Roland Martin
@rolandsmartin·1.9M subscribers·31.6K videos
VP Kamala Harris Announces NEW Rule To TACKLE RACIAL BIAS In Home Valuations | Roland Martin
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June 5, 2023
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11:34Now PlayingThe Biden administration is developing a rule to tackle racial bias in home valuations.
On a call with reporters on Thursday, Harris announced that financial institutions must ensure that their appraisal algorithms are not biased and do not produce lower valuations for homes owned by people of color. The administration is also releasing guidance to make it easier for consumers to appeal what they suspect to be biased valuations.
Harris also noted that only about 5% of home appraisers are people of color, a share the administration hopes to grow through training opportunities for groups underrepresented in the industry.
The move is part of an effort to ensure fair algorithms and increased transparency for home valuations. Harris described homeownership as one of the ways for American families to build wealth.
Antoine Thompson, Former Executive Director of the National Association of Real Estate Brokers, joins me to break this down.
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