News Summary for May 16, 2006
American Banker ran a letter to editor by Tom Stevens on recent OCC opinions where Stevens urges that "real estate brokerage, property management, and development are commercial activities that (should be) off limits to banking organizations. We will continue to work towards that end." Another American Banker article mentioned NAR's opposition to Home Depot's deal to buy an industrial loan company.
Tom Stevens was quoted in News Orleans City Business on the upcoming NAR convention in New Orleans. Stevens stated, “Once we realized the devastation was not really in the city center, we knew our people would be fine. We said there was no reason to pull out our dollars. We wanted to put them there and help rebuild the city.” NAR is raising money for relief efforts and will team with Habitat for Humanity to help build 54 homes in the area.
