Lenders are turning to AI for home loan underwriting decisions because discrimination, even unintentional bias, remains endemic to the U.S. housing market. A new fair lending rule proposed by HUD is anything but fair. It may help to unleash discriminatory AI in the mortgage market.
In recent years, these standards have led more lenders to AI. AI can provide access for communities that have been locked out of housing, credit, and other opportunities because of discriminatory barriers. AI models can also be unpredictable, and if used incorrectly they threaten to perpetuate bias and unconscious prejudices that have plagued these markets for decades; the very harms disparate impact was designed to counteract.
HUD's proposed rule would make it exceptionally harder for consumers to challenge discriminatory practices, making it virtually impossible to show that a lender is unnecessarily denying people credit. The changes would immunize lenders that use unfair credit underwriting models as long as they don't use clearly discriminatory factors in making or rejecting a loan.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
New Microsoft Report Claims U.K. Is Behind The Rest Of The World On AIA new report, unveiled October 1 by Microsoft UK, claims that British organizations risk being overtaken by their global counterparts unless the use of artificial intelligence (AI) technology is accelerated.
Consulte Mais informação »
Novartis and Microsoft join forces to develop drugs using AINovartis and Microsoft are joining forces to apply artificial intelligence to some of the most intractable problems in healthcare.
Consulte Mais informação »
Hedge funds and asset managers are lagging behind in their use of AIWall Streeters say AI is going to disrupt their business more than any other tech. Many big investors are getting left behind.
Consulte Mais informação »
Inside Anduril, the startup that is building AI-powered military technologyAnduril’s founding mission is to give military and government personnel technology-based capabilities with the help of AI that would allow a single person to keep watch over hundreds of miles of terrain.
Consulte Mais informação »
AI-driven stock-trading venue eyes U.S. exchange status, adds new pricingImperative Execution, an upstart, artificial intelligence-driven U.S. stock trad...
Consulte Mais informação »
Huawei is getting a first look at cutting-edge defence, health, and AI startups from Oxford University amid US fears that it steals IPHuawei bought a 0.7% stake in Oxford-based research fund Oxford Sciences Innovation (OSI), according to a report in the Financial Times.
Consulte Mais informação »