Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Showing posts with label committee on financial services. Show all posts
Showing posts with label committee on financial services. Show all posts

Tuesday, March 29, 2022

March 29, 2022 Hearing "Devalued, Denied, Disrespected: How Home Appraisal ... by Mary Cummins

Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color, Maxine Waters, Mary Cummins, Tobias Peter, AIE, Fannie Mae, Freddie Mac, Andre Perry, PAVE Task Force, Committee on Financial Services, bias, racism


"Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color." Tobias Peter is doing a great job hammering home facts and actual research. Sadly some politicians are ignoring the facts and running with the fake research and misleading analysis by Andre Perry, Freddie Mac and Fannie Mae cited in the PAVE report. So is private activist group Fair Housing Alliance. It's clear they know they are hurting blacks, Latinos, poor people and single mothers with their actions. Government actions based on the false research is causing financial damage to poor people. Beyond sad and heartbreaking. Appraisers see the results of this. I appraised pre-foreclosure, foreclosure homes during the great recession. 

I'm taking notes best I can as I'm sick from a vaccination. Pics from the meeting which ran 10:00 a.m to 1:30 p.m. I'll post more later. Video below.

One thing which is abundantly clear is that some of the Representatives don't even know who some of the speakers are. They keep asking private AMC Dean Kelker why he/they don't recruit people in college to automatically be appraisers. He keeps saying they need a license and experience. They think he is part of the government oversight of the industry when he's not.

Maxine Waters is also losing her judgment. She thinks "Realtists" which are just members of the minority organization National Association of Real Estate Brokers should be allowed to be "assessors," think she means appraisers, with no education, license or experience whatsoever. It would be discrimination to allow only this specific group to be appraisers automatically. It also makes no sense and would violate federal and state laws yet she says she's going to do it.

Lisa Rice from the private organization the Fair Housing Alliance keeps citing Andre Perry's false and misleading paper like the bible. She knows it's false yet she uses it to promote her personal agenda which is funds, grants for her nonprofit. She doesn't care that she's hurting poor people and POC. 

Pledger Bishop of the private organization Appraisal Institute AI is being political. He keeps saying we're working on diversity yet he has nothing to show for it. Representatives keep thinking he's part of government. He's not. He has no power to do anything. 

Many Representatives just get up there and use their five minutes to promote themselves and their political campaigns. Many cite Andre Perry's false and misleading paper even though they've been given Tobias Peter's AEI report showing the actual facts. Home values are directly related to income. Certain socio-economic factors correlate with buying power such as income, credit score, marital status, having children under 18... As I've been saying people buy the homes they can afford in the areas they can afford. Appraisers, Appraisals don't set values. The market does.We merely report it.We most certainly do not devalue homes. AEI's report shows that appraiser bias, discrimination is not a wide spread or systemic issue. Home value is a math formula. 

Pledger Bishop, The Appraisal Institute, AI


Tobias Peter, AEI, American Enterprise Institute, PAVE report, research, Andre Perry paper debunked


Video 3 hours 31 minutes starts at 4 min 30 seconds

https://www.youtube.com/watch?v=vFMs5sTOHhc

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


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