Vice Presidential Pool Reports of March 23, 2022

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Good morning

The pool is gathered ahead of remarks by Vice President Harris on the rollout of the PAVE (Property Appraisal and Valuation Equity) report.

Scheduled to begin 11am.

Remarks will be streamed here:
https://www.whitehouse.gov/live/

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Also due to attend:

White House Domestic Policy Advisor Susan Rice

Housing and Urban Development Secretary Marcia Fudge

There is a full fact sheet here:

https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/23/fact-sheet-biden-harris-administration-releases-action-plan-to-address-racial-and-ethnic-bias-in-home-valuations/

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On background from a White House official:

Throughout her career, the Vice President has fought to defend homeowners from abuse and injustice. As Attorney General of California, she led the effort to secure $20B for homeowners harmed by large financial institutions during the foreclosure crisis. She also led on passing the Homeowner’s Bill of Rights - one of the first in the country - to help protect consumers from unfair mortgages and predatory foreclosure practices.

The Vice President believes that ensuring equity in our home appraisal system is essential to building an economy where every person has a fair shot at a better future.

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Some quotes from Susan Rice:

"Today we're here to increase in equity in all senses of the word."

No "homeowner should have to swap out family photos or art work just to receive a fair value for her home."

"We can and will deliver greater equity to our housing market and our nation."

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Some highlights from VPOTUS remarks:

She said the day people get the keys to a home they "own a piece of America" and as equity increases they can do things kine put a child through college

"Historically, many communities of color have been prevented from taking advantage of the wealth-building benefits of home ownership."

She said stories of racial bias in the appraisal system were "shocking".

"Less than five per cent of home appraisers are people of color."
That could introduce "conscious and unconscious bias."

She said there were "solutions" including training for appraisers.

New rules were being developed to correct bias in home appraisal algorithms, along with a guide for people who think they are victims of biased home appraisals.

"A home is more than just a place to live and a roof over your head.
It represented security and inter-generational wealth.
"Owning a home means a shot at the future."

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VPOTUS spoke for about 12 minutes in the South Court auditorium.

Some quotes:

"Redlining long, long denied black homeowners a share in the American dream. That inequity continues today in the home appraisal system."

"Far too often, for far too many people they (appraisals) are not fair and objective.
"Research has repeatedly shown that black homeowners are more likely to have their homes undervalued than other homeowners."

"Because their homes are undervalued black and Latino people often have to pay more for their mortgage, receive less when they sell their home, and are less able to access home equity lines of credit."

"Systemic bias in home valuations widens the racial gap, widens the racial wealth gap, and deepens the longstanding financial inequities that divide our communities."

"Systemic change is urgently needed. Throughout my career I have fought to defend homeowners from abuse and injustice."

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More VPOTUS quotes:

"Our administration is releasing the PAVE action plan…to advance equity in the appraisal process."

"The home appraisal work force is one of the least diverse in our nation.
"This lack of diversity can introduce both conscious and unconscious bias that makes home appraisals less accurate and less fair."

"Our administration will now require those who conduct appraisals for federal programs must now take part in anti-bias, fair housing and fair lending training."

"We will also help expand the training pipeline for new appraisers.

"Part of the solution is to provide funding and technical assistance to make pathways into the profession more accessible

"We are proud to announce new rules are being developed to eliminate bias in appraisal algorithms."

VPOTUS announced the release of a guide on the HUD website for those who think they are the victim of a biased appraisal.

"For so many people in our country a home is more than just a roof over your head and a place to live. Those are essential needs.
"A home represents, in addition to that, so much that is about financial security, that is about the potential to build inter-generational wealth.
"Owning a home means a shot at a better future.
"Owning a home is also a symbol of the benefit of hard work, of having ambition and aspiration for oneself and their family.
"We don't want to have a system that denies people the ability to have that goal simply because there is bias in the system. We can correct that."