NAR and Sen. Clinton Ask Congress to Keep Banks out of Real Estate

WASHINGTON, DC-In testimony before the US House Judiciary Commercial and Administrative Law Subcommittee, National Association of Realtors president Martin Edwards Jr. asked Congress to block banking conglomerates’ attempt to enter the real estate market. NAR has been spurred on by bills in the House and Senate to block banks’ effort, and by New York Sen. Hillary Rodham Clinton ‘s ardent advocacy of the legislation.

“We believe that letting financial holding companies and national bank subsidiaries enter the real estate brokerage, leasing and property management industries would have wide-ranging, adverse market effects–including a decline in competition, consumer choices and quality of service,” Edwards told committee members.