TAF head Calls Jonathan Miller a Liar

[djd09]

UNITED STATES OF AMERICA
BEFORE THE FEDERAL TRADE COMMISSION
COMMISSIONERS: Joseph J. Simons, Chairman
Noah Joshua Phillips
Rohit Chopra
Rebecca Kelly Slaughter
Christine S. Wilson
In the Matter of
DOCKET NO. 9374LOUISIANA REAL ESTATE APPRAISERS
BOARD,
Respondent.
OPINION AND ORDER OF THE COMMISSION
By Chairman Joseph J. Simons, for the Commission:
The Commission's administrative complaint in this matter alleges that Respondent, the
Louisiana Real Estate Appraisers Board ("LREAB" or "the Board"), unreasonably restrains price
competition for real estate appraisal services provided to appraisal management companies
("AMCs") in Louisiana. Compl. ,i 1. 1 AMCs act as agents for lenders in arranging for real
estate appraisals and thus effectively function as the purchasers of appraisal services. Broadly,
the Complaint alleges that the Board violated Section 5 of the Federal Trade Commission Act by
(1) issuing a regulation that prevents AMCs and appraisers from arriving at appraisal fees

https://www.ftc.gov/system/files/documents/cases/lreab_opinion_and_order.pdf

yeah thanks Chopra...

 

[Zoe]

UNITED STATES OF AMERICA
BEFORE THE FEDERAL TRADE COMMISSION
COMMISSIONERS: Joseph J. Simons, Chairman
Noah Joshua Phillips
Rohit Chopra
Rebecca Kelly Slaughter
Christine S. Wilson
In the Matter of
DOCKET NO. 9374LOUISIANA REAL ESTATE APPRAISERS
BOARD,
Respondent.
OPINION AND ORDER OF THE COMMISSION
By Chairman Joseph J. Simons, for the Commission:
The Commission's administrative complaint in this matter alleges that Respondent, the
Louisiana Real Estate Appraisers Board ("LREAB" or "the Board"), unreasonably restrains price
competition for real estate appraisal services provided to appraisal management companies
("AMCs") in Louisiana. Compl. ,i 1. 1 AMCs act as agents for lenders in arranging for real
estate appraisals and thus effectively function as the purchasers of appraisal services. Broadly,
the Complaint alleges that the Board violated Section 5 of the Federal Trade Commission Act by
(1) issuing a regulation that prevents AMCs and appraisers from arriving at appraisal fees

https://www.ftc.gov/system/files/documents/cases/lreab_opinion_and_order.pdf

yeah thanks Chopra...

Hang on dog. Your good. The hunt is on ! Let's see how it plays out.

 

[djd09]

sold us out to the unethical AMC lowballers...sadly some of these low life AMC's don't even pay minimum wage

 

[Zoe]

Chopra is learning as he goes. I would not want to mess with Chopra. Bunton is probably feeling sleepness nights.

Chopra was good with the public trust witnesses. He left them alone.

 

[Mejappz]

February 28, 2024
James Wylie
Associate Director of Fair Lending
Federal Housing Finance Administration (FHFA)
Enice Thomas
Deputy Comptroller for Credit Risk Policy
Office of the Comptroller of the Currency (OCC)
JeanMarie Mattingly
Deputy Director
National Credit Union Administration (NCUA)
Elizabeth Davis
Housing Program Officer
Housing and Urban Development (HUD)
Luke Brown
Associate Director, Supervisory Policy Branch
Federal Deposit Insurance Corporation (FDIC)
Art Lindo
Deputy Director for Policy
Federal Reserve Board (FRB)
The Honorable Rohit Chopra
Director
Consumer Financial Protection Bureau (CFPB)
Dear Associate Director Wylie, Associate Director Brown, Deputy Director Lindo, Deputy
Comptroller Thomas, Deputy Director Mattingly, Director Chopra, and Program Officer
Davis:
The National Association of REALTORS® (NAR) thanks you for your commitment to
improving the appraisal process for all homebuyers. Credible and fair valuations are key
to sustainable financing and REALTORS® commend the Appraisal Subcommittee for
their ongoing efforts to eliminate discrimination in the valuation process. NAR has
actively advocated for solutions that will increase diversity, reduce bias and maintain the
public trust in the appraisal profession. Among those solutions are legal clarity from HUD
regarding claims of appraisal discrimination as well as transparency and accountability
in appraiser compensation.

Clarity to Build the Right Tools

As NAR previously wrote to HUD, section one of the PAVE Action Plan notes that, “the
appraisal industry lacks clarity around its antidiscrimination obligations under current
federal laws.” 1 The Action Plan indicates that the “CFPB, DOJ, VA, and HUD will issue
guidance on the Fair Housing Act’s and ECOA’s application to the appraisal industry.” We
continue to wait for the participating agencies to issue such guidance.

Moreover, we have seen no resolution of the appraisal bias cases under investigation by
HUD. The Federal Housing Finance Agency (FHFA) has documented appraisals in which
appraisers improperly noted observations of race and ethnicity for neighborhoods they
analyzed.2 These were referred to HUD by the FHFA. We understand there are numerous
other cases of alleged appraisal bias under investigation. However, HUD has not issued its
findings in any cases to date.

Our industry relies on legal guidance from HUD and the courts to build best practices and
create training and education. Contrary to assertions made during the ASC hearing on
February 13, 2024, NAR does not believe that court filings or guidance on lending
discrimination provide an adequate corollary for guidance in real property appraisal
practice. We lack such basic information as the elements of proof for credibly claiming
that appraisal bias has occurred. Without such guidance, industry efforts are stalled. To
this end, NAR requests that HUD, the CFPB, VA and other members of PAVE complete
their reviews of alleged discrimination in valuation with due haste and provide guidance
on both documented cases of discrimination as well as cases where discrimination was
not found.

https://narfocus.com/billdatabase/clientfiles/172/3/4843.pdf

That’s what we’ve been talking about here for years.

 

[djd09]

That’s what we’ve been talking about here for years.

...without transparency public trust will die in darkness

 

[djd09]

U.S. Bank, Ohio appraiser sued for biased home appraisal​

U.S. Bank, Ohio appraiser sued for biased home appraisal

A mixed-race couple claims a "whitewashed" valuation in 2023 returned a price 39% higher than the depository-approved result a year earlier.

www.nationalmortgagenews.com

see...just hit the dang number

 

[ucbruin]

Mixed-Race Couple Sues U.S. Bank, Ohio Appraiser for 'Whitewashed' Home Valuation Spike​

VeerOne

Your Brave New AI Companion - Elevate Your Experience with Advanced AI.

bnnbreaking.com

I couldn't open pedoboy's article....

 

[djd09]

U.S. Bank, Ohio appraiser sued for biased home appraisal​

U.S. Bank, Ohio appraiser sued for biased home appraisal

A mixed-race couple claims a "whitewashed" valuation in 2023 returned a price 39% higher than the depository-approved result a year earlier.

www.nationalmortgagenews.com

see...just hit the dang number

Mixed-Race Couple Sues U.S. Bank, Ohio Appraiser for 'Whitewashed' Home Valuation Spike​

Carlos Turner and Diana Davoli-Turner sue U.S. Bank and an appraiser over a 'whitewashed' appraisal, spotlighting discrimination in the industry.​

Carlos Turner and Diana Davoli-Turner have taken legal action against U.S. Bank and an Ohio appraiser, alleging violations of fair housing laws after a 'whitewashed' appraisal significantly increased their home's value. The couple's lawsuit, emerging amidst rising concerns over racial bias in property valuations, claims their home's appraisal jumped 39% after removing personal identifiers of their race and nationality, spotlighting the ongoing issue of discrimination within the appraisal industry.

Discrepancies in Appraisal​

The Turners' ordeal began when their Springboro home was initially appraised at $520,000 with a different lender. A subsequent appraisal arranged by U.S. Bank and conducted by Kevin Henley of Henley Appraisals returned a lower value of $470,000, a decision marred by alleged errors and no further review by the bank. This appraisal, the lawsuit contends, reflected racial biases against the Turners, suggesting their perceived incompatibility with the predominantly white city of Springboro due to Carlos Turner's ethnicity and Davoli-Turner's Canadian nationality.

Investigation and 'Whitewashed' Appraisal


In response to the distressing appraisal, the couple sought help from the Miami Valley Fair Housing Center. The organization facilitated a second appraisal, this time with the couple's racial and ethnic identifiers removed from their home. This 'whitewashed' appraisal valued the home at $655,000, markedly higher than both previous appraisals. This stark difference underscores the potential influence of racial and ethnic biases on home valuations, intensifying the scrutiny on appraisal practices.

Legal and Regulatory Landscape​

The lawsuit against U.S. Bank and Henley Appraisals is part of a broader conversation on appraisal bias and discrimination in housing. Financial regulators have increasingly focused on this issue, with the White House introducing initiatives to combat valuation inequities two years ago. The case, which seeks damages and fair housing law training for the defendants' employees, highlights the need for systemic changes within the appraisal and banking industries to address and eliminate discriminatory practices.

The lawsuit not only challenges the valuation received by the Turners but also calls into question the broader practices of the appraisal and banking industries, urging a reevaluation of how homes are valued and how systemic biases can be eradicated. As the legal proceedings unfold, the outcome could have significant implications for how appraisal bias is addressed and prevented, paving the way for a more equitable and just housing market.

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[djd09]

Mixed-Race Couple Sues U.S. Bank, Ohio Appraiser for 'Whitewashed' Home Valuation Spike​

VeerOne

Your Brave New AI Companion - Elevate Your Experience with Advanced AI.

bnnbreaking.com

I couldn't open pedoboy's article....

fusniffo...