Thread: NAR Urgently Needs our Help to Keep Big Banks Out of Real Estate

For years, NAR has been fighting to keep banks out of real estate. Big banks have been working hard behind closed doors to redefine real estate as a financial activity, rather than a commercial one. If this happens, banks will be able to make real estate part of the services they offer. What does this mean for you? If big banks are allowed to sell or manage real estate, there will be a negative impact on communities across America, leaving home buyers and sellers with fewer choices, higher loan fees and reduced customer service.

For four years in a row, a majority of the U.S. House of Representatives has co-sponsored legislation that would permanently prohibit big banking conglomerates from entering real estate brokerage or property management. A total of 231 members of the House and 25 U.S. Senators have signed onto NAR's Community Choice in Real Estate Act, H.R. 111/S. 98.

Despite this overwhelming support, a hand full of legislators have been able to hold up its passage. Worse, last month, two of these Congressmen, Mike Oxley (R-OH) and Barney Frank (D-MA), introduced a bill (H.R.2660, The Fair Choice and Competition in Real Estate Act) that directly competes with NAR's Community Choice in Real Estate Act! Their bill would allow national banks to operate real estate brokerage, leasing and management firms.

What can you do?
Right now, NAR is fighting hard on Capitol Hill to counter the Oxley-Frank bill; however, you can help too!! NAR has issued a Call For Action to all members asking them to write their Representatives and oppose the Oxley-Frank bill. YOUR HELP IS IMPORTANT! We need to generate an overwhelming response to House members letting them know that the Oxley-Frank bill is unacceptable and strongly opposed by REALTORS

July 07, 2005

Rep. Susan Davis
Longworth House Office Building, Room 1224 Independence and New Jersey Avenues, S.E.
Washington, D.C. 20515-0553

Dear Rep. Susan Davis:

I am a constituent of yours and a REALTOR in our community. I wanted to once again thank you for cosponsoring H.R. 111, the "Community Choice in Real Estate Act," and let you know of recent activity on this issue.

Financial Services Committee Chairman Mike Oxley has introduced legislation that would allow the huge banking conglomerates into the real estate industry. This bill, H.R. 2660, the "Fair Choice and Competition in Real Estate Act of 2005," directly contradicts your intent and that of the majority of House Members who have cosponsored H.R. 111 over the last four
years. It would result in less competition in the real estate industry by
allowing the huge financial holding companies and national banks to further consolidate financial services into the largest banks.

Your cosponsorship of H.R. 111 supports consumers and REALTORS in your district and across the nation. I urge you to oppose this latest effort to grant new industry powers to the banks, while ignoring congressional intent.


Sincerely,

Mr. Alan Rosson

I followed up with an email myself today. This is an important issue that if we all do not act and believe that we can leave this up to others to do, soon we may all be out of a job. The time to act is now folks big banks do not belong in the real estate industry. Thanks to Al for supplying the link.