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Sides drawn on banks-as-real-estate-brokers issue.

Publication: Westchester County Business Journal
Publication Date: 24-JAN-05 		Format: Online - approximately 718 words
Delivery: Immediate Online Access
Full Article Title: Sides drawn on banks-as-real-estate-brokers issue.(Banking And Finance)

Article Excerpt
Judy Johnson, a real estate agent in Somers, thinks the idea of letting hanks in the business of brokering property is exactly what her industry doesn't need.

"We have enough competition," she said. "There are thousands of Realtors in Westchester County already."

Ever since officials in the U.S. Treasury Department and Federal Reserve Board interpreted the 1999 Gramm-Leach-Bliley Act to mean that banks should be allowed into the field of real estate, Congress has blocked the move by prohibiting any financing to implement the proposed regulation.

Not all real estate agents are concerned about the prospect of competition with banks.

"Is it really going to hurt?"...

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