Congress bars banks from real estate brokerage. Thank God!
From the National Association of Realtors:
"President Barack Obama signed a bill into law Wednesday that permanently prohibits banks from entering the real estate brokerage and management business.
The bill--H.R. 1105, the Omnibus Appropriations Bill--ends the National Association of REALTORS' nearly eight-year battle to preserve the separation between banking and commerce.
"If banks had been allowed to engage in real estate brokerage, it would have created anti-competitive and anti-consumer concentrations of power within the financial services sector, which would have ultimately increased costs for homebuyers," according to an NAR resource page it has devoted to the issue."
I can't believe they've been fighting this for EIGHT years. All it took was the banking system completely screwing up our entire economy for Congress to realize that the major banks need to keep their focus on banking. Can you imagine if instead of real estate agents to help you buy or sell your home, all you got were employees of JP Morgan Chase and Bank Of America? Yikes! Score one for the Obama administration.
"President Barack Obama signed a bill into law Wednesday that permanently prohibits banks from entering the real estate brokerage and management business.
The bill--H.R. 1105, the Omnibus Appropriations Bill--ends the National Association of REALTORS' nearly eight-year battle to preserve the separation between banking and commerce.
"If banks had been allowed to engage in real estate brokerage, it would have created anti-competitive and anti-consumer concentrations of power within the financial services sector, which would have ultimately increased costs for homebuyers," according to an NAR resource page it has devoted to the issue."
I can't believe they've been fighting this for EIGHT years. All it took was the banking system completely screwing up our entire economy for Congress to realize that the major banks need to keep their focus on banking. Can you imagine if instead of real estate agents to help you buy or sell your home, all you got were employees of JP Morgan Chase and Bank Of America? Yikes! Score one for the Obama administration.
Labels: banks, real estate agents
posted by Jamie Mandel | 4:36 PM
5 Comments:
We waited a long time. I guess if the banks didn't destroy the world as they have, they may have gotten the permission. So, always say good things come out of bad, and this is one of them.
Sounds like good news, not that banks are the devil, but close enough
I can totally agree with this post. Like the NAR said, "If banks had been allowed to engage in real estate brokerage, it would have created anti-competitive and anti-consumer concentrations of power within the financial services sector, which would have ultimately increased costs for homebuyers." Thanks for sharing!
this is a Sounds like good news, not that banks are the devil, but close enough.....Please log on our website for Jaipur Property..............
its great news very nice..
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