Cracks in the Federal Guidelines For Banks and Tarp Money!
By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame
The NAR fought hard to get passed a law which prevents banks from owning a real estate company. I hope each of you can understand this as it could surely open a can of worms for "conflict of interest" for Brokers and Agents.
Now here is where the wheels go off the track. The law states a National Banks, not Regional Banks. Oh, yes I know of a regional bank which purchased a real estate company. This annoys me and I do believe that it is not above board. In fact I have a checking account with this bank and I intend to close the account. I will never refer any of my clients to use the mortgages offered by this bank either.
I know other agents who feel this way and some of them are even at the said real estate company.
Now there are a lot of rumors as to where the money came from for this purchase of the real estate company. I do not know, I just know it was not long after Tarp money was given to the banks and one of the managers of the bank told me that they were in good shape, but they did take the TARP money! Humm???
Is there not anyone watching the candy store? I have a dear friend who has a saying that would work in this situation. "We are stomping on the ants while the elephants are running amuck". Amen to that!
Just my observation, I wanted to share.
Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.
Visit my web sites to view other listings at www.voncannonrealestate.com www.elainesrealestateinvirginia and www.estatesinvirginia.com You will also find articles and more information on homes, the Virginia real estate market and my team.
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