The banking industry has proven hundreds of billions of times over that they are not capable of regulating themselves, so we (consumers & agents) should all be pleased that this debate has finally been put to rest because it appears that after an eight-year battle, the war between Banks and the Real Estate industry has come to an end!
On Wednesday Congress passed an appropriations bill that would permanently ban the Treasury Department and Federal Reserve Board from finalizing a 2000 proposal to let banks into the brokerage business. The National Association of Realtors (NAR) believes it is a victory for consumers in protecting the separation of banking and commerce and maintaining a competitive real estate environment.
We can now resume our regular programming.
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