Appraisal Bias

[Fernando]

I never considered getting a SRA. If I did, I would have worn it and used it in getting a raise if I had continued working at the bank.

 

[Sadie]

Jeremy Bagott email 6/16/23:

"In a report from 2021, mortgage giant Freddie Mac scoured 12 million appraisals between 2015 and 2020 and published a study that found what appeared to be an indictment of the nation’s 80,000 state-licensed appraisers: the sales of homes in black- and Latino-majority census tracts were found more likely to appraise below the negotiated sale price than sales of homes in white-majority tracts. But the Freddie Mac report dishonestly failed to control for concessions and closing costs, which have a greater tendency to be shoehorned into negotiated contract prices in tracts that contain more first-time and cash-poor buyers. Freddie Mac’s own underwriting rules require appraisers to deduct for this, but Freddie did not in its own study.

In another 2021 report, the U.S. Federal Reserve looked for signs of racial discrimination in mortgage approvals using new data. It found no signs of discrimination. To the contrary, it found black borrowers tended to hold more debt proportionate to their income than Hispanic borrowers, that Hispanic borrowers held proportionately more debt than white borrowers and that all three groups tended to be more leveraged proportionate to income than Asian borrowers. If anything, this finding suggests African-Americans are again being ensnared by lenders in debt traps, not that they’re being denied credit."


Since being accused of 'racism' or being 'racist' is a powerful accusation, perhaps a class action suit is in order for appraisers, to paraphrase JB. I hate to tell the GSE statisticians that census tracts are not neighborhoods, so their stats are 'biased' or 'flawed.'

I watched the video Freddie put out with the results of their study. At the very end, they admitted their analysis was preliminary and incomplete and there were most likely valid reasons for most of the differences. At the very end, when most people had quit watching.

 

[Terrel L. Shields]

One of the reasons for high prices in SF is the arbitrary way for planners and politicians to decide if a project can be approved.

Bribery is expensive.

None of it matches up to what you keep reporting.

Yep, and the FTC was going to enforce national licenses... rofl rofl

 

[djd09]

Obama Takes Jab At Republican Sen. Tim Scott​

When asked about Tim Scott’s campaign, Obama went on record saying “If a Republican … doesn’t have a plan for how do we address crippling generational poverty that is a consequence of hundreds of years of racism … then people are rightly skeptical.”


The former president continued the “Can’t we all get along (message)… That has to be undergirded with an honest accounting of our past and our present.”


Listen to Obama here:

Obama Takes Jab At Republican Sen. Tim Scott

Former President Barrack Obama took a swipe at Republican presidential candidate Sen. Tim Scott in his latest interview with David Axelrod of CNN. When asked about Tim Scott’s campaign, Obama went on record saying “If a Republican … doesn’t have a plan for how do we address crippling...

wltreport.com

repent...

 

[Surf Cat]

Obama Takes Jab At Republican Sen. Tim Scott​

When asked about Tim Scott’s campaign, Obama went on record saying “If a Republican … doesn’t have a plan for how do we address crippling generational poverty that is a consequence of hundreds of years of racism … then people are rightly skeptical.”


The former president continued the “Can’t we all get along (message)… That has to be undergirded with an honest accounting of our past and our present.”


Listen to Obama here:

Obama Takes Jab At Republican Sen. Tim Scott

Former President Barrack Obama took a swipe at Republican presidential candidate Sen. Tim Scott in his latest interview with David Axelrod of CNN. When asked about Tim Scott’s campaign, Obama went on record saying “If a Republican … doesn’t have a plan for how do we address crippling...

wltreport.com

repent...

Says the Ex Pres from Martha's Vineyard....

 

[Zoe]

If you look at big picture, it is a blessing that these appraisal bias hearings are going on. I promise you that is true. Banks were able to legislate commingled fees with Joan's help.


The party is over. You are talking most powerful banking regulators in the world on the appraisal bias hearings.

 

[Zoe]

Read between the lines. Jonathon Miller was a witness and they didn't go after him.

Next question, where are they going on bias with the most powerful bank regulators in the world?

Tell me.

I know the answer. It is not independent fee appraisers.

 

[Zoe]

Be interesting to see who next witnesses are on next appraisal bias hearing?

Any guesses?

They won't hold punches. I am not sure how the witness thing goes down. But they have at least two more Hearings I have heard.

Would you like to go before that panel? Jonathan Miller did good as independent fee appraiser.

 

[Zoe]

Please volunteer if you would like to go before the panel. I will vote for you I think.

 

[Zoe]

The vibe is that appraisal bias is going after big fish. BIG FISH.

Just fathom all the insiders the organizations on that panel represents and their insider information. They audit lenders routinely. Probably GSE also.