Exclusive: JPMorgan is calling for reforms to stop racial bias in housing
CNNNew York CNN Business — JPMorgan Chase is throwing its considerable weight behind efforts to root out racial bias in the appraisal of homes in America. It’s an industry that really needs to be revamped, utilizing less judgment and more data,” Mark O'Donovan, CEO of Chase Home Lending “There are systematic barriers in housing — and we have a role to play in addressing them,” Heather Higginbottom, president of the JPMorgan Chase Policy Center and co-head of global philanthropy, told CNN Business. “I don’t think we’ve even begun to put a dent in that problem.” Appraisal industry ‘needs to be revamped’ JPMorgan said other potential reforms to the appraisal industry include establishing new “anti-bias training requirements” for appraisers, allowing equal access to valuation data and techniques and creating new national standards for valuation methods. “It’s an industry that really needs to be revamped, utilizing less judgment and more data,” Mark O’Donovan, CEO of Chase Home Lending, told CNN Business. O’Donovan, Chase Home Lending CEO, said the bank is trying to hire more people who “look like the communities we are investing in.”
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