Industry News

Realtor association manipulates members

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Has the National Association of Realtors succumbed to paranoia over the prospect of national banks getting into the real estate business? Or has the association launched a deliberate campaign of misinformation to raise money for its lobbying activities? A press release the 970,000-member organization released last week about federal banking laws appears to be so farfetched in its assertions that it suggests the folks at NAR have gone at least a little bit bonkers. The association believes that a new federal banking rule which allows national banks to skirt state banking laws or another hypothetical rule like it could enable national banks to ignore state real estate licensing laws if they were allowed to enter the brokerage business. But the federal agency that regulates national banks has said the rule has nothing to do with real estate brokerage and couldn't apply to real estate licensing laws. The Federal Reserve and U.S. Treasury want to open real estate's doors to national ba...