White House releases plan to combat racial discrimination in housing appraisals

[1srelluc]

"Because their homes are undervalued, Black and Latino people often have to pay more for their mortgage, receive less when they sell the home and are less able to access home equity lines of credit," Harris said. "Systemic bias in home evaluations widens the racial wealth gap and deepens the longstanding financial inequities that divide our communities."

Under the plan the administration will commit federal agencies to enhance oversight of the appraisal industry and improve coordination and collaboration with federal enforcement agencies "to better identify and redress discrimination in appraisals."

It will also seek to diversify the appraiser/assessor profession, which is currently 97% White -- making it among the least diverse in the country -- by removing "unnecessary educational and experience requirements" and requiring anti-bias, fair housing and fair lending training of current appraisers.

White House releases plan to combat racial discrimination in housing appraisals

LOL....Raise home values in the bad part of town through bogus appraisals, sell them on HELOCs, homes go into foreclosure, Black Rock rents them back......Sounds like one hell of a plan and just like the rest....Follow the money.

Oh wait, who does Black Rock donate mostly to again, that's right, mostly to dems.

BlackRock Inc Profile: Recipients

 

[excalibur]

We've been down this [stuid] road several times now since the e1960s.

The act has worn thin. Hopefully more and more Americans see it too, particularly after the BS in the summer of love 2020.

 

[BasicHumanUnit]

We've been down this [stuid] road several times now since the e1960s.

The act has worn thin. Hopefully more and more Americans see it too, particularly after the BS in the summer of love 2020.

They don't. They won't.

Most Americans are either too busy with Netflix, video games or the ball game.......or just THAT stupid.
The average American is a dumb ass. (Someone had to say it)
It'll continue to work like a charm indefinitely. History. Just follow the pattern.

 

[Polishprince]

I'm not quite sure how this is going to work.

How do you make people pay more for Ghetto Housing?

A bank can make a phony appraisal if they want, but that doesn't increase the amount it can get for the property if the borrower defaults.

 

[1srelluc]

I'm not quite sure how this is going to work.

How do you make people pay more for Ghetto Housing?

A bank can make a phony appraisal if they want, but that doesn't increase the amount it can get for the property if the borrower defaults.

It's the end game that matters....A company like Black Rock buys it at auction after the default and turns it into a rental.....Then kicks back some to the dems.

 

[Polishprince]

It's the end game that matters....A company like Black Rock buys it at auction after the default and turns it into a rental.....Then kicks back some to the dems.

But the bank can lose money on the deal, if the pledged collateral isn't enough to secure the loan.

And the African American deadbeat still owes the difference even after the property defaults.

 

[toobfreak]

White House releases plan to combat racial discrimination in housing appraisals​

In other words, Big Government is going to artificially offset the low value of grunge property owned by Blacks (not the poor so Whitey can forget it) by using the force of law to take YOUR hard earned money and puff it up like it was really worth something!

Why is it that I can always find 1,500 things in this country far more important than anything which the Democrat Party finds worthy of their time?

 

[MarathonMike]

Sounds like Harris wants to start up the same crap that started the banking crisis of 2008. This is intentional, they cannot possibly be this stupid.

 

[Muhammed]

Everyone knows that having convicted felons as neighbors, cheap bars over the windows, painted over hardwood interior trim, 70s era orange shag carpet, cockroach infestation and bullet holes in the living room wall add a certain hominess that increases the resale value of any property.

 

[TroglocratsRdumb]

This sounds like it would cause another Democrat real estate bubble like the one that caused the Great Recession.
Haven't the Greedy Corrupt Democrats abused the middle class enough already?

 

[Lisa558]

I'm not quite sure how this is going to work.

How do you make people pay more for Ghetto Housing?

A bank can make a phony appraisal if they want, but that doesn't increase the amount it can get for the property if the borrower defaults.

Seems like they’re hoping that falsely elevating the value of a house will get other people to overpay. It will eventually crash, and the people who paid more for a house than it’s worth will be underwater, and default.

 

[Woodznutz]

How do you make people pay more for Ghetto Housing?

Gentrification.

 

[Woodznutz]

Why do blacks (or anyone) have a problem with low-cost housing?

 

[Polishprince]

Gentrification.

Gentrification is the taking over of Ghetto tenements by wealthy Honkies who then fix them up.

actually increases racial discrimination by moving blacks out to make room for the yuppies.

 

[Woodznutz]

Gentrification is the taking over of Ghetto tenements by wealthy Honkies who then fix them up.

actually increases racial discrimination by moving blacks out to make room for the yuppies.

Blacks don't have to submit to it.

 

[JoeB131]

LOL....Raise home values in the bad part of town through bogus appraisals, sell them on HELOCs, homes go into foreclosure, Black Rock rents them back......Sounds like one hell of a plan and just like the rest....Follow the money.

Oh wait, who does Black Rock donate mostly to again, that's right, mostly to dems.

Sounds like Harris wants to start up the same crap that started the banking crisis of 2008. This is intentional, they cannot possibly be this stupid.

Except what happened in 2008 was that WHITE people were buying McMansions that were overvalued, not poor people in bungalows in the inner cities.

 

[Lisa558]

How are blacks’ homes undervalued?

The homes of the blacks who live in my neighborhood are selling for the same price as the ones owned by whites. No appraiser is undervaluing them because of the skin color of the owner.

 

[Rigby5]

Gentrification.

But that is not a solution, and instead is a whole new problem, that likely is even worse.

 

[Rigby5]

Why do blacks (or anyone) have a problem with low-cost housing?

Because if the appraisal comes out unrealistically low, the Blacks won't get their mortgage.
And landlords are outbidding poor people, due to tax breaks only landlords get.
So we are getting less and less owner occupied, and more rentals.
And owner occupied always have less crime, better resale, etc.

 

[Rigby5]

But the bank can lose money on the deal, if the pledged collateral isn't enough to secure the loan.

And the African American deadbeat still owes the difference even after the property defaults.

Banks always make money when they repossess.
That is why mortgage companies want to make abusive loans.
That is why we need laws to prevent it.
Home owners need more tax breaks, and land lords should not get as many tax breaks as they do.
For example, a home owner can not deduct the cost of upkeep, like repainting, while a land lord can.