"The extension will allow more realtors and consumers to register theirviews on the proposed regulation. We believe that this regulation willhave a far-reaching impact on consumers and the real estate industry,"said NAR President Richard Mendenhall, who wrote Chairman Alan Greenspanon Feb. 15 to request an extension.
The NAR opposes the proposal because its officials say consumers wouldlose. The group says real estate brokers are loyal to buyers andsellers, while banks have a vested interest in making loans, notproviding real estate services. The group released a survey on Feb. 13that showed a majority of consumers opposed allowing banks to enter thereal estate business because they were worried about their privacy.
Mendenhall thanked US Rep Spencer Bachus, R-Alabama, chairman of theHouse Subcommittee on Financial Institutions and Commercial Credit, forrequesting an extension. He also thanks along more than 30 members of Congress whosigned a bipartisan joint letter requesting the extra time.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
