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Turf War: The banking and real estate lobbyists are ready to square off once again over banks selling real estate, an irony given that banks' ambivalence remains strong. But for one small Virginia maverick, selling real estate since January, business is booming.(Financial Services Modernization Act of 1999)
- Article from:
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US Banker
- Article date:
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September 1, 2005
- Author:
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Copyright informationCOPYRIGHT 2005 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lobbyists have been angling to enable banks to sell real estate for six years, ever since the Gramm-Leach-Bliley Act opened the door for banks to offer more financial products. But real estate brokerage has eluded banks, which have been stymied by legislative blocks, courtesy of the real estate industry.
This contentious issue could come to a head this legislative session, as banks fight for a slice of the $61 billion real estate brokerage market, a sum that, if attached to a single firm, would rank 19th on the Fortune 500, ahead of Boeing, Microsoft, Morgan Stanley and JPMorgan Chase. This is a market that's worth the fight.
Make no mistake, this is a fight. The ...
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