Isn’t that Just PAVEY! PAVE Response and Marcia Fudge
Folks, the American Enterprise Institute Housing Center has been, to date, the only major voice in the wilderness I’ve seen publicly defending appraisers and the appraisal process. They have refuted most of the highly touted ‘studies’ promoted by Dr. Andre Perry and others, which the current administration has considered the gospels of appraiser intolerable performance.
The Biden-created ‘black oriented’ 13 agency PAVE Taskforce, co-chaired by HUD Secretary Marcia L. Fudge, who is a black lady, issued another report recently. AEI’s response to that is in the PDF below. Please read it.
Meanwhile, Ms. Fudge recently appeared at the 75th Annual National Association of Real Estate Brokers convention and of course continued her ‘appraisal bias and discrimination’ rant in a very rousing speech to the attendees.
So who is Ms. Fudge? In my view, a capable, well-liked lady, but with a singular ‘black’ perspective. A ‘black college’ graduate, with a law degree from another ‘black college.’ While in college she became the National President of a ‘black’ sorority. She was the first ‘black’ 2 term mayor of her primarily ‘black’ population city near Cleveland, OH. She served as Chief of Staff to a ‘black’ congressional representative in Washinton DC. When that lady died unexpectedly, Ms. Fudge was elected in 2008 to serve that congressional district, which over the years has been redistricted and expanded to include more ‘black’ voters. In 2021 she became the 2nd ‘black’ Secretary of HUD.
By her own admission stated in her speech at the NAREB convention (and other places prior): “I live in a Black neighborhood by choice; my home is bigger, my lot is bigger, yet my home is valued less than the White neighborhood down the block; this must change,” she said passionately, drawing from her experiences.
Is it possible, from her own experiences in life, that Ms. Fudge is inherently biased in her own viewpoints? If I was a Martian, living on earth, and only hung out with Martians who have three ears and 4 eyes, do you think that I might be influenced by other Martians with similar attributes?
Here’s her apparently ‘black’ neighborhood, from Google Earth, in the photo below, which I found using public records. I’m curious where the ‘white’ neighborhood with higher values “down the block” is located, and if so, why is it that way?
That’s a question to ask of the County Assessor, because real estate appraisers just use appropriate local sales data and the published appraisal guidelines to evaluate properties. If there are any Cleveland, OH area appraisers who see this and can give me some insight to the neighborhood values, please respond.
Here’s another thought for you to ponder: HUD, a governmental agency, is attacking appraisers who do their work per the guidelines established by two “quasi-governmental entities”, the two GSE’s, and two other government agencies, HUD/FHA, plus the VA. In short, the administration of one government agency who may not fully understand appraisal procedures is taking aim at other and their own agencies policies! Do you understand the absurdity of this?
HUD and PAVE is trying to work publicly and via the back channels to subvert and modify the way appraisers are instructed to do appraisals, which has worked well and properly for decades.
Now isn’t that just peachy!? Or should I say “PAVEY.”
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- Isn’t that Just PAVEY! PAVE Response and Marcia Fudge - August 8, 2023