REAL ESTATE
Battling the Banks: Local realtors are gearing up to battle a proposal in new federal banking legislation that would allow banks to become real estate brokers.
Fullerton realtor Allan Gantt, a director of the Orange County Council of Real Estate Boards, says the proposal is unfair because banks can raise funds through federally insured deposits while regular brokers have to compete for money in an uninsured world.
And if you don’t buy the uneven playing field argument, Gantt has one more zinger.
In a letter to Rep. William Dannemeyer (R-Fullerton), he points out that the real estate brokerage business is cyclical, that there can be long spells of profitlessness, and asks that burning question: If the nation’s banks can’t even conduct their traditional business of loaning money without getting into trouble, how is letting them get into real estate brokering going to help?
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