Just yesterday all members of the National Association of Realtors (NAR) received the following email:
President Barack Obama signed H.R. 1105, the Omnibus Appropriations Bill, into law today. 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.This is a major conclusion which many of us believe will ultimately help preserve the distinction between both the real estate and financial sectors and the relationships that banks and creditors provide for buyers and sellers - ultimately protecting consumers and areas of these industries that affect the US economy.
For more information and to take a look at the informative answers to many frequently asked questions (FAQs), visit the
NAR's online reference on banks and commerce here.
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