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Real Estate Confronts the Banks
Stefan Swanepoel
Dennis Galloway
Kenneth Jenny
Real Estate Confronts the BanksUntitled Document
Real estate report on the proposed legislation allowing banks to enter the real estate brokerage industry. An extensive debate has raged since the 1980’s about the shortcomings of the Glass-Steagall Act, and during this time the Board of Governors of the Federal Reserve System and the Secretary of the Treasury softened some of the act’s separation provisions. By 2001, proposed legislation recommended the removal of the separation of commercial and investment banking entirely, thereby allowing banks to enter the real estate brokerage industry. In opposition to this legislation, the National Association of REALTORS® claimed that consumers would be the ultimate losers if financial institutions entered the real estate brokerage industry. Supporting the legislation, the American Bankers Association contended that the benefit was access to greater choice and healthier competition. In an effort to provide an objective and balanced opinion about this controversial subject, the fourth publication in the Real Estate Confronts series, became one of the most comprehensive and well-cited publications on the heated topic.
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