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Wednesday, July 10, 2019

Experts say artificial intelligence contributes to discrimination in lending

The article is here. 

1 comment:

Anonymous said...

I used to work as an administrative assistant to a mortgage broker and have experience working with people from all backgrounds and helping them get qualified for loans (and addressing issues that may challenge an application).

It used to be that individual mortgage brokers were locally based and had a connection to the community, and served the areas they personally lived in. Brokers were often the advocate for the lender - we not only fought for the best rates but stood up for the lender's interests throughout the whole process. There were so many times my office fought for the lender when they would have no voice or representation.

During the Obama administration, massive reforms swept the mortgage industry that basically gave more power to big banks...who are not connected to the community and generally are driven by profit margins. Stricter regulations along with new rules regarding fees put many small, locally based brokers out of business. The rules were created with the disinfo spread through the media that brokers are greedy and their actions caused the mortgage crisis.

Reading this article...and the insane use of AI .. it all seems to be an Orwellian conspiracy. Because when no one is representing the interests of the lender - the everyday people, the families, vets, retirees, new home owners, couples refinancing to invest in a business or bc a child was born, etc - we are truly at the mercy of big banks. There is no advocate in the system when the broker is eliminated. And with AI involved, the process becomes even more removed from the concerns of people and the community.