"More than 220 members of the House and 10 Senators now have sponsored the Community Choice in Real Estate Act [H.R. 3424] because the regulation would be detrimental to the national economy and to consumers," NAR president Martin Edwards, Jr. says. "Congress knows that if big banks are allowed to take over locally owned and operated real estate businesses, the market will soon be dominated by a handful of large banking conglomerates whose primary goal is to control every aspect of buying a home or a commercial property."
The public made its feelings known by sending 35,000 letters to O'Neill opposing the banks' endeavor. NAR will continue to campaign against the banking industry if it refuses to withdraw its request.
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