San Diego Real Estate
07-07-2005, 03:44 PM
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®.
Please contact your Member of Congress by going to www.NARActionCenter.com, get registered if you are not already, and write your U.S. Representative. We must make the voices of REALTORS® heard on this matter.
Please post here once you have taken Action!
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®.
Please contact your Member of Congress by going to www.NARActionCenter.com, get registered if you are not already, and write your U.S. Representative. We must make the voices of REALTORS® heard on this matter.
Please post here once you have taken Action!