WASHINGTON — Vice President Kamala Harris has announced a plan that’s intended to end racial and ethnic discrimination in the appraisal of home values.
The plan is part of a broader federal effort to address a wealth gap that systemic inequality has perpetuated.
Among the 21 steps in the plan is 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.
