1)

They believe what they have been told and are distracted my tik tok and IG to care.

Maybe too much? The question comes to mind, who’s bidding are they doing? For the good of the public? Seems to me when reviewing the facts, the consumer has been us getting the short of the stick for some time now yet they are just singing in the rain..

Somewhere in the neighborhood a 7.25 hp Toro gas powered lawn mower comes to life.

Watch the video and the message will be explained. Just skip the whole bit of the coronation at TAF and get to the point of the matter.

Can someone explain the message? Hopefully no one is touting $25 per hour for an appraiser…..I’ll go back to house cleaning for $25 an hour like I did 15 years ago….and I’ll bet my old customers (doctors, lawyers, lenders, physicians assistants, etc) would pay me a lot more now. And that’s for house cleaning (not putting anyone down, just educational wise). Sometimes the old farts need to break out of routine and really grasp the market.

Baggins, how can I soak up all your knowledge before you retire. I’m all ears and you’re brilliant.

This is really dramatic, but how realistic is it; specifically the $25 dollar wage (which is near minimum wage in some areas) and FNMA taking over everything?

The fact the automatic valuation model (AVM) programmers can’t even share or talk about their methodology used is a glaring admission they’re not competent to complete the task in the first place. That’s because of the compartmentalization of a system that big and all the people their in. Nobody individually is actually qualified to do the job, but somehow collectively after substantial effort and hours, revisions to process and changes to programming, over and over again, they find a way to push their final product. The moment something faults or an update is needed, the credibility of the entire system and all their output streams is immediately in question all over again. People whom think robots can substitute humans are the real luddites of the world; They never even understood their own human potential in the first place.

Dramatic, but spot on.

@Dave

Really?
What is total nonsense? How do I not do myself or the profession justice?

I get you don’t like the message, or the messenger, but don’t attack me because of your ignorance.

Dave – what are you talking about?