It has been a long hard fight, but the REALTORs have come out on top!! If the banks had won, real estate agents may have become as scarce as travel agents within a few years.
On Wednesday, March 11th, 2009, President Obama signed HR 1105, the Omnibus Appropriations Act of 2009. Among the bill's many provisions, is one that affects us all. Banks are now permanently prohibited from getting involved in real estate brokerage and property management.
This obviously benefits us in that banks won't be able to squeeze us out, but it also benefits our clients. As agents, we work for them and watch out for their interests, instead of the banks' bottom line.
The National Association of Realtors has fought for this for the past eight years. We should all celebrate this great victory! The NAR website has some great information on their website about this bill and what it means for real estate. http://www.realtor.org/banks_and_commerce.nsf/Pages/banks_in_real_estate?OpenDocument