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NAR Asks Banks to Back Off

WASHINGTON, DC-The National Association of Realtors is requesting that the banking industry relinquish its pursuit to enter the real estate market. Congress and many citizens have expressed their dislike of the notion, and the US Treasury has delayed decision on the matter until 2003.

By Barbra Murray | Updated on April 24, 2002

WASHINGTON, DC-Now that US Treasury Secretary Paul O’Neill has delayed until next year the Treasury’s and the Federal Reserve’s decision on allowing banks to enter the real estate business, the National Association of Realtors has called on the banking industry to abandon its pursuit. NAR cites the public’s wariness of the proposal, as well as the US House of Representatives’ bill that would disallow banking conglomerates’ entrée into real estate brokerage and property management as significant reasons for banking lobbies to back off.

“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.”

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