Yesterday, President Obama signed into law the FY2009 Omnibus Appropriations Act that permanently prohibits banks from entering the real estate brokerage and management businesses.
Consumers are now protected from potential conflicts of interest and inhibited competition that could have arisen, had banks been permitted to enter into real estate transactions.
The bill includes the provision NAR has been seeking on behalf of members and consumers to maintain the national policy against mixing banking and commerce and reinforce that real estate is commerce and not financial in nature.
NAR provides a myriad of information on this subject including history, FAQs and timeline of progress.
This is a victory in which we can all be proud, and a step in the right direction toward stability in our industry for REALTORS® and consumers.
Consumers are now protected from potential conflicts of interest and inhibited competition that could have arisen, had banks been permitted to enter into real estate transactions.
The bill includes the provision NAR has been seeking on behalf of members and consumers to maintain the national policy against mixing banking and commerce and reinforce that real estate is commerce and not financial in nature.
NAR provides a myriad of information on this subject including history, FAQs and timeline of progress.
This is a victory in which we can all be proud, and a step in the right direction toward stability in our industry for REALTORS® and consumers.
Great information. Thanks for sharing.....
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