Published 06/01/2023 9:50:00 p.m.

Harris announces new actions to tackle racial bias in home appraisals

Vice President Harris announced a new rule to prevent racial bias in home appraisals by ensuring that financial institutions' automated home valuation algorithms are fair and accurate. The rule would require AVMs to adopt quality control standards, safeguards against data manipulation and conflicts of interest, and conduct random sampling.
The administration will make it easier for consumers to appeal biased property valuations and seek reconsideration of value policies. It will also update a public dataset on home appraisal records, add more records, and reduce unnecessary barriers to increase diversity in the appraiser profession.

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Associated Press News

New federal proposal aims to stop racial bias in formulas used to value homes

WASHINGTON — Vice President Kamala Harris said Thursday that federal agencies are taking new steps to stop racial discrimination in appraising home values by proposing a rule intended to ensure

06/01/2023 6:39:36 p.m.·United States

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abc News

New federal proposal aims to stop racial bias in formulas used to value homes

Vice President Kamala Harris says federal agencies are taking new steps to stop racial discrimination in appraising home values by proposing a rule intended to ensure that the automated formulas used to price housing are fair

06/01/2023 6:39:35 p.m.·United States

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The Hill

Harris announces new actions to tackle racial bias in home appraisals

Vice President Harris on Thursday announced a new rule to require financial institutions to ensure their home appraisal algorithms are not contributing to racial bias in home valuations. The rule, subject to a 60-day public comment period, aims to establish quality control standards to help ensure accuracy and fairness for Automated Valuation Models (AVM), the…

06/01/2023 6:27:08 p.m.·Washington, United States

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Financial Post

New federal proposal aims to stop racial bias in formulas used to value homes

WASHINGTON (AP) -- Vice President Kamala Harris said Thursday that federal agencies are taking new steps to stop racial discrimination in appraising home values by proposing a rule intended to ensure that the automated formulas used to price housing are fair.

06/01/2023 6:41:17 p.m.·Canada

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Washington Top News

New federal proposal aims to stop racial bias in formulas used to value homes

WASHINGTON (AP) — Vice President Kamala Harris said Thursday that federal agencies are taking new steps to stop racial discrimination in appraising home values by proposing a rule intended to ensure that the automated formulas used to price housing are fair. “Everyone should be able to take full advantage of their aspiration and dream of owning a home,” Harris told reporters on a telephone call. Announcement of the proposed rule comes a year aft…

06/01/2023 6:39:36 p.m.·Washington, United States

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MY Northwest

New federal proposal aims to stop racial bias in formulas used to value homes

WASHINGTON (AP) — Vice President Kamala Harris said Thursday that federal agencies are taking new steps to stop racial discrimination in appraising home

06/01/2023 6:39:35 p.m.·Tacoma, United States

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