Tuesday, January 09, 2007
Saying no to banks
One of the National Association of Realtors' legislative goals is to keep banks from being allowed to buy and sell homes. The new Democratic Congress has introduced a bill, H.R. 111, that would keep real estate brokerage and management clearly defined as commercial endeavors, not financial activities. Since they would not be financial, banks would not be allowed to particiapte in the the buying or selling or real estate.
The big reason for opposition: the NAR wants banks to remain as impartial providers of credit, not as entities that, if allowed, might be able to control all aspects of a real estate transaction, which could mean higher costs for consumers. The bill was introuduced by Rep. Paul Kanjorski of Pennsylvania and Rep. Ken Calvert of California. I'll keep you posted on its progress.
The big reason for opposition: the NAR wants banks to remain as impartial providers of credit, not as entities that, if allowed, might be able to control all aspects of a real estate transaction, which could mean higher costs for consumers. The bill was introuduced by Rep. Paul Kanjorski of Pennsylvania and Rep. Ken Calvert of California. I'll keep you posted on its progress.
