US plan aims to end racial, ethnic bias in home appraisals

KIFI

Published March 23, 2022 4:01 AM

By JOSH BOAK
Associated Press

Vice President Kamala Harris has announced a plan that’s intended to end racial and ethnic discrimination in the appraisal of home values. The plan is part of a broader federal effort to address a wealth gap that systemic inequality has perpetuated. Among the 21 steps in the plan is a legislative proposal to modernize the governance structure of the appraisal industry. Appraisers help to determine the value of a home so buyers can receive a mortgage. An analysis by mortgage buyer Freddie Mac shows appraisers are more likely to undervalue homes in Black and Hispanic neighborhoods. This form of discrimination widens the racial wealth gap.

Article Topic Follows: AP National Business

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