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AP National Business

Biden admin. to release plan to stop bias in home appraisals

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KMIZ

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Published 5:01 AM

By JOSH BOAK
Associated Press

Vice President Kamala Harris will announce an action plan to stop racial discrimination in the appraisal of home values. That’s according to senior Biden administration officials who insisted on anonymity to discuss the administration’s action plan ahead of Wednesday’s announcement. The plan contains 21 steps to improve oversight and accountability. The steps include a legislative proposal to modernize the governance structure of the appraisal industry. Appraisers help to determine the value of a home so buyers can receive a mortgage. An analysis by mortgage buyer Freddie Mac shows appraisers are more likely to undervalue homes in Black and Hispanic neighborhoods. This form of discrimination widens the racial wealth gap.

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