Black homeowners, who already face long-term disadvantages in the housing market, are losing more ground. The Black homeownership rate fell this summer to its lowest rate since late 2021, according to Redfin. The brokerage, now a Rocket Cos. affiliate, cited annual unemployment figures, which are higher for both Black men and women than other ethnic […]
Black homeowners lose ground as job losses mount Read More »
Shane Lanham first heard he was being sued for racial discrimination from a New York Times reporter who called him for comment. That story ran with the headline: Home Appraised With a Black Owner: $472,000. With a White Owner: $750,000. The New York Times article described how Drs. Nathan Connolly and Shani Mott, who were
Appraisal bias suit that sparked policy changes is dismissed Read More »
Sen. Raphael Warnock, D–Ga., introduced legislation Thursday to address what he called “systemic bias” in the home appraisal process. The proposal comes just one week after the Trump administration disbanded a Biden-era task force that had been focused on addressing racial bias in the housing system. The bill, called the Appraisal Modernization Act, would require
Appraisal bill introduced to counter HUD’s PAVE repeal Read More »
Enjoy complimentary access to top ideas and insights — selected by our editors. The recent decision by the Department of Housing and Urban Development and the Office of Management and Budget to roll back key policies of the Property Appraisal and Valuation Equity (PAVE) task force marks a pivotal shift in federal housing policy. What
Why HUD was right to roll back PAVE rules Read More »
Three fair housing organizations are asking to weigh in on a federal case where the Department of Justice is seeking to end a redlining settlement with Lakeland Bank — an effort the DOJ and the bank both oppose. The nonprofits — New Jersey Citizen Action Education Fund, the Housing Equality Center of Pennsylvania, and the
Redlining deal dispute pits DOJ against advocates Read More »
The Trump administration is moving swiftly to roll back Biden-era redlining enforcement. Federal courts in recent weeks have terminated five consent orders with mortgage lenders, which stemmed from redlining probes by the prior administration. The Department of Justice claimed those companies satisfied the terms of their settlements months and years before their expiration, freeing them
DOJ quietly axes more redlining settlements with lenders Read More »
Feds have terminated a consent order against a mortgage lender feds accused of “systemic racism” in the Philadelphia region. A federal judge Monday approved the government’s request to terminate its deal with Trident Mortgage, just over two years before it was set to expire. Attorneys with both the Consumer Financial Protection Bureau and the Department
Feds close $22 million redlining order with lender early Read More »
President Trump’s housing regulators have touted their efforts to dismantle federal diversity, equity and inclusion initiatives in pursuit of reducing spending and waste. As a result, the conversation around mortgage lenders’ efforts to serve communities identified by specific racial or cultural backgrounds have been further politicized, leaving these shops in the awkward position of determining
Mortgage firms reframe DEI amid policy shift Read More »