Jeffrey P. Naimon quoted in Law360 article, “Appraisals are latest front in anti-bias efforts for housing”
Law360Jeffrey P. Naimon
The Law360 article, “Appraisals are latest front in anti-bias efforts for housing,” examines recent administrative complaints and lawsuits filed against appraisers and lenders by minority homeowners, charging that their properties were significantly undervalued because of their race. These lawsuits typically allege violations of the Fair Housing Act, the Equal Credit Opportunity Act, the Civil Rights Act, and various state laws.
Naimon noted that such actions are bound to keep rising in number amid more widespread awareness of the issue, and as a result, lenders should take notice and stand ready to address concerns over discriminatory appraisals promptly. “But they will have to calibrate their efforts carefully, given decades of governmental efforts to ensure appraisal independence. That's particularly true if house prices decline, which is when allegations about pressured appraisers tend to surface.”
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