Appraisal Subcommittee Hearing on Appraisal Bias January 24, 2023, notes by Mary Cummins

Appraisal Subcommittee Public Hearing on Appraisal Bias, January 24, 2023, marcia fudge, mary cummins, asc, hud, real estate appraiser, pave taskforce, cfwb, jim park, race, racial bias, discrimination, black, brown, white, value, neighborhood, appraisal, valuation

https://www.consumerfinance.gov/about-us/events/appraisal-subcommittee-hearing-on-appraisal-bias/

https://www.youtube.com/watch?v=QW8ADw9vOSc

Appraisal Subcommittee Hearing Meeting about Appraisal Bias in Residential Real Estate Market ASC notes, comments by Mary Cummins. Part of the meeting was on C-SPAN 2.

Time: 2:10:35

“Streamed live on Jan 24, 2023. Join the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) for a hearing about appraisal bias. Invited witnesses representing key stakeholder groups will share their views with the ASC during the hearing.”

Official information and files.

The Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) held a hearing about appraisal bias.

"This first-ever ASC hearing was led by Deputy Director Martinez and ASC Executive Director Jim Park. HUD Secretary Marcia L. Fudge, CFPB Director Rohit Chopra, and FHFA Director Sandra Thompson also participated in the hearing. Panel witnesses included:

Dr. Junia Howell, Visiting Assistant Professor of Sociology at the University of Illinois Chicago; Witness Testimony. It'd be better to read her testimony because she was extremely nervous, waving her arms around wildly, misspeaking and acting agitated. Most upsetting and more importantly she stated some totally false and ignorant things. She said the sales comparison approach was developed in the 1930s by whites in the US government to intentionally value white owned property higher than POC owned property. She doesn't even realize that most living in areas which were, are primarily POC especially back then were, are renters and not owners. There are also poor white areas in the US. How does she explain that? The sales comparison approach to value is the main method used to value all assets all over the world since the beginning of time. She said the government should basically give more money to her to do more deeply flawed "research." It appears that all speakers had to swear to the host of the meeting that they will only agree with the government's incorrect and preconceived ideas on the issue of the alleged "appraisal" and wealth gap. She's so ignorant she doesn't realize it's caused by the income gap and not appraisals. Lots of independent research out there to prove this. People buy homes they can afford. People who make less money but less expensive homes.

https://files.consumerfinance.gov/f/documents/cfpb_appraisal-hearing_junia-howell-testimony_2023-01-24.pdf

Paul Austin and Tenisha Tate-Austin, homeowners from Marin, California; Witness Testimony 

https://files.consumerfinance.gov/f/documents/cfpb_appraisal-hearing_paul-austin-and-tenisha-tate-austin-testimony_2023-01-24.pdf

Michael Fratantoni, Senior Vice President of Research and Technology and Chief Economist, the Mortgage Bankers Association; Witness Testimony 

https://files.consumerfinance.gov/f/documents/cfpb_appraisal-hearing_michael-fratantoni-testimony_2023-01-24_Tw7XwtE.pdf

Craig Steinley, President, the Appraisal Institute; Witness Testimony 

https://files.consumerfinance.gov/f/documents/cfpb_appraisal-hearing_craig-steinley-testimony_2023-01-24.pdf

More information about the Appraisal Subcommittee can be found here" 

MEETING START

Time: 6:29 Introduction by Zixta Martinez Chair of Board of ASC and CFPB. Jim Park will talk about ASC. We’ll hear from a panel of witnesses, a home owner, lender, appraiser and academic. She introduced Marcia Fudge head of HUD.

Time: 9:28 Honorable Marcia L Fudge of HUD and PAVE. I'm only going almost word for word what Fudge said because it's so important. Fudge makes her own personal bias very clear in what she said and the falsehoods she stated.

Fudge said “good morning” and got a mild response. She basically responded she didn’t like the mild response and again said “GOOD MORNING!” and everyone then responded with “GOOD MORNING!” It set the tone.

Since day one the Biden Harris administration has worked to root out bias in the appraisal system. The work is critical to advance racial equity. It’s important to me as secretary of HUD and as a black woman. I know first hand what it’s like to be told that your home is worth less than the house down the street because of the color of your skin. It’s heartbreaking to hear the stories of black and brown families who feel forced to remove family mementos and photos in hopes of receiving a fair and accurate valuation. I do not intend to do that!

Fair Housing Act of 1968 was to end housing segregation. Owning a home should provide a path to the American dream. Instead this country does not see us as equitable. June 1, 2021 100 years after Tulsa Race massacre Biden and Harris established PAVE task force a first of its kind initiative to root out racial discrimination in the home buying process so families of all backgrounds and neighborhoods can have a better chance at building generational wealth. Less than a year after PAVE was established we delivered an action plan which constitutes set of reforms to advance racial equity in the home appraisal process. We want to cultivate a well trained and diverse work force, to make sure technology doesn’t perpetuate bias. HUD made $28M available to fund testing, education, and outreach to communities on appraisal bias. Next week we will start a three part webinar on training for appraisers and housing professionals on how to identify bias and protect homes. We, (pointing to herself), know how to identify it as we see it every day. We are giving an avenue for FHA loan seekers, if they believe their appraisal was skewed by racial bias. You can make comments on our drafting table platform. Please, make comments. 

I’m going to say things not in my script because I live this every day. I live in a black community by choice, BY CHOICE! I want kids in my neighborhood to get same schools as properties next to me. You do that by property tax even though I think it’s unconstitutional, that we fund schools by property tax. I want same police, fire protection but you can’t do it if my house is valued at $50,000 less than the house next to me. Two doors from me there is a neighborhood that is all white. My house is bigger, my lot is bigger, my house is nicer (laughter). That (other) house is valued more than mine. This is not the America that we should be living in, in the year 2023. It is a travesty, outrageous and we must change it. I’m hopeful the ASC will do what is right for the American people.15:44.

Mary Cummins comments. Homes are not valued differently because of the color of the skin of the owner, borrower or occupants. It's a mathematical formula based on most recent similar sales in the same neighborhood. Appraisers don't know the color of skin of homeowners, borrowers, tenants, buyers, sellers. We don't see the borrower, buyer and definitely don't know who owns properties in the area we use as comparable sales. We don't look at census tracts. We don't know race or color. It's possible all the owners of the homes we used as comp sales for a property owned by a black person were white. That would mean Fudge's false narrative holds no water. 

Fudge states she wants home values and their property taxes to increase. Many poor people would be forced to sell their property and move if property taxes were increased to the level of newer more luxury expensive neighboring properties.They wouldn't even be able to sell their property for the higher non market value. That would be beyond unfair and cruel.

All real estate agents tell all home owners of every color to remove personal articles such as photos, collectibles and other items from their home.It shows the home bigger and better. Buyers don't want to see any homeowner in the home. They want to envision themselves in a blank slate of a home. It's not about race.

HUDs PAVE report was late. It was due in six months. Fudge acts like she finished it early in less than a year. Nope. Late. 

Appraisal appeal, reconsideration of values have ALWAYS been available to borrowers forever. They can appeal based on any reason. They have done this. This is not about bias. Research by AEI based on government loan documents proved there is no effect of race on home value. They used the government's own data to show this. AEI presented this to the government in the meeting about the PAVE task force. 

AVMs Automatic Valuation Methods do not consider race or color of homeowner or borrower. It's a math formula, technology computed by robots. No human is involved. The math formula is not based on race or color. It's based on location, size, age. It does not know condition, view, upgrades, amenities, true size, additions, lot type, location in neighborhood... AVMs value homes in poor condition higher than market. It values upgraded homes with views lower than market. AVMs aren't accurate. They are BIASED against everyone.

Fudge brought up her home value previously. She said her home is worth less BECAUSE SHE IS BLACK. I included it in a past article with address and attributes. I included a valuation of her home and of the NEW, LUXURY homes up, across the street from her. It's a private development of new luxury homes tucked away off the main street. I have no idea if the homeowners are all white. I doubt Fudge does either. Has she visited all of them personally? They're new so they're not in the census report. There is a reason why those homes are worth more. They're new, luxury, in a new development, with a clubhouse, off the main street... Not all homes of the same size in the same county are worth the same. An old run down home in South LA is worth less than a new one of the same size in Beverly Hills. If Fudge doesn't know this, she must resign because she's unqualified. I know she knows this and is just lying for effect. She's a politician working for politicians selling lies for votes, money and promotions.

The real reason why homes owned by whites are worth more than homes owned by black, brown people is the income gap. People who make more money have more money, more generational wealth and can buy and own more expensive homes. THIS IS THE REAL ISSUE! The government needs to fix the income gap then the wealth gap would solve itself. Men also make more than women. Blaming appraisers will never fix the real issue. The government can't fix the problem (if there even is one) until they admit the real cause of the problem. The first step Scientific Method to solving problems is to determine the actual problem.They clearly don't want to fix the real problem. That means the government doesn't really care about POC or the poor. They need to stop pretending like they do care when they clearly don't. You can yell at appraisers all the live long day and that won't solve the problem. 

I'll post notes from rest of the meeting letter. I will also be sending in a comment. I see some of the speakers are the Austins from California. I have covered their case since the beginning. In their linked statement they said they wanted the appraiser to use comps from the "white area" instead of their immediate neighborhood which they said is a "black area." Who are the racists here? 

There were five witnesses who basically read word for word their submitted statements linked above except AI Craig Steinley. He omitted a large portion of his written statement. I think he omitted it because he didn't want questions and to get under five minutes. While other speakers said we need to get rid of the "racist" government mandated sales comparison approach AI's statement said they are adamantly opposed to that. Their statement says the approach is based on valid and accurate economic principles which it is. That is how all assets in the world have been valued forever because it is based on supply and demand between buyer and seller. I'll do a short summary in a few minutes anyway. 

After that ASC members were allowed to ask ten minutes worth of questions each.

Email after the meeting

“Yesterday the Appraisal Subcommittee held its first ever Hearing on Appraisal Bias, hosted at Consumer Financial Protection Bureau headquarters in Washington D.C. 

The event opened with remarks by U.S. Department of Housing and Urban Development Secretary Marcia L. Fudge. ASC’s Executive Director James Park spoke on the agency’s role in the appraisal regulatory landscape. 

Attendees, both in person and on the livestream, heard testimony from Dr. Junia Howell, University of Illinois-Chicago, homeowners Paul Austin and Tenisha-Tate Austin, Michael Fratantoni, Chief Economist, Senior Vice President, Research and Industry Technology, Mortgage Bankers Association, and Craig Steinley, President of the Appraisal Institute.

Now ASC wants to hear from you! You are encouraged to provide a comment on your perspective on or experience with appraisal bias; comments can be submitted to AppraisalBiasHearing@asc.gov until February 8, 2023.”

Four of the five witness speakers, Appraisal Subcommittee Public Hearing on Appraisal Bias, January 24, 2023, marcia fudge, mary cummins, asc, hud, real estate appraiser, pave taskforce, cfwb, jim park, race, racial bias, discrimination, black, brown, white, value, neighborhood, appraisal, valuation

Witness Dr Junia Howell, Appraisal Subcommittee Public Hearing on Appraisal Bias, January 24, 2023, marcia fudge, mary cummins, asc, hud, real estate appraiser, pave taskforce, cfwb, jim park, race, racial bias, discrimination, black, brown, white, value, neighborhood, appraisal, valuation

Tenisha Tate Austin, Paul Austin, Appraisal Subcommittee Public Hearing on Appraisal Bias, January 24, 2023, marcia fudge, mary cummins, asc, hud, real estate appraiser, pave taskforce, cfwb, jim park, race, racial bias, discrimination, black, brown, white, value, neighborhood, appraisal, valuation

ASC members, Appraisal Subcommittee Public Hearing on Appraisal Bias, January 24, 2023, marcia fudge, mary cummins, asc, hud, real estate appraiser, pave taskforce, cfwb, jim park, race, racial bias, discrimination, black, brown, white, value, neighborhood, appraisal, valuation

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.

• Mary Cummins LinkedIn
• Mary Cummins Meet up
• Cummins Real Estate on Facebook
• Mary Cummins Real Estate blog
• Cummins Real Estate on Google maps
• Mary Cummins of Animal Advocates
• Mary Cummins biography resume short
• Mary Cummins Real Estate Services
• Animal Advocates fan page at Facebook.com
• Mary Cummins
• Mary Cummins Animal Advocates on Flickr photos
• Mary Cummins Animal Advocates on Twitter.com
• Mary Cummins on MySpace.com
• Mary Cummins on YouTube.com videos
• Mary Cummins of Animal Advocates on Classmates
• Mary Cummins on VK

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

FHFA Uniform Appraisal Dataset Aggregate Statistics and How it Impacts You, by Mary Cummins Real Estate Appraier

FHFA Uniform Appraisal Dataset Aggregate Statistics and How it Impacts You, notes and comments by Mary Cummins real estate appraiser, Appraisal Institute, Jillian White, Dr Rashida Johnson-Forsey, Doug Potts, AI, real estate appraisal, appraisal bias, race, white, black, MAI, SRA, FHFA

January 12, 2023 the Appraisal Institute AI posted a video titled "FHFA Uniform Appraisal Dataset Aggregate Statistics and How it Impacts You." Below is their text about the video. Below that are notes which I took and my personal comments about these issues.

"The Federal Housing Finance Agency (FHFA) recently published its new Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File, consisting of 47.3 million UAD appraisal records collected from 2013 through the second quarter of 2022 on single-family properties. 

FHFA also launched UAD Aggregate Statistics Dashboards on its website to provide user-friendly visualizations of the newly available data. The UAD Aggregate Statistics Data File and UAD Aggregate Statistics Dashboards give stakeholders and the public new access to a broad set of data points and trends found in appraisal reports.  

In this webinar recording, hear from the FHFA Representative who worked on the UAD release, as well as appraiser practitioners about their initial observations and potential use cases of the UAD information for appraisers."

Link to video.

https://www.youtube.com/watch?v=kKGzW1652EI

1. First speaker was Dr. Rashida Johnson-Dorsey of FHFA. She spoke until the 22 minute mark about the FHFA data set statistics. She stated the new data set is from many anonymized real estate appraisals. She believes its most important use is to allegedly discern appraisal bias in valuations of white versus black home buyers. She feels the most important statistic is how many appraisals came in lower or higher than the contract price. She believes this shows bias against minorities specifically blacks.

My comment. Appraisers should not try to meet the contract price. We are mandated to appraise for market value based on most similar, recent sold comparables. If someone wants to offer $10 billion for a $50K shack, fine, but it won't appraise for $10 billion. Contract price does not equal value. The most important thing is market value and not contract price.

https://www.fhfa.gov/DataTools/Pages/UAD-Dashboards.aspx

2. Second speaker was Jillian White. She worked for Better Mortgage as an appraiser then was promoted right before they basically went under. She quit right before the end. Better was known for stating all other appraisers, companies are racist except them. It was part of their marketing. They said they were going to hire diverse appraisers but instead just went out of business. White mainly spoke about racism by white appraisers against blacks at various meetings and to the media while she was at Better. Generally Jillian White talks about racism and appraiser bias against black people. She generally brings up the stories about how she told black relatives to white wash their homes before sale or appraisals. All agents tell everyone to remove all personal photos, items... for many other reasons. She has repeatedly talked about how most appraisers are white old racist men who hate black people and appraise their homes for less than market value. She even said the appraiser trainee program is racist. I based this upon her recorded public statements in the media and public meetings which I've quoted. She supports Andre Perry's false statistics and paper. She was involved in "Our America: LowBalled" promoting the false narrative of the racist appraiser.  I've copy/pasted her quotes, comments here in previous articles. While racism definitely exists not everything is racism. Research by AEI showed there was no effect of race of borrower on appraised values.

She actually talked about the "practical application of aggregate UAD statistical data" and
how lenders, AMCs and appraisers can use the data to find alleged racism and bias in appraisals and appraisers. She emphasized that the most important data is whether appraisers come in below or above contract price. Mind you the data set is HUGE and covers every factor involved in appraising. Contract price is one of many, many, many factors but it's the only one they care about. She stated there will be more "scrutiny" if appraisers come in below contract price. There will "be more noise if the value is below the contract price." Noise means complaints. You come in high, you're good to go.

White stated the PAVE report Action 2.3 stated regulators will look at lenders to identify appraisal bias. They will track whether you come in over or under contract price. They will check areas that are 80-100 % minority in census tracts. The lender must explain why they "came in low." "Came in low" per contract price and not market value. She stated over 23% of appraisals were under the contract price in minority areas. We don't have to explain if he come in high. (Wink, wink, hint, hint, come in high.)

My comment: This came up previously. There is another correlation between over/under contract price appraisals. It's not the race of the buyers or appraisers. It has to do with lower income people buying in lower priced areas.

White stated the AMCs will also be questioned. They will have to ask appraisers "why" they came in under the contract price in those areas. Appraisers will then be "forced to explain" why they came in lower than contract price more often than their peers.White stated AMCs will have to ask their appraisers "why are you out of whack in this territory?" i.e. why did you come in below the contract price in this minority area?

My comment: So much for the Dodd Frank Act when you have the government trying to force, push the appraiser to meet the contract price only in minority areas. So much for independent appraisers and appraisals. Appraisers are now being pushed to come in higher than market value in only minority areas. The purpose of the Dodd Frank Act was to stop lenders from trying to force appraisers to meet the contract price! They said it was a cause of the Great Recession. Now the government wants to violate the act and repeat the huge mistake! They're encouraging appraisers to commit bank fraud and commit federal crimes.

White stated that the statistics look at adverse site condition adjustments. She stated that's where appraisers make adjustments that make the value come in lower. She stated maybe in the past there would be a market reaction to a negative site but not today. Is it on a busy street? People don't care today. She feels some appraisers used this adjustment to devalue some properties of some people specifically minorities.

My comment: In the crazy 2021, 2022 market frenzy there could be dead rotting bodies in the homes and buyers would not have cared. They'd just push the dead corpses to the street and carry on. They were willing to buy shit homes in shit condition in shit locations just to own a home. They waived appraisals, inspections, repairs, paid way over list price...and now they regret it. Soon the banks will too.

I saw this. I still mentioned all the negatives I saw and included a market reaction if there was one. You know what? A bank is going to care about those factors if the loan goes south when the market goes down. The market has already made that change. When the market goes down buyers will not want to own a house wedged between a strip club, a recycling center and the 110/10 interchange. They either won't buy that home or they'll pay much less for it. Appraisers appraise at market value to protect the bank and government. Our purpose is not to help a buyer over pay for a property they may not be able to afford and will probably lose to foreclosure in a downturn. This is how people lost their homes after the Great Recession. And guess who was blamed? "Racist appraisers!" 

White spoke from 22-45 minutes in the video.

3. Doug Potts, MAI Appraiser. 

This guy promotes the false, misleading and totally debunked Andre Perry Brookings Institute "paper." I had a problem with this speaker and what he said. I watched the video after I heard about the crazy things he said from other appraisers. Here we go!

Doug Potts is involved in a grant project that looks at wealth creation and equality. He said blacks have been denied access to wealth in Detroit, Cleveland, Baltimore. If you are born black and poor, you are more likely to stay poor than if you are white. He mentioned redlining.

My comment: This again goes back to the income gap and socioeconomic issues. The real correlation is race is related to income which correlates with wealth, generational wealth and the value of a home you can afford to buy and own. Race is not the cause of the value of a home appraised by an appraiser. Here is an article I wrote about AEI's research about the correlation between race and socioeconomic issues including the income gap. https://mary--cummins.blogspot.com/2022/03/aei-reply-to-pave-report-andre-perrys.html

He mentioned redlining. I wrote an article about redlining here https://mary--cummins.blogspot.com/2021/05/redlining-in-home-loan-financing-mary.html We still use all the same factors to calculate loan risk EXCEPT race, nation of origin. The correlation is not race = home value. It's race = income = value of home one can afford to buy and own. Race, nation of origin never mattered in the redlining maps. If you removed them, the risk didn't change. They should have never been included and weren't included in all stats, maps or records. 

Doug Potts said if there is no capital for homes, home loans, areas will collapse. 

My comment: It's called capitalism and real estate cycles. People don't want to live in one area so they move to a nicer more expensive one. The old area decreases in value as a result while the new one increases in value. Banks wants to loan money where they can make a profit and limit risk and loss. 

Doug said the denial of capital caused whites to leave. No, it didn't! Some people moved to a different area which they found more desirable. THEN values decreased and banks loaned less money to the area based on the lower values of the homes. It's called real estate cycles which has happened forever all over the world. Why is Beverly Hills land worth more than land in Watts? It wasn't "denial of capital." Denial of capital is a result of the change in real estate cycle and property values. Here's an article I wrote on real estate cycles.  https://mary--cummins.blogspot.com/2017/04/real-estate-cycles-mary-cummins-real.html

Doug thinks appraisers value homes lower in high minority areas because of the race of buyers. If he really believes this, he should surrender his appraiser license because he's not fit. I appraise in high minority areas with lower values in South Los Angeles. Most of the new buyers are uneducated, inexperienced first time buyers. They want their first home so bad they will offer over market value without knowing it. They will make offers on the worst homes in the area with small lots, poor condition, only one bathroom, recently renovated after major fire, home recently destroyed by tenants, located between freeway and industrial site... because it's all they can afford. 

If the median home in the area is 1,000 sf with C3 condition on a 5,000 sf lot built 1920 and goes for $350,000, they offer $325,000 for a smaller home in worse condition on a smaller lot in an inferior location in the neighborhood. Looks like a good deal to them but it's probably worth much less. You're generally looking at minimum home purchase prices. Sometimes they want to buy a home because they were offered government loans with no money down. They have no skin in the game and think they're getting a free house which will double in value in a year. I've had people call me up asking me to find them a VA home, home they can buy with government funds. They tell me they have no job, income or money and believe they can buy the home. Some desperate scammy agents will sell these people homes they can't afford.

Homes in higher minority areas generally have issues. The lower the home value the more issues they have. The correlation again is race and income. Government needs to fix the income gap between white and black, brown. They also need to fix the gender income gap. Lower valued homes are generally located in inferior locations with close proximity to freeways, dump sites, oil fields, industrial property, run down areas... I drive these areas and see it. If the property has a lot of issues, is in fair condition, needs work, it won't meet requirements for a regular loan. It will end up under contract price. A flipper, developer, speculator would need to buy it for cash or with subprime mortgage, fix it up then sell it for a higher price on the regular market with a regular loan. 

Doug thinks the lower value appraisals are "prices crushes." He thinks it's just unfair racism. He thinks if there is a 1,000 sf home in South LA on a 5,000 sf lot built in 1920, it should appraise for the same price as a 1,000 sf home in Beverly Hills on a 5,000 sf lot built in 1920. Doug should lose his license. The main value of a home is the LAND and not the STRUCTURE. You are paying for the dirt. LOCATION, LOCATION, LOCATION. 

This reminds me of 20 Pacheco, Marin, CA. The owners of that home wanted appraisers to ONLY use comps in Mill Valley 1-2 miles away. Mill Valley homes are worth twice as much as Marin. If you actually look at the two cities, they are very very different and not comparable. There's a reason why Mill Valley is worth twice as much as Marin. Doug thinks appraisers should widen their comp search to intentionally include other HIGHER priced comps. He said higher only and not lower. He thinks it's especially important in lower valued areas which generally have fewer sales for this reason.This was the same issue in Marin. Zillow stupidly widened their AVM search and used Mill Valley comps. More trustworthy Corelogic AVM only used Marin comps and came in at market value.

Doug Potts says his St Louis project "deprioritizes location." It can be used to "restore value." Doug says we can use the new data to cherry pick higher comps outside GSE selling defined rules. He said we can change the algorithm to change the numeric outcome. We can make 1+1=3 when it should be 1+1=2. He admits that it goes beyond assignment conditions. Hey, why not just add $1,000,000 to the appraisal of black owned homes. They can get huge loans, pay huge property taxes, huge monthly mortgage payment then lose their home in foreclosure because no one will buy it for $1,000,000.Doug spoke to 1:06 in the video.

Clearly Doug is out of his mind. What he is suggesting is called bank fraud. Bank fraud is punishable by at least 20 years in prison besides loss of license. No thanks. No one should do what he suggests. If his St Louis Project wants to give money, loans, houses to poor people, he can do that privately. Just don't expect the government, banks, public to pay to subsidize his personal project. No appraiser should lie about value to help a low income person over pay for a house. They end up with a bigger loan they can't afford to pay. No one would pay the higher appraisal value for the home. It's in the same less valuable location. An appraised value doesn't change the real market value. They'll be foreclosed upon and lose everything. You would be doing a disservice to these people. This happened right before the Great Recession. It also happened with student loans. They tell them they can make more money with a degree. Instead they only end up with tons of expensive debt and no new job or increase in pay. That is just plain cruel! They are hurting the people they claim they want to help. Fix the income gap and they can afford more expensive homes on their own.

In the past I've worked for nonprofits that help poor people buy homes. They never asked me to pump the value. They ask for market value. Sometimes they give 110% loans. They can do that as it's private money. Based on my experience giving people homes with no down payment is not the best way to help them. Help them make more money and buy their own home with a safe down payment and low mortgage payment.

It's a shame or a sham that the Appraisal Institute has jumped on the false narrative of the racist appraiser. They're doing it to protect themselves. They are mainly older, white, more affluent male appraisers. It costs $15,000 in fees, classes to become an MAI appraiser. What better way to deflect negative attention than to offer a webinar with mainly black speakers pointing the finger at others. If they really cared about diversity, they would make all their classes, educational material and literature free.  Then all who take the classes could become MAI appraisers for free. They're a nonprofit but they won't do that because it's basically an old white affluent male elitist club that protects itself. They let a few women, minorities in, on the board for their image. They don't really care about promoting the industry or appraisers but themselves. They are actively attacking the industry and other appraisers with their positions in order to protect themselves.

Below are some comments on the YouTube video, see link above.

Carolyn Nuccio - 7PTC

"It's disgraceful that the Institute would be promoting using data that would result in misleading assignment results to resolve this finance issue, which at it's core is about "wealth creation"; and using appraisers to create that wealth. The FHFA should be focused on understanding market dynamics, and creating Federal Loan Guarantee programs that will lend above appraised value rather than trying to pressure appraisers into using data that will result in artificially inflated values. There's not enough data available about these statistics presented as to why the contract prices aren't appraising out. Jumping to the conclusion that appraisers are racially biased just because contract prices aren't being met is a huge jump. Perhaps the contracts need to be analyzed. Who are the sellers? Are they largely flipped properties owned by investors? Were the properties listed prior to contract? What's the List to Sale Price ratio in the market? This market derived data is all available on the URAR and should be included in the analysis. Perhaps some of the presenters could enhance their knowledge of how predatory lending works in disadvantaged neighborhoods. I would point to the Atlanta market back in 2004 - 2008 as an excellent example of how borrowers and homeowners were tricked into applying for, and qualifying for, over-valued homes and loans. Many of the appraisals did just as suggested in this presentation. The appraisers went outside of the competitive market for their comp selections in developing an opinion of value. As a result, when the borrower needed to sell their home, they were unable to sell it. Why? Because the original appraisal inflated the value and they couldn't find buyers to buy their home. The suggestions in this presentation are a sure fire way to create artificially inflated values; and a pretty good way for those involved in the transactions to be looking at jail time for mortgage fraud."

Pablo

"we have been taught location, location, location because that the the main and predominant factor when a buyer purchases the home. If there are two identical homes and one resides in an area that has more crime, lower rated school, you name it, they don't give a damn that it is the same house as they want. They won't consider it. There always needs to be lower income properties. What would happen to some of the economically struggling families that no longer can afford housing because of this ridiculous` method? This method would be discriminating against low income people because you are forcing the market up based on poor comp selection and MARKET MANIPULATION. If you did this with stocks, you would have the SEC knocking on your door."

Christopher Posey is a successful and experienced real estate appraiser in Chicago, Illinois. He watched the video and sent good questions to the moderator. His question was about appraiser liability related to this new value. Their reply is below along with his question. It's a closed real estate appraiser group so I can't share it publicly.

https://www.facebook.com/groups/appraiserforum/permalink/5779904935459009

Someone made a good comment stating these inflated appraisals would hurt poor people. If you artificially inflate the values then poor people can't afford to buy the homes. You aren't helping but hurting.

Below are some slides from the presentation.

DR RASHIDA JOHNSON-FORSEY

JILLIAN WHITE

DOUG POTTS

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.

• Mary Cummins LinkedIn
• Mary Cummins Meet up
• Cummins Real Estate on Facebook
• Mary Cummins Real Estate blog
• Cummins Real Estate on Google maps
• Mary Cummins of Animal Advocates
• Mary Cummins biography resume short
• Mary Cummins Real Estate Services
• Animal Advocates fan page at Facebook.com
• Mary Cummins
• Mary Cummins Animal Advocates on Flickr photos
• Mary Cummins Animal Advocates on Twitter.com
• Mary Cummins on MySpace.com
• Mary Cummins on YouTube.com videos
• Mary Cummins of Animal Advocates on Classmates
• Mary Cummins on VK

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Reply to NCRC "Faulty Foundations: Mystery-Shopper Testing In Home Appraisals," Mary Cummins

NCRC, national community reinvestment coalition, faulty foundations: mystery-shopper testing in home appraisals exposes racial bias undermining black wealth, comment by Mary Cummins, real estate appraiser, appraisal, los angeles, california, racial, bias,discrimination, black,white,brown,asian

UPDATE: WorkingRE just wrote an article about this research. It's more flawed than even I realized!

https://www.workingre.com/appraisal-bias-this-report-fails-scrutiny/

Two of the wildest appraisal values came from one appraiser...who is black. 

If you removed the two wild appraisals by the black appraiser, values were HIGHER for blacks and not lower. Makes you wonder if the black appraiser was a plant.

The service issue mentioned turned out to be as I'd speculated. One appraiser was sick and didn't finish any appraisals for anyone while he was sick. It wasn't because the homeowner was black.

The total variance among reports was 1.7%. Less than 5% variance is acceptable. 

NCRC filed complaints against the appraisers they used in their fake appraisal test. JFC! 

NCRC states they're well respected with years of research. They're ever worse than the Fair Housing nonprofits who do the same fake research and file the same false complaints. People will do anything for money. Disgusting!

Another article about this very flawed research. Now one must doubt ALL of their research.

https://www.workingre.com/appraisal-bias-the-inconvenient-truth-of-a-flawed-report

ORIGINAL: NCRC the non-profit organization National Community Reinvestment Coalition released a paper October 2022 titled "Faulty Foundations: Mystery-shopper testing in home appraisalsexposes racial bias undermining black wealth." Here is the link https://ncrc.org/wp-content/uploads/2022/10/Faulty-Foundations-Mystery-Shopper-Testing-In-Home-Appraisals-v5.pdf . 

Racism exists. Racist appraisers exist. I don't know if racism affected the values in the reports in this paper because the research was flawed. Their methodology was flawed as are some of their conclusions. Even NCRC states there were flaws and better research is needed. I have some comments.

NCRC is a non-profit organization. Their stated purpose is to fight discrimination in housing, banking and employment. They do this by offering "research" and media articles about discrimination in order to get donations to their cause. I agree with their cause by not necessarily their means. They are like some of the fair housing groups and their frivolous lawsuits like the Oakland and Marin lawsuits and complaints. They use the media to attack individuals and incite the public to get donations and force settlements to stop attacks as businesses. They file lawsuits, complaints then release press releases about the lawsuits to get donations and put media pressure on their targets.

They start off the report by stating incorrect facts about Andre Perry's "paper." Brookings Institute Andre Perry's report was debunked. See below,

https://www.aei.org/wp-content/uploads/2021/03/Impact-of-Race-and-Socio-Economic-Status-on-the-Valuation-of-Homes-by-Neighborhood-3.18.21-final-revised-1.pdf

https://www.aei.org/research-products/report/aei-housing-center-response-to-perry-and-rothwell-2021/

So were the other papers cited in their intro. The conclusions were proven false by AEI and others. Their entire intro says "appraisers have been proven to be racist" before they get to their own research. Perry's paper didn't even involve appraisers. The report was biased from the first sentence. It's not an independent paper or true research. NCRC knows than Perry's paper and the others were proven false by AEI yet still told the lie. This makes it difficult to believe anything NCRC says.

The real cause of the difference in values of white and black owned homes is the income gap. Whites make more money than blacks, Latinos. Men make more money than women.The more money you make the more money you have. The more money you have the more expensive home you can buy. That's why white owned homes are worth more than black, Latino owned homes. Fix the income gap! Real estate appraisers aren't "stripping the wealth" of blacks and Latinos. Most of the data came from Automated Valuation Methods which don't involve real estate appraisers but robots.

The appraiser, appraisal sample was too small to be meaningful. It wasn't blind or double blind research. They should have had each appraiser appraise one of each type. Some appraisers could just be unpleasant. Maybe they treat everyone poorly white, black or brown. Some appraisers may always come in conservative or the opposite. They should have used white, black appraisers and not just white. Maybe the results would have been the same then it's not related to color of appraiser but another factor or factors.

It would have been better if the appraiser knew the race of owner, borrower but never met them. Maybe the contacts treated the people differently. They could appraise vacant with a lockbox or key under mat to control for that. Communicate with same worded email only. Even better have another group where they don't know color of owner, borrower. Compare that group to the group who did know. 

The appraiser who ghosted the client probably got wind of something which is why they just left. I've had that experience when I thought the contact was insane or had unrealistic expectations or they treated me poorly. I've never done that because of race... Of course maybe the appraiser died, got sick, had a mental health issue, was arrested... They never found out why they disappeared so they can't assume it was racism. 

"Most of the Baltimore homes used in the study were located in areas where the population is at least 75% Black." Should have been 50/50 or 75/25, 50/50 and 25/75.

"Another limitation of this study was that six of the seven tests involved couples consisting of a Black woman and a White man." Should have been a mix. Maybe the appraiser doesn't like women. You could control for that with a mix. I had male contractors come to my house and ask to speak to my husband when I owned the house and paid all the bills. They treated my husband nicer than me because it was a guy guy thing.

If we assume all appraisers are white racists that will give low appraisal values to blacks, Latinos, what is their suggestion? AVMs? AVMs are much more biased than real estate appraisers. They don't consider condition, upgrades, additions, view, lot type, lot location in neighborhood, neighboring properties, location next to dump/freeway/busy street... If you have a very run down house, you'll get a higher valuation than market value. If you have an improved home in good condition, you'll get a lower valuation than market value. There would be even more complaints! 

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.

• Mary Cummins LinkedIn
• Mary Cummins Meet up
• Cummins Real Estate on Facebook
• Mary Cummins Real Estate blog
• Cummins Real Estate on Google maps
• Mary Cummins of Animal Advocates
• Mary Cummins biography resume short
• Mary Cummins Real Estate Services
• Animal Advocates fan page at Facebook.com
• Mary Cummins
• Mary Cummins Animal Advocates on Flickr photos
• Mary Cummins Animal Advocates on Twitter.com
• Mary Cummins on MySpace.com
• Mary Cummins on YouTube.com videos
• Mary Cummins of Animal Advocates on Classmates
• Mary Cummins on VK

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Cancel Culture is Destroying Freedom of Speech on Important Issues by Mary Cummins Real Estate Appraiser

mary cummins, real estate appraiser, appraiser, appraisal, real estate,real estate appraisal, los angeles, california, racism, cancel culture, bias, black, white, freedom of speech

If someone does something racist, they should be called out and educated. If a police officer murders a black man, they should be arrested and tried in a court of law. If someone just talks about these issues, they shouldn't be attacked, sued, have their business ruined, reputation destroyed, be harassed, threatened and assaulted. It doesn't make any sense. It harms freedom of speech, promotes racism and destroys any chance at public discourse of the issues.

Lizzo took a moment on a Sunday morning to share her concerns about cancel culture.“This may be a random time to say this but it’s on my heart.. cancel culture is appropriation,” Lizzo tweeted on Sunday (Jan. 8).“There was real outrage from truly marginalized people and now it’s become trendy, misused and misdirected,” she wrote. Lizzo continued: “I hope we can phase out of this & focus our outrage on the real problems.”

People are more upset about people talking about racist issues than the actual racism, race violence and hate crimes. People are more upset about someone stating facts about the false narrative of the racist appraiser than they are about real racism against blacks, the wealth gap or the fact that blacks, Latinos have little generational wealth. We appraisers can't even talk about the issue without being attacked, harassed on social media, getting false negative business reviews, death threats or threats of physical harm. Appraisers can't even comment on articles about the false narrative of the "racist appraiser" or we'll be viciously attacked. In fact some appraisers, AMCs and lenders have piled on to the false narrative in order to garner praise, seem woke, appear to be doing something about racism, get business, positive press and to not be attacked over the same issues. Some lenders have even used this issue to rip off POC by luring them in with promises of no racism only to charge them higher rates which is racist.

The real issue here is the income and related wealth gap between whites and POC. Because POC make less money, they have less money and wealth including generational wealth. Because they have less money and wealth, they buy and own less expensive homes in less expensive areas. The cause of the difference in value between white and black, brown owned homes is not the fault of the real estate appraiser. The data used in these misleading articles didn't even come from appraisers or appraisals but flawed automated valuation methods, robots, software programs by failed Zillow. The real problem is the income gap. Tell politicians and the government to fix the income gap. Assaulting real estate appraisers will never fix the problem.

Someone on Twitter stated in response to Lizzo's tweet, "Jessica Ballinger @BallingerMom Replying to @lizzo

Absolutely ❤️ There are very real issues that warrant outrage… I sometimes wonder if cancel culture stems from people feeling impotent against those bigger issues, so they go after simpler targets to feel better about themselves, like they did something."

I can understand the feeling of wanting to do something about racism but harming an innocent bystander is wrong. If someone sees racism against POC by white people, that doesn't give them the right to beat up and kill any white skinned person they see. That's just as racist as the racism they say they hate. It's also hypocritical.

In this situation by forcing real estate appraisers to shut up about the false "racist appraiser" narrative they are destroying freedom of speech and any public discourse on the issue. Instead the public only sees the misleading articles about specific cases in the media which are false. The media now writes these articles to get more outrage, traffic to sell more ads. One media will share the article by another media to make money off ads. 

I've written about some of those cases here. The homeowners weren't low balled due to the fact they were black and the appraiser was white. The homeowners weren't even low balled in the specific cases I reviewed here. The specific properties were appraised using the closest most similar sold comparables. They were all near the edges of more valuable but very different neighborhoods. They were worth less than homes in the next neighborhood for very good reasons. The homeowners just wanted their homes to be worth more and were maybe misled by Zillow, RedFn and other robot "Zestimates."

I really hope in 2023 appraisers will be allowed to write articles about these issues or at least comment on articles without being so viciously attacked that they have to delete their comments or only comment anonymously. That doesn't help anyone. It just perpetuates racism and hatred against white appraisers.

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.

• Mary Cummins LinkedIn
• Mary Cummins Meet up
• Cummins Real Estate on Facebook
• Mary Cummins Real Estate blog
• Cummins Real Estate on Google maps
• Mary Cummins of Animal Advocates
• Mary Cummins biography resume short
• Mary Cummins Real Estate Services
• Animal Advocates fan page at Facebook.com
• Mary Cummins
• Mary Cummins Animal Advocates on Flickr photos
• Mary Cummins Animal Advocates on Twitter.com
• Mary Cummins on MySpace.com
• Mary Cummins on YouTube.com videos
• Mary Cummins of Animal Advocates on Classmates
• Mary Cummins on VK

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

"Appraisers the Convenient Scapegoats," comment by Mary Cummins Real Estate Appraiser

appraisersblogs, appraisers the convenient scapegoats,appraisersblogs, mary cummins, real estate appraiser, real estate appraisal,los angeles,california,aei, american enterprise institute, hud,racial discrimination,poc,andre perry 

Great article, "Appraisers the Convenient Scapegoats." It's happening yet again as home prices decrease. American Enterprise Institute (AEI) just warned the public in a December 2022 report "Government lending policies are encouraging lower-wealth, cash-constrained homeowners to give up their valuable current low-rate mortgages and use cash-out refinances to meet other financial obligations. This use of “the house as an ATM” particularly during this rising mortgage rate environment can pose inherent risks for borrowers."

And who will be blamed when these people refinance then can't afford the new payment because of the recessionary economy? Appraisers...again! We were blamed for the Great Recession aka Great Financial Crisis. Today they say that was actually because of "racial discrimination by appraisers."

These people are intentionally misinterpreting statistics. Yes, POC are more likely to lose their homes in foreclosure but it's not the fault of appraisers. It's a fact POC make less income than whites. People with less money buy less expensive homes. Politicians should fix the income inequality if they really care about POC. They won't because that's too hard and it's easier to blame appraisers. Because of income inequality POC have less wealth, fewer assets, higher debt and no generational wealth. They generally put a low down payment with the help of government loans. They were also encouraged by the government to get student loans to "get an education to increase income and wealth" which hasn't worked. They just ended up more in debt. The government is actually the one making these people more poor by causing them to lose what little money they have.

When these people refinance, they take out and spend all their home equity while increasing their monthly payment sometimes above their ability to easily repay it. The government even tells them it's a great way to get rid of expensive credit card debt which encourages more credit card debt. Values go down and they owe more than the home is worth. When you have no emergency savings, other assets, home equity and have an emergency, you will lose your home in foreclosure.

It's not the fault of appraisers! Politicians, other say these lies to win votes and support from POC and low income people. They created this non existent racial problem just so they can say "I alone can fix it." They hire like minded people to run HUD and other government programs. These people encourage and spread the false "government backed" narrative. They promote Andre Perry's fake "paper" about racial disparity in home ownership. Years back we were just "deal killers." Now we're all allegedly "racists." 

The "racist old white male real estate appraiser" is a false narrative. The public doesn't seem to realize the real correlation between race and home valuation is race = income = wealth = value of home you can afford to buy and own. It's not race = home value made by racist old white male appraiser. The causation of the value of black, brown owned homes is INCOME and not RACE as proven by independent research by AEI and others. Same goes with cars. More white people own expensive cars than black, brown for same reason. Maybe they should blame Kelly Blue Book for the difference in values between a mint 2022 Rolls Royce and a 1985 Ford Escort in poor condition with 300,000 miles. Maybe Kelly Blue Book should be called a RACIST instead of a software program. The data people cite in this case didn't even come from old white male appraisers. It's a software program that doesn't know race or color. People just prefer to believe their house is worth less only because of a racist old white male appraiser. If people want to fix the problem, fix the income gap between white and black, brown. Attacking appraisers doesn't solve the problem. #realestateappraiser #falsenarrative #homevalue #homevaluation #realestateappraisal #race #income #wealth #generationalwealth 

Cummins Real Estate Services, American Enterprise Institute, #appraisersblogs #marycummins #realestateappraiser #realestateappraisal #AEI #HUD #appraisers #discrimination

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.

• Mary Cummins LinkedIn
• Mary Cummins Meet up
• Cummins Real Estate on Facebook
• Mary Cummins Real Estate blog
• Cummins Real Estate on Google maps
• Mary Cummins of Animal Advocates
• Mary Cummins biography resume short
• Mary Cummins Real Estate Services
• Animal Advocates fan page at Facebook.com
• Mary Cummins
• Mary Cummins Animal Advocates on Flickr photos
• Mary Cummins Animal Advocates on Twitter.com
• Mary Cummins on MySpace.com
• Mary Cummins on YouTube.com videos
• Mary Cummins of Animal Advocates on Classmates
• Mary Cummins on VK

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Prince Harry, Meghan Markle, Sussexes did not use a different home to look wealthier by Mary Cummins

Prince Harry, Meghan Markle, Rockridge, the Sussexes, home, house, montecito, california, rockridge, mary cummins,real estate appraiser, real estate appraisal, netflix, movie, series

I thought I wrote an article here about the Sussexes home in Montecito but it's gone. It's public knowledge it's Rockbridge, Montecito, California. They bought it mid 2020 for $14,650,000. It sold 2009 for $29,000,000. It was marked down from $34,000,000 in 2020. It's clearly worth more than what they paid for it plus they upgraded it. There has been a lot of appreciation since June 2020 in 2.5 years. They did not use a different house for the show to try to look wealthier. Their home is bigger, nicer and probably worth more than the other home. They didn't want to disturb their family life, security and privacy.

  https://www.tmz.com/2022/12/11/prince-harry-meghan-markle-mansion-netflix-documentary-not-their-home/

This is the home where the Netflix series was shot, 888 Lilac Dr, Montecito, California. It was built 2006 on about 2 acres, 13,599 sf, 6 bed, 6.2 baths. listed at $33,500,000. It's been on the market 473 days which means it's probably over priced. 

https://www.compass.com/listing/888-lilac-drive-montecito-ca-93108/858159209087806745/

Sussexes house 7** Rockbridge, Montecito, California built 2003 on 5.3 acres, 14,563 sf, 9 bed, 13 baths, listed at $34,000,000 in June 2020. They are three miles apart equidistant from the ocean and main road. The Sussexes house is most likely worth more because it's larger on a lot over twice as large. 

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.

• Mary Cummins LinkedIn
• Mary Cummins Meet up
• Cummins Real Estate on Facebook
• Mary Cummins Real Estate blog
• Cummins Real Estate on Google maps
• Mary Cummins of Animal Advocates
• Mary Cummins biography resume short
• Mary Cummins Real Estate Services
• Animal Advocates fan page at Facebook.com
• Mary Cummins
• Mary Cummins Animal Advocates on Flickr photos
• Mary Cummins Animal Advocates on Twitter.com
• Mary Cummins on MySpace.com
• Mary Cummins on YouTube.com videos
• Mary Cummins of Animal Advocates on Classmates
• Mary Cummins on VK

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

ABC Will be Airing False, Misleading "Our America: Lowballed" December 2022 by Mary Cummins Real Estate Appraiser

UPDATE:  Here is link to full video I believe. I haven't seen it yet but will. https://abc7news.com/video/embed/?pid=12499947

ORIGINAL: Appraisers need to be ready to counter this false and misleading series from ABC titled "Our America: Lowballed" coming in December by Julian Glover. Glover is the self proclaimed "race reporter" for ABC7. Read the pitch on this page linked below. It says white appraisers "lowball" and "rob" Blacks and Latinos. They say it's based on ABC's research but it's actually based on Andre Perry's false error filled non peer reviewed paper. People with less money buy less expensive homes! Blacks and Latinos have less money because of the income gap! Appraisers aren't lowballing the public! Fix the income gap! 

This is reckless journalism at its worst. I've emailed Julian Glover the truth with evidence many times but he's not interested in facts. He's only interested in hate filled sensationalist articles. I doubt he interviewed any appraisers for the series. I also contacted Maxine Waters' office trying to set up a meeting but she refused. I contacted Marcia Fudge as well about the inaccuracies in her reports and statements. No reply.

The pitch shows they will not be stating the truth or using independent statistics like American Enterprise Institute. Andre Perry's paper used inaccurate Zillow statistics! AEI debunked Perry's "research." ABC is doing this for ratings to sell advertising for money. Julian Glover is doing it for self promotion. He's covered a couple of these stories in California and asks people to send in related tips. Below is the link to a pitch they sent to a real estate website manager asking them to promote their false and misleading narrative https://appraisersblogs.com/lowballed-it-is-open-season-on-appraisers

This is ABC's false narrative. '"Our America: Lowballed" follows Black and Latino families as they fight for fair home values after lower than expected appraisals. ABC's 18-month long investigation explores appraisal discrimination and solutions to a problem potentially costing families billions in equity.'

The show covers cases which I have researched in great detail. Research by a real estate appraiser with almost 40 years of experience shows there was no lowballing or discrimination in these cases. The homes were appraised for market value based on similar local sales. The show covers the following cases I covered. I recognized the people. There was another person I didn't recognize and they don't list the properties. I'll try to find out and post it later.

Paul and Tenisha Austin v Miller lawsuit 20 Pacheco, Marin, California

Carlette Duffy, Indianapolis, Indiana

I think it includes the story about Cora Robinson and her daughter which Julian Glover and I covered.

In the video: Vice President Kamala Harris, Andre Perry, Maxine Waters, Paul & Tenisha Austin, Marcia Fudge, Carlette Duffy. When it comes to the issue of real estate appraisers lowballing all of these people are not telling the truth. Andre Perry's research was busted by American Enterprise Institute. I researched Marcia Fudge's false story about being lowballed herself which she restates in this series. She was comparing her much older lower quality ranch home to a totally new development across the highway. Carlette Duffy is crying in the video. Did nobody bother to research the fact that she's cried racial discrimination in the past in a lawsuit against the government and lost? The linked article above proves the original appraisal was correct in Duffy's case. Her house was a burned out shell that someone did a quick redo when it should have been demolished.

All real estate appraisers need to speak out before, during and after this misleading series is released. I know it's difficult because you will be attacked. You will be called a "racist" just for commenting "hello." It would be safer to use a nom de plum so they don't attack your home, family and business. 

#ouramericalowballed #julianglover #ABC #realestateappraiser #realestateappraisal #discrimination #bias #hud #kamalaharris #marciafudge #paulaustin #tenishatate #carletteduffy #andreperry #maxinewaters #realestate #appraisal #appraiser #lowball #fanniemae #freddiemac 

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.

• Mary Cummins LinkedIn
• Mary Cummins Meet up
• Cummins Real Estate on Facebook
• Mary Cummins Real Estate blog
• Cummins Real Estate on Google maps
• Mary Cummins of Animal Advocates
• Mary Cummins biography resume short
• Mary Cummins Real Estate Services
• Animal Advocates fan page at Facebook.com
• Mary Cummins
• Mary Cummins Animal Advocates on Flickr photos
• Mary Cummins Animal Advocates on Twitter.com
• Mary Cummins on MySpace.com
• Mary Cummins on YouTube.com videos
• Mary Cummins of Animal Advocates on Classmates
• Mary Cummins on VK

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html