Real estate groups, write to Congress

Eight of the nation's leading real estate trade and professional associations have joined with the National Association of Realtors to sign a letter delivered to Members of Congress opposing a regulation proposed by the Federal Reserve Board and the Department of the Treasury that would allow banks to enter the fields of real estate brokerage and property management.

According to a news release from NAR, the letter argues that the proposed regulation circumvents congressional intent, potentially jeopardizes the safety and soundness of the nation's financial system and could result in severe, negative consequences for consumers.

In addition to NAR, organizations signing the letter are the CCIM Institute, the Institute of Real Estate Management, the International Council of Shopping Centers, the National Affordable Housing Management Association, the National Association of Home Builders, the National Association of Industrial and Office Properties, the National Auctioneers Association and the National Leased Housing Association.

The letter states in part, "If the Federal Reserve/Treasury Department proposal becomes enacted, it is likely to accelerate the consolidation of market power by a few large companies at the expense of smaller banking and financial firms. This could result in limited consumer choice and higher prices for home buyers and rental tenants."