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Wells Fargo Appraisal Discrimination Case

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Dublin ohio said:
Might be true in some areas. But not around here. The urban areas around here that are in the lower elevations have been historically white.
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I didn't say all such areas are minority. Here in Pacifica we have such an area and it is all white. But it is nonetheless the lowest priced area in Pacifica.

25-50-100+ years ago. Owners with money, if they had a choice, would generally prefer the high ground over the low, with some limitations. You can be on low ground and still have good drainage - if it is on a decent slope and not near water that is known for flooding during rainy seasons.
 
RCA said:
I didn't say all such areas are minority. Here in Pacifica we have such an area and it is all white. But it is nonetheless the lowest priced area in Pacifica.

25-50-100+ years ago. Owners with money, if they had a choice, would generally prefer the high ground over the low, with some limitations. You can be on low ground and still have good drainage - if it is on a decent slope and not near water that is known for flooding during rainy seasons.
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Pacifica is a quaint seaside town. It's nice if you enjoy frigid summers and springs, constant rolling fog, and surprisingly expensive housing. Overall Pacifica has the aesthetic of a depressing 90's coming-of-age film, but it has its own sort of charm. The residents are generally nice, and the surf is good.
 
This is par for the course for Wells Fargo. The real question is, what won't they do?

W.F. opened Millions accounts without authorization while employees garnered big time bonuses.

Unethical conduct concerning Auto and mortgage loans.

Overcharged more than 11,000 investment accounts with advisory fees.

Outrageous executive bonuses.

Discrimination? So what....pay the ticket and continue down the road. Besides.....it's the appraiser's fault.
 
Non Sequitur said:

Another great article by Mr. Christensen.

"Key allegation pertaining to appraisals:

Wells Fargo knowingly incorporates, without adjustment, appraisals that have been shaped by years of race-based valuation standards or appraisals affected by race-based criteria. Homes in majority Black neighborhoods are worth an average of 23% less than homes in neighborhoods with “very few or no Black residents” and of similar home quality. (Citing Dr. Andre Perry’s research at Brookings “The Devaluation of Assets in Black Neighborhoods.”)."

"An early takeaway for all lenders, appraisers and management companies is to appreciate a need to complete fair housing training. It’s important to fully understand and be able to apply fair housing laws, and, moreover, it just plain helps persuade regulators and courts that you’re doing things right. The issue of fair housing training has come up in every appraisal discrimination investigation that I’ve handled."
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Fair housing/fair lending courses for appraisers have been around for many years. My guess is that most veteran appraisers have taken at least one at some point of their careers.

Comp selection is a competency issue. Telling lies about the higher or lower priced neighborhood being the same as the subject location is an ethics issue.
 
Dublin ohio said:
Ok let's play semantics. Of course generally doesn't mean all of the time. But it does mean most of the time not sometime
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Dublin ohio said:
Ok let's play semantics. Of course generally doesn't mean all of the time. But it does mean most of the time not sometime
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Or it could mean "on average" - and that is what I am saying: If you were to compute the average elevation of all non-black and black neighborhoods in those areas where HUD had decided there is appraiser discrimination against Blacks, it is my firm opinion that you will find that the average elevation in black neighborhoods is significantly lower than in non-black.

You are saying "most of the time." But what most of the time? Your are being ambiguous. In fact, "most of the time" doesn't make sense. There are far more non-black homes in non-black neighborhoods than black homes in black neighborhoods. Are you asserting that "most of the time a black home is at a higher/lower elevation than a white home?" That's at face value a stupid statement.

Why do I have to keep putting up with this kind of stupidity?

And for some reason, Bard concurs with my point very strongly - without any urging on my part, - just a simple question.

My view is logical, because the blacks are coming from a history of lower income than non-blacks - and would be buying more often than not in the lower price areas. This is common sense. I don't have access to the data, but certainly HUD or the GSE could put it togeter - or a bank or some large lender with research funds. There is no indication they have looked at this aspect of the issue.

They are biased.
 
Dublin ohio said:
So why don't you just say what you mean. If you mean average say average. You sound like KJP
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I don't do anything for idiots really. I just assume everyone is as smart as me. If they aren't, too bad. That's what my mom told me. She said she liked it when experts or highly educated people didn't talk down to her. I was brought up that way. She was a straight A student though.

My son-in-law recently asked me what I like to watch on YouTube:

Peter Zeihan:
https://www.youtube.com/@ZeihanonGeopolitics
https://www.youtube.com/@EconomyAndGeopolitics

Sabina Hossenfelder:
https://www.youtube.com/@SabineHossenfelder

Anton Petrov:
https://www.youtube.com/@whatdamath

-- I certainly don't pretend to understand everything that Sabine gets into - but I try to understand.

===>. Maybe you should try to understand some rather simple things yourself.
 
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