Racial Bias Claims Without Proof or Logic

[Mejappz]

Interestingly, the homeowner featured in the New York toilet paper times hit piece on appraisers. Happens to be VP of a mortgage software company – Black Knight, Inc. Crooked Black Knight is involved in the mortgage lending industry and could profit handsomely from the push for hybrid appraisals. All done with stolen appraisal data.

 

[DTB]

Piece of crap. Yeah, her

 

[Terrel L. Shields]

Proverb; 'You can lead a horse to water, but you can't make it drink.'

"You can lead a horticulture but you can't make her think."- Dorothy Kilgallen

 

[KHS445]

As a group appraisers have been called lazy, form checkers, skippy, minimalist, etc. and now some want us to believe there is a concerted effort to place a lower value on properties owned by some particular ethnic or racial group. It all pays the same. There are probably a few appraisers who have some racial or ethnic basis, but without some strong empirical data I have a hard time believing it is wide spread.

To prove rather than accuse one would need to do an in depth steady of a particular market which would include a large variety of properties, multiple neighborhoods along with ethnic and racial diversity. Then document the reasonableness and consistency of the neighborhood boundaries, the selection of the most comparable sales within the defined neighborhood, reasonableness of the adjustments, the support for the adjustments and the conclusion of value. But then this would take some thought and effort and there is a good likelihood the results would not fit the desired narrative.

Fannie/Freddie should have a large and diversified enough data base that they could pull for statistical sampling. I am fairly certain one could pull together a broad based group of experts to perform an initial review of these reports and the determine if further study is necessary to prove or disprove the the broad brush statements contained in this and other articles.

 

[djd09]

'The Con': How 91-year-old Addie Polk's suicide attempt in Ohio became a symbol of America's home mortgage crisis​

The elderly widow became the victim of the subprime mortgage crisis, which contributed to the infamous US financial crisis in 2007-2008


By Namrata Tripathi
Updated On : 10:24 PST, Oct 6, 2020

As years passed by Polk's house was in need of repair, she decided to take her first loan in 1997 for $21,000 to fix her house. However, in 2001, agents of Countrywide Home Loans Inc. gave her another of $46,000 on a home that was not worth maybe $20,000. And that's when things started crumbling down for Polk. The loans, however, did not end there. Countrywide, again, in 2004 gave the widow in her 80s a loan for $45,620. Experts later stated that the loan should never have been made. In Polk's era, people trusted banks. She was, however, given a 30-year mortgage at the age of 89. How long did the bank think she would live? The elderly widow became the victim of the subprime mortgage crisis, which contributed to the infamous US financial crisis in 2007-2008.

As years went by, it became difficult for Polk to pay interest on those loans, and the company soon filed for foreclosure. Deputies began visiting her house, making a total of five or six visits notifying her of foreclosure. This was embarrassing for Polk, whose friends and neighbors knew her as a woman of substance and stateliness. She did not want people to know that her house was posted on the market. The idea of being homeless at the age of 90 was too much for Polk. The home loan crisis claimed many victims like Polk, although not everyone resorted to taking their lives, most lost their homes. As Polk's case became public, several other similar cases in Acorn cropped up and the realization soon hit many that the crisis was not just in the small town, it had spread across the state of Ohio, targeting poor neighborhoods and minorities. It was later discovered that nearly all states in the country were battling with a similar crisis.

A spokesperson for Fannie Mae, shortly after Polk shot herself, in a statement said that the mortgage association had decided to halt action against Polk and sign the property "outright" to her, according to CNN. The decision was taken while Polk was still hospitalized with gunshot wounds. "We're going to forgive whatever outstanding balance she had on the loan and give her the house," Faith said. "Given the circumstances, we think it's appropriate."

'The Con': How 91-year-old Addie Polk's suicide attempt in Ohio became a symbol of America's home mortgage crisis

The elderly widow became the victim of the subprime mortgage crisis, which contributed to the infamous US financial crisis in 2007-2008

meaww.com

oh i see now. the truth is making the banksters and the gse's nervous. but it must just be me "whining" , "crying" and "complaining".

send this to TAF and ask them how they think the public trust is working with all their bankster sponsors.

 

[DTB]

The merchants of race baiting have no desire to prove anything, they are satisfied just making the charge.
Michael Brown, Ferguson, MO is case in point.

All of the accusations made, hands up don't shoot, Ferguson cops-particularly Michael Wilson were racists were false. The Obama/Holder DOJ cleared them. Why do we still hear about this incident as evidence of systemic racism?

Because it's about making the charge and not proving the case, same as they are doing with appraisals. It is way easier to blame the appraisal industry than it is to figure out why black neighborhoods are worth less.

 

[glenn walker]

The merchants of race baiting have no desire to prove anything, they are satisfied just making the charge.
Michael Brown, Ferguson, MO is case in point.

All of the accusations made, hands up don't shoot, Ferguson cops-particularly Michael Wilson were racists were false. The Obama/Holder DOJ cleared them. Why do we still hear about this incident as evidence of systemic racism?

Because it's about making the charge and not proving the case, same as they are doing with appraisals. It is way easier to blame the appraisal industry than it is to figure out why black neighborhoods are worth less.

We could use a $12,000 settlement but none of my dirt bag relatives ever get shot , but for $12,000,000 they can come and take out Uncle Billy, one less PITA in my life and a new and improved life for myself and the Yenta : ) LMAO

 

[ZZGAMAZZ]

Of course racism exists the problem is its universal even worldwide and always has been. Being located in a melting pot we have whites, blacks, Latinos, and another hundred different ethnicity, in SO CA. The problem is the current mind set is only whites are prejudiced or racists when in reality every ethnic group has some form of racial bias against another group or groups. So "systemic racism " is apparently in the DNA of humans BUT one thing I have found is that when it comes to business, collecting green is all that matters and an-appraiser or Realtor will NOT bring his/her bias into the equation.

--------------
It will never happen; however, an analysis of the CA BREA appraiser sanctions by ethnicity would be interesting. (It's just that as a Country boy, I can't pronouce a majority of the names that are published...)

 

[RCA]

Inequalities in housing go back largely to inequalities in income. If different racial and other minority groups had equal income averages and ranges as whites and Asians, and we also found a disparity in valuations, that would be a reason for concern. However, I have never seen any such arguments.

One of the appraisers on this forum stated he/she was sure that at least some white appraisers would be biased against blacks homeowners - and stated this without any supporting justification. --- But, isn't that just anti-white appraiser bias on his/her part? Certainly, not everybody likes everybody; that goes without saying, as even you can probably state there are people you don't like. But if you list all the people you really don't like (for example, someone you woudn't want to enjoy an evening playing cards with), they probably encompass all races and groups ... and seriously, I doubt that "blacks" top the list, rather people you just can't stand for inexplicable reasons, quite possibly of your own sex, race, and religion.

Now ask yourself why the idiots at TAF and the AI can't figure this out. I will tell you: They are administrative types or surrounded by administrative types who run with the herd like sheep. They follow the pack. They don't think for themselves. This pack is run by higher up administrative types who have made their career on these issues. You can go from one organization to the next and you will find the same wording and rhetoric, with lack of substantive arguments. Enough said.

 

[djd09]

Bloomberg Markets

Ex-Fannie Mae CEO Raines Prods Wall Street to Do More on Race​

Wall Street’s first Black partner says that firms need to take concrete steps instead of just talking about racial diversity.

Franklin Raines, 71, served in President Jimmy Carter’s administration before joining Lazard Frères & Co. in 1979, where he became Wall Street’s first Black partner in 1985. He became chief executive officer of the Federal National Mortgage Association in 1999. In 2004 he left Fannie Mae amid accusations of improper accounting. (In a 2012 civil suit ruling, a judge found no evidence of wrongdoing by Raines.) Raines has sat on the boards of several companies, including Pfizer Inc. and Boeing Co.

Ex-Fannie Mae CEO Raines Prods Wall Street to Do More on Race

Wall Street’s first Black partner says that firms need to take concrete steps instead of just talking about racial diversity.

www.bloomberg.com