CNN Business, June 16, 2021, JPMorgan is calling for reforms to stop racial bias in housing
JPMorgan Chase is throwing its considerable weight behind efforts to root out racial bias in the appraisal of homes in America.
As part of a new bank-wide commitment to fight housing inequality, JPMorgan (JPM) is for the first time outlining specific legislation that can fight appraisal bias, backing the study of innovative ways to value homes and promoting efforts to boost sorely needed diversity in the appraisal industry.
In a new policy paper, JPMorgan warned that “worsening housing market conditions,” including a shortage of affordable homes, rising prices and barriers to down payments, “have put sustainable homeownership further out of reach for many Americans,” especially Black and Latinx people and low-income families.
“The hill is very steep,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a group that promotes fairness in banking and housing. “I don’t think we’ve even begun to put a dent in that program.”
