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I've been sent this in an email - what are your thoughts? will you be petitioning?
Once again the Big Banking Conglomerates are forcing their way into Real Estate. And once again, they are going around Congress to get this done.
We need you to speak up and urge Congress to reign in this bank "regulator".
This past December, the Office of the Comptroller of the Currency (the OCC) expanded the authority of certain banks to engage in commercial real estate. As a result, one bank can now build a Ritz Carlton hotel, another is building 32 condos and a third has permission to own a windmill farm! No matter how you look at it, the OCC has crossed the line between banking and commerce.
The savings and loan scandal of the 1980s was caused by government policies which allowed the mixing of banking and commerce. The same mixing of banking and commercial activities devastated the Japanese banking system and crippled that country's economy for years. If banks are allowed to own and develop real estate, we could face an even greater crisis than we did in the 1980s.
Your REALTOR voice needs to be heard now. The OCC's decision cannot go unchecked. Urge your lawmakers to contact the OCC about this abuse of power.
Take Action NOW. In just three clicks you can send a personal letter to your federal lawmakers. REALTORS play by the rules – so should banks.
Click Here we need to make sure we let Members of Congress know NOW!
We need you to speak up and urge Congress to reign in this bank "regulator".
This past December, the Office of the Comptroller of the Currency (the OCC) expanded the authority of certain banks to engage in commercial real estate. As a result, one bank can now build a Ritz Carlton hotel, another is building 32 condos and a third has permission to own a windmill farm! No matter how you look at it, the OCC has crossed the line between banking and commerce.
The savings and loan scandal of the 1980s was caused by government policies which allowed the mixing of banking and commerce. The same mixing of banking and commercial activities devastated the Japanese banking system and crippled that country's economy for years. If banks are allowed to own and develop real estate, we could face an even greater crisis than we did in the 1980s.
Your REALTOR voice needs to be heard now. The OCC's decision cannot go unchecked. Urge your lawmakers to contact the OCC about this abuse of power.
Take Action NOW. In just three clicks you can send a personal letter to your federal lawmakers. REALTORS play by the rules – so should banks.
Click Here we need to make sure we let Members of Congress know NOW!