It looks like if you want to be a realtor you will need to be a banker too...

Well, I know of a couple Bankers in Idaho that already think this has passed!  They also think they can dispense Accounting and Legal advise as well!

Thanks for the heads up!

Unbelievable!  I guess these big banks need to be prepared for MAJOR litigation--we've got too many i's to dot and t's to cross to just fly by the seat of your pants for very long!

 

That is why NAR is great! NAR lobbyists fight for us in many ways. The California Association also fights for our rights and that is why it is important for CAR members to pay their political survival dues along with their membership dues!

Treasury Secretary Paulson is a big advocate of opening the door for banks to compete in real estate.

Contact your Republican friends in the Bush administration and tell them you want the Banks to stay out of real estate.  You might consider asking Mr. McCain if he plans to continue this nonsense.

What is this world coming to?

 

Here in Washington State alot of it has passed local legislation. It is estimated that all Brokers who do not align themselves with a banker can not do Conforming, FHA and VA loans by the end of the year. Wells Fargo has a new discosure form if you broker a loan thru them you have to disclose the rate and eact amount of YSP and when you lock in the loan, if you make more, it will be given back to the client. Countrywide and others are following. It is a way to make it so that Mortgage brokers can't be competative. So it is happening anyway.

Sometimes I wonder if the lawmakers pass things just so that lawyers will have something to do:  LAWFARE, welfare for lawyers.

It is going to be interesting to see what lawmakers pass...agree with Kent

Tom Davis Realtor In Delaware

Look who controls the Federal Reserve (which is NOT a Federal agency in case you don't already know), banks (JP Morgan, etc..), who also now think they need to control Wall Street.  So now this...  We are slowly loosing our America "the land of the free and the brave"

The control still belongs to the people, even though every day we are giving up an ever so little bit without even noticing.  We elect our government and our president.  It is more important than ever to be educated on the facts.  American's (as a whole) have been too concerned with the facts on what car they are going to buy next than finding out the facts about our government officials.  When you try to share some of the real facts backed by research they think you are crazy (because they don't want to believe the truth I guess)!  We need a voice and we will only get it by more people becoming aware and standing up for themselves.  Fellow Facebook friends, please, take this serious so we can get this country back on track.

 Thank you John for your research and willingness to share your thoughts and information.

John,

Large banks are trying to use this chaos in the mortgage and financial markets to skew legislation even more in their favor, at everyone else's expense. Hopefully the NAR action will put some sense to the whole exercise.     

The Federal Reserve doesn't really control anything. They set money rates for banks to go by. When they lower the prime rate, it is to encourage the banks to lower short term interest rates to make more credit available, becasue they make more of a spread between the prime and their rate. And then they lower short term rates to stay competative.  The lowering of the prime rate has nothing to do with mortgage rates. But this sometimes spures the 10 year treasury note, and then when the treasurey note goes up, mortgage rates come down, and visa-versa. And the banks do not control the Federal reserve. The banking Commitee controls the banks. The SEC and NASD combined last year to become FINRA just so they could have better control and share knowledge of Investment firms. That is why the SEC is haveing the FBI investigate Countrywide for securities  fraud. Here in my little part of the world. Alot of Real Estate Companies own or have a Bank or Brokerage right in their offices. Realtors are trained on bringing in customers, stearing, or should I use the term leading them down the hallway, to get pre approved. Most of them do this because they own the brokerage or get about 30% of the loans.

Any City you go to. Look at the biggest and tallest buildings...who do they belong to? Banks and insurance Companies...He who has the gold, makes the rules. Funny thing is...the Government no longer has gold to back the money...It is just printed whenever they need it and has been for years. Gold is a commodity to be traded on the over-the-counter market.

Chuck,

I respect your knowledge of the banking system and how things are set up, but I ask you, have you viewed the resume's of the people who sit on the board of the Federal Reserve?  Take a look at them and then tell me that the mega banks of the world don't control our money!  Why did our governent give up control of something that was so valuable to our livelyhood?  Our government should have control of our money, not a privately held compay with their personal pocket books at stake!  Why do you think that they are proping up mega banks?  I say to save their own butt because they know that if they don't our currency as it is today will be no more and they will be out of a job, and worse yet, probably bankrupt.  Since we now print money out of thin air backed by nothing, which in turn devalues our $, I totally agree that our money needs to be backed by gold and that we should have NEVER moved away from it.  By the way, do we even know where the gold "that we use to have" is???  They can't account for millions of dollars in gold.  In fact, there is roomer a whole truckload went missing that was sitting in the basement parkade of the twin towers the day of the 911 attacks!  Ask yourself too, why did they add a purple 5 to the five dollar bill?  Are they preparing us for a new currency?  One maybe that may be used all across North America?? 

 I'm not one to buy in on conspiracy theories, but by just doing research you can come up with the same questions too, I promise.

Susan The banks absolutely control the money...they also control the legislation that is being passed to get rid of Morgage brokers. My company is merging with a local banker just to stay alive. Big banks will never go bancrupt. As we have seen lately, the Feds are bailing them out by raising Fannie and freddie limits. What the heck...it's only taxpayers money! Reagan gave up control of our money when we had the S & L problems in 87.

Yes, we do know who owns the gold, mostly China, Canada and some european countries like Germany. We have been trying to go to a world currency for the last 7 years, but other countries do not want to do that because they can trade their currancy on the open market based on the spending power of the dollar.

Nothing is going to change until we quit putting politicians in the white house. The economy is a global business, and businessman don't run for office because it doesn't pay very well.

Jean The NAR is fighting for Realtors...they haven't done a thing for the mortgage industry. New legislation is already putting Bokers out of business as far as FHA and VA loans.

Why is it that Realty Companies are all puting banks in their Real Estate offices and stearing clients to them. It's because in house lenders are giving them 30%. So the customer gets 30% screwed at the hands of the Realtors that steer them into that situation. And Real Estated Brokers are encouraging it because that 30% goes to them and programs to help RE Companies.

New FHA legislation is going to prohibit realtors from doing loans or being bankers.

I know for a fact that the two main RE Companies in my city are getting kick backs.  I don't know what percentage though.  Yes, in a way it is steering, but they claim they don't make the clients use their banking options.