Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 23, 2009  |   Consumer Watchdog Agency Advances
The House Financial Services Committee voted Thursday to create a federal agency to police consumer financial products, including mortgages.

While all financial institutions would be subject to the rules the agency adopts, banks and other lenders with less than $10 billion in assets would escape the most onerous regulation. The bill would reduce the power of the Federal Reserve.

The bill would also give states the right to override federal regulations with stiffer state ones, although the federal government could override those if they interview with the ability of national banks to do business.

Critics said such an agency would have too much power. Only one Republican committee member, Rep. Michael Castle of Delaware, voted for the measure.

Source: The Wall Street Journal, Damian Paletta (10/23/2009)

Browse all of today's news
E-mail this page to a friend
Give us feedback


Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!