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Last week, Vice President Kamala Harris announced a new rule developed by the Biden administration to cease racial and ethnic bias in home valuations.
The Biden administration is developing a rule to require banks to ensure their home appraisal algorithms aren't racially biased, Kamala Harris said Thursday.
More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen."
More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen."
The Biden administration's Property Appraisal and Valuation Equity Task Force is working to eliminate race-based bias in the assessment of home values.