Realtors Storm Capitol Hill

May 16, 2002

Edwards Rallies NAR Delegates In Advance Of Today?s Meetings With Congress

Marcie Geffner
Inman News Features

Washington, D.C. ? National Association of Realtors 2002 President Martin Edwards Jr. yesterday afternoon warned Realtors not to interpret Treasury Secretary Paul O?Neill?s recent announcement delaying the decision on proposed regulation that would permit banking institutions to engage in real estate brokerage as a victory for NAR.

"This postponement is a political tactic that benefits the banks. It?s giving them time to score more points," Edwards said during the members? and directors? forum that opened the association?s midyear governance meetings being held here this week.

Edwards took the opportunity to rally the Realtors in anticipation of their visits to Capitol Hill today and tomorrow. The association?s efforts to block the proposed Federal Reserve and U.S. Treasury regulatory change is the top item on the legislative agenda again this year. Realtors are being encouraged to thank Congressional representatives for their support of House legislation that would bar banks from the real estate brokerage business and encourage Senators to sign on as sponsors of the companion bill.

"We need to redouble our efforts, keep up the pressure, maintain the momentum and pass this legislation," Edwards said.

The fact that the Realtors are meeting in Washington this week didn?t escape the notice of the American Bankers Association. The ABA ran a full-page advertisement in the local Washington Post on Tuesday welcoming the Realtors to the city.

Edwards was decidedly unimpressed.

"I appreciate their welcome. It?s a nice political tactic to tell you not to let down your guard. We?re not going to do that. We are going to push for a resolution now by getting more cosponsors in the House and pressing even harder for support in the Senate," he said.

Edwards said the battle against the banks is the Realtors? "defining issue" and that they should remain "determined, steadfast and engaged" in the fight.

Edwards and ABA Executive Director Edward Yingling are scheduled to testify before the House Judicial Subcommittee on Commercial and Administrative Law on Thursday afternoon.

The Realtors later in the program gave Edwards a standing ovation applauding his efforts to lead the association in this effort. roviding collateral score products and automated valuation models. A collateral score is helpful in measuring the adequacy of collateral securing a loan, similar to a credit rating that helps to measure the creditworthiness of a borrower. Hansen's collateral score products include quality control of closed loan appraisals, loan portfolio assessment for securitization or sale, collateral evaluation at the outset of the underwriting process and risk analysis in the extension of credit.

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Copyright: Inman News Service

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