By Josh Boak
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 after the administration laid out a plan to stop appraisers from systemically undervaluing the homes of Black people and other underrepresented groups. Low appraisals make it harder for these homeowners to build wealth and access home equity lines of credit, worsening racial inequality. Appraisers help to determine the value of a home so buyers can receive a mortgage.
The extent of the discrimination by appraisers can be massive, in some instances more than halving the value of a property. In Indianapolis, one Black homeowner found the appraised value of her home jumped to $259,000 from $125,000, after she declined to disclose her race on her application and removed all family photos and African American art in the home.
Because many financial institutions and mortgage companies use formulas to judge the value of a home, the proposed rule would set out new standards to prevent discrimination. Companies that rely on appraisals would need to adopt policies to improve the accuracy of their appraisals, stop data manipulation and avoid conflicts of interest.
The proposed rule would have a 60-day comment period.
The Biden administration is also having federal agencies make it easier for homebuyers to appeal racial bias in appraisals and is providing the public with more data in order to increase transparency. The administration is also seeking to make it easier for people in underrepresented groups to become appraisers.
In June 2021, President Joe Biden announced the formation of the Interagency Task Force on Property Appraisal and Valuation Equity, known as PAVE, to address the challenge of bias in appraisals.
Many U.S. consumers say they’ve noticed higher than usual prices for holiday gifts in recent months, according to a a December poll from The Associated Press-NORC Center for Public Affairs Research. A contributing factor is the unusually high import taxes the Trump administration put on foreign goods. While the worst-case consumer impact that many economists foresaw from the administration’s trade policies hasn’t materialized, some popular gift items have been affected more than others. Most toys and electronics sold in the U.S. come from China. So do most holiday decorations. Jewelry prices have risen due to the cost of gold.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
President Donald Trump has signed an executive order to block states from regulating artificial intelligence. He argues that heavy regulations could stifle the industry, especially given competition from China. Trump says the U.S. needs a unified approach to AI regulation to avoid complications from state-by-state rules. The order directs the administration to draw up a list of problematic regulations for the Attorney General to challenge. States with laws could lose access to broadband funding, according to the text of the order. Some states have already passed AI laws focusing on transparency and limiting data collection.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
House Republicans in key battleground districts are working to contain the political fallout expected when thousands of their constituents face higher bills for health insurance coverage obtained through the Affordable Care Act. For a critical sliver of the GOP majority, the impending expiration of the enhanced premium tax credits after Dec. 31 could be a major political liability as they potentially face midterm headwinds in a 2026 election critical to President Donald Trump’s agenda. For Democrats, the party’s strategy for capturing the House majority revolves around pinning higher bills for groceries, health insurance and utilities on Republicans.
