This article originally ran in Forbes
Despite protests over racial disparities in the wake of George Floyd’s 2020 murder, as well as decades of legislation aimed at removing bias from lending, mortgage fairness for Black Americans has barely budged over the past 30 years. For Native Americans, it’s dropped.
At the same time, there’s been a steady increase in mortgage fairness for Black women and women, in general.
That’s according to State of Mortgage Fairness Report, newly released research from FairPlay AI. Founded in 2020, the company’s platform aims to reduce algorithmic bias for financial institutions in their automated decision making systems.
“It’s time for us to admit that 39 years of public policy interventions to ameliorate the effects of redlining have have had little effect,” says Kareem Saleh, co-founder of FairPlay AI.