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February 20, 2002

Realtor Group Expands Campaign To Keep Banks Out Of Brokerage Business

Inman News Features

The National Association of Realtors has launched the next phase of an advertising campaign that aims to encourage members of Congress to cosponsor the Community Choice in Real Estate Act, which would block large banking conglomerates from participating in the real estate brokerage business.

Newspapers that carried the advertisements included the Charlotte Observer, Kansas City Star, Minneapolis Tribune, Orange County Register and Seattle Times. The ads urge constituents to call members of Congress and ask them to cosponsor the legislation.

The ads read: "H.R. 3424 will keep the personalized service consumers now receive from their local neighborhood real estate professionals....We need the support of strong (Congressional) leaders so that consumers and local communities will win."

NAR kicked off the campaign Feb. 9 with newspaper ads in nine Congressional districts represented by members of the House Financial Services Committee. More ads in additional Congressional districts are planned in the weeks ahead.

Banks are seeking permission to sell and manage real estate through a proposed regulation being considered by the Federal Reserve Board and the U.S. Treasury Department.

Copyright: Inman News Service

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