Second Study: Consumers Don't Want Banks in RE

WASHINGTON, DC-In another survey aimed at showing the dangers of allowing banks to enter the business of real estate brokerage and property management, the National Association of Realtors says the proposal has four out of five homeowners worried about their privacy. Next week a Congressional subcommittee will hear testimony on the proposal now being mulled by the Federal Reserve Board and Department of Treasury.

According to NAR spokesman Steve Cook, a subcommittee of the House Financial Services Committee will hold a hearing on the matter Apr. 5. Deadline for commenting on the proposal, which has drawn heated opposition from the real estate industry but, perhaps not surprisingly, has the support of the banking industry, is due by May 1.

Cook says the NAR has deep concerns about the regulation. “On a scale of 1 to 10, we’re at about 15,” says Cook.