#AI #Algorithms #Fairness #HomeAppraisals #USA: "Today, the CFPB is taking another step toward accountability for automated systems and models, sometimes marketed as artificial intelligence (AI). The CFPB is proposing a rule to make home appraisals computed by algorithms fairer and more accurate. This initiative is one of many steps we are taking to ensure that algorithms and AI are complying with existing law.

In conjunction with the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, and Office of the Comptroller of the Currency, the CFPB is proposing a rule that would, if finalized, ensure that automated home valuations are fair and nondiscriminatory. The proposed rule’s safeguards are not a panacea, but represent a recognition of the risks posed by algorithmic appraisals."

https://www.consumerfinance.gov/about-us/blog/algorithms-artificial-intelligence-fairness-in-home-appraisals/

#RacialBias often creeps into #HomeAppraisals.

Years of #homeowner horror stories & a growing body of research has cast a harsh light on how frequently racial bias can skew home appraisals. It's an industry that's dominated by white men whose methods for valuing homes haven't changed much in decades.

@NPR
#SystemicRacism #TheSumOfUs #HeatherMcGchee #homeownership #wealth #WhiteSupremacy #AppraisalBias
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