Thursday, April 2, 2009

Banks in Real Estate


On Wednesday,March 11th,  President Barack Obama signed H.R. 1105, the Omnibus Appropriations Bill, into law. In doing so, he ended our nearly eight-year battle to preserve the separation between banking and commerce.

Specifically, this new law permanently  bans large national banking conglomerates from entering the real estate business by preventing the Treasury and Federal Reserve, by rule, order, or any other way, from opening the door to such activities.  We have been fighting the banks’ entry into real estate for eight years and thus, this is a great victory for REALTORS® and consumers!