FSIC Housing Task Force Blogpost – Black Homeownership Increases, but Hurdles Remain for True Equity

Last month, the National Mortgage News reported that non-banks made nearly two-thirds of all traditional home purchases, a meaningful increase.  For instance, 7.9% of these mortgages went to African American borrowers, up from 7.3% in the previous year.  Asian households had a 7.1% home lending market share, improving on 5.5% in 2020, while Hispanic borrowers received 9.2% of the loans.  Additionally, the share of conventional purchase loans made to borrowers from underrepresented communities also increased.

It is still evident, however, that a significant homeownership gap exists in cities across the country.  An Axios DC analysis found that as the black population of the nation’s capital continues to decrease, the homeownership gap between black and white District residents continues to grow.  According to the DC Mayor’s office, 34% of DC homeowners are black, compared to 49% percent of white residents.  However, some cause for optimism can be found as the number of total black homeowners increased by nearly 4,000 in 2019.

FSIC Video Podcast – “African Americans, Real Estate, and the Impact of Systematic Racism”

May 13, 2022, Kevin B. Kimble, Esq., Founder and CEO, FSIC, and Brady J. Buckner, President, FSIC interview with Thaddeus Dawson, CRA designated member with he National Society of Real Estate Appraisers. In this episode outlines the historical and current effects of systematic racism on property valuation and how it has impacted the long term wealth building prospects for communities of color. This is an FSIC Housing Task Force Project.

FSIC Press Release – FSIC Releases Special Report Titled “The Future of Facial Recognition and its Impact on Minorities: What Policy Makers Should Consider”

This paper examines the benefits of facial recognition technology, the danger of inaccuracies and human error, and the need for inclusion in the tech marketplace.  While there is some evidence that FRT has benefited underserved communities, the bias built into these systems must be reduced for communities of color to realize their full advantages.
According to Kevin B. Kimble, Esq., Founder and CEO of FSIC, “As FRT becomes more and more prevalent in people’s lives in the U.S., it is important that disadvantaged communities enjoy the benefits of this technology and not feel the brunt of its disadvantages.” 

FSIC Special Report – The Future of Facial Recognition and its Impact on Minorities: What Policy Makers and Stakeholders Should Consider – April 2022

The Artificial Intelligence (AI) and the emerging technology revolution have brought many incredible advances.  From natural language processing to facial recognition technology to semantic analytics, there are many things to admire and appreciate.  Because modern facial recognition technology (FRT) cannot exist without AI, much of the discussion in this area revolves around the accuracy of the AI component. 
But, as with all things, there are cautionary issues to be taken into account.  One of the most pressing issues is that of racial equity and diversity.  Over the last few years, the US has become ever more aware of its problems with systemic racism and economic disparity.  This awareness has spilled over into discussions about the regulations of the technology industry.