6/03/2005

National Association of Realtors is concerned about the Realtors' right to do business in these bills and rightly so. Allowing banks to conduct real estate brokerage business, under their guise of offering financial services, is an attempt to reduce or eliminate the consumers present choice in how they purchase and whom they use in purchasing their homes. The business of banking is nothing but a growing exercise in consolidation, and the "fairness" and "competition" in these bills will not be for the consumer or for the real estate professional, or the local financial professional, but for the large bank(s) only:

"Bill to Allow Banks in Real Estate IntroducedFinancial Services Chairman Mike Oxley (R-OH) and Ranking Member Barney Frank (D-MA) introduced H.R. 2660, the "Fair Choice and Competition in Real Estate Act" on May 27th, 2005. This bill would allow huge megabanks to operate real estate brokerage, leasing and management firms. There are no additional cosponsors on H.R. 2660.Meanwhile, H.R. 111, the "Community Choice in Real Estate Act" has gained a majority of cosponsors in the House. With 221 cosponsors, the bill has more than enough votes to pass if Chairman Oxley brings the bill to the floor. NAR will again ask for hearings on both bills, and to testify at any hearing that is held."

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