101 Search results

For the term "racial bias".

October 7, 2022

HUD Secretary’s Comments Evoke Folly of 1919 Sex Scandal

Secretary Fudge launched into what sounded remarkably like discriminatory rhetoric: “The problem is who is in the appraisal industry. When you look at an industry that is 95% white … Because [the white appraisers] collect the data, the data is not good data.” Sometimes when government investigates a perceived problem, it creates a genuine one. Assistant Secretary of the Navy (and future president) Franklin D. Roosevelt sent two investigators in 1919 to Naval Station Newport in Rhode Island to look into reports of immoral behavior – code at the time for “homosexual activity.” Their report found no such activity. But...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development

September 20, 2022

What Is My Incentive?

Why would I bother taking on the added risk of an inconvenient process? Where is my incentive again? As an appraiser, I have to ask (seriously) why should I care if the profession has a shortage of skilled appraisers? Logic dictates that If there is a shortage, then I will remain busy. Even if waivers (another ruse to eliminate appraisal work) increase, I’ll be busier with fewer appraisers. Especially with so many of them “trained” under PAVE or PAREA programs. If there is an adequate supply of appraisers, then users of appraisals will continue to seek cheaper alternatives from them...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

August 25, 2022

Appraiser Miller Wins

Appraiser Miller wins important claim in racial discrimination lawsuit. Judge ruled Plaintiffs did not rely on Miller’s appraisal. The other claims continue but this was an important claim. It also shows the Plaintiffs lied to the Court. ORDER GRANTING MILLER DEFENDANTS’ MOTION TO DISMISS FIRST AMENDED COMPLAINT; DISMISSING PLAINTIFFS’ SEVENTH CLAIM FOR RELIEF AS ASSERTED AGAINST MILLER DEFENDANTS; VACATING HEARING. In their Seventh Claim for Relief, 2 plaintiffs allege the Miller Defendants negligently misrepresented “that they were providing an unbiased appraisal of [the Austins’ house],” and that the Austins “reasonably relied” on such representations “in attempting to secure a mortgage...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

June 17, 2022

Only Blacks Need Apply… In the Spirit of Equity

Fannie makes its subsidies for blacks explicit, but they don’t appear to extend to other racial groups such as Hispanics and Asians. Low-income white borrowers are also excluded. Last week, Fannie Mae & Freddie Mac announced actions that aim to make it easier to buy a home and close the racial homeownership gap. Their Equitable Housing Finance Plan for 2022-2024 outlines a range of pilot programs that remove barriers blacks face when buying or renting, and keeping homeowners and renters at home: Valuation Modernization aims to support an equitable appraisal process for Black households and communities of color Expand Appraiser...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Trending

April 26, 2022

Refuting the Negative Race Bated Accusations

We will sink under the weight of all the so-far unproved accusations. Appraisers, Tobias J. Peter, Assistant Director, AEI Housing Center Research Fellow, American Enterprise Institute (AEI), has weighed in on all the negative press and faulty ‘studies’ (by both GSE’s and others) that have been promulgated about how appraisers, as a whole, have systemic racism built-in when doing property inspections and appraisal reports. Faulty Evidence and Misdiagnosed Solutions Why centralizing appraisal standards and criteria under a new federal agency as proposed under the Fair Appraisal and Inequity Reform Act is not justified His well-written report, as testimony in a...

Appraisal / Appraisal News / Appraisers News

April 1, 2022

PAVE May Pave Over Appraisers

The blame game against appraisers is continuing the fast and furious start, evidenced by the PAVE report. A synopsis is in the link: PAVE task force delivers plan on appraisal bias – Lexology Key info from the PAVE report. “Relevant agencies have also committed to addressing potential bias in the use of technology-based valuation tools through a rulemaking related to automated valuation models (AVMs), including the addition of a nondiscrimination quality control standard in the proposed rule.” And, “In the coming months, the Task Force will assess: (i) the “expanded use of alternatives to traditional appraisals as a means of reducing...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Political Action

March 11, 2022

Anti-Appraiser Agenda

Money may have been used to buy influence and promote the current anti-appraiser narrative being embraced by key public servants in the executive and legislative branches. TOOL MAY HELP APPRAISERS CONNECT DOTS TO UNRELENTING CHARACTER ATTACKS It’s reminiscent of a practice pioneered by Texas savings-and-loan kingpin Tom Gaubert in the 1980s. The idea was to have employees at his crumbling institution and those of his friends funnel a large number of small-dollar political donations to his buddy, Democratic House Speaker Jim Wright. The speaker, one of the most corrupt to hold the position (and that’s really saying something), spread the...

Appraisal / Appraisal News / Appraisers News / Trending

Maxine Waters wants appraisers investigated

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February 23, 2022

Maxine Waters Wants Appraisers Investigated

On February 22, 2022, Maxine Waters sent a letter to HUD Secretary Marcia Fudge, TAF, ASC and AI regarding ongoing appraisal bias and discrimination. She is calling on the federal regulators and AI to investigate appraisers’ misconduct and potential illegal discrimination. She will also be introducing legislation to address ongoing discrimination. Maxine Waters’ letter “highlights longstanding racial inequities plaguing America’s home valuation system”. The letter highlights longstanding racial inequities plaguing America’s home valuation system, particularly in Black-majority communities and other communities of color. To illuminate the severity of this issue, Chairwoman Waters references an email recently sent by an appraiser...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Political Action / Trending

January 25, 2022

ASC Blaming Appraisers

The Appraisal Subcommittee, because they were directed to do so, has produced a report, which frankly and explicitly lays the blame for low market values of homes in ‘communities of color’ directly at the feet of independent appraisers involved with mortgage lending. You will start seeing accusatory slanted media reports about this report. ABC news already has distributed it. A TV station in San Francisco has aired a story already. Yes, the report casually mentions actual facts that GOVERNMENT policies and procedures promulgated segregated and extraordinarily unfair housing issues in the US, from the 1930’s into the early 1960’s. The...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

December 2, 2021

HUD Dismisses Claims Alleging Racism

…white America (government) keeps trying to ‘fix’ Black People who are not broken in the first place! We’ve all heard of redlining. No one doubts it existed and MAY still exist, among private lenders. It’s hard to accept major national banking corps would risk it but it IS possible. Having said that, there is ZERO percentage or benefit for any appraiser to engage in it. None. Another appraiser in Los Angeles, who is a great researcher, posted addresses of the properties involved in half a dozen complaints alleging racism by appraisers and so-called ‘white washing’ of the houses producing subsequent...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Federal Housing Administration