Mar 11, 2009
NAR wins battle over banks in real estate
11 Mar 2009
Posted by VAR
Quietly, the lobbying staff at NAR is celebrating the passage of a congressional appropriations bill containing a measure that denies banks the opportunity to enter the real estate brokerage business. The American Bankers Association (ABA) recently gave up its lobbying efforts on the issue, but it wasn’t so long ago that it was the subject of congressional hearings and high-stakes political posturing from both the ABA and NAR.
However, it seems the bankers’ lobby has bigger fish to fry these days, and its membership, much of which is in survival mode, wasn’t particularly interested in pursuing real estate brokerage.
NAR must consider this turn of events very fortuitous, as they also have bigger fish to fry, such as the Obama administration’s proposal to make changes to the mortgage interest deduction.