Real estate in the US is not on the same scale as the Estate Agents in the UK. It cost more to open a candy store and has more regulations than a real estate firm.
Coldwell Banker was owned by Sears who also owned a bank at the same time. So this is nothing new they are simply pushing the regulatory line back so the scope of review is beyond any one regulatory entity. So if for instance a bank hoists some hinky real estate deal and they are a national bank they get a watered down regulator like the SEC or Feds rather than some State regulator.
Banks, Insurance, and Brokerage are all attempting to become extra territorial and national in scope. This is a states rights issue, something we have been fighting for sometime. The Feds have stalled on the judicial fiat front so now the interested abuser of jurisdictional mandates like banks are attempting to have new codes applied.
Posted by Jimbo at June 20, 2005 10:04 AMMaybe 'protecting the milch cow' is closer to the point...
http://www.dailyreckoning.com/RudeAwake/Articles/RA061705.html
(see the graphic "Addicted To Mortgages" about 1/3 down the page)
B.T.W. ...
"Traditionally, when a depression came, a new section of land was opened in the West; and even our temporary misfortune served our manifest destiny." Franklin Delano Roosevelt: Commonwealth Club Address, 23 Sept 1932, San Francisco, CA.
(Adds strength to the view that military expansion is an inescapable consequence of a usury based money.)
Posted by Hasan at June 21, 2005 07:50 AMYowsa! That's a jaw dropping chart!
Just to bring it ever so slightly back to the topic of the post, this para speaks directly:
"Of course, the principal direct contribution to GDP from existing home sales comes from commissions paid to real estate brokers, mortgage brokers and Wall Street securities houses which 'securitize' mortgages," Kasriel notes. "[But] if this housing frenzy were to slow down, it likely would have a major ripple effect on the economy as a whole."
Hurray for banks! I am a firm believer in banking needs to stick to banking an RE needs to stick to RE (jack of all trades, master of none)...however, RE's have proven that is not the game they play by getting into the Title and the Mortgage Business. What is good for the goose is good for the gander.
I am patiently standing by to throw my license up with my bank employer...Realtors,you set the standard!
Posted by Vicki at February 5, 2006 12:03 PM