Three Congressmen introduced legislation to block banks from entering real estate sales, stating that Congress never intended it as an option when it passed the Gramm-Leach-Bliley Act in ’99. Ken Calvert (R-Calif.), Paul E. Kanjorski (D-Pa.), and Steven C. LaTourette (R-Ohio), and their bill, H.R. 3424, have attracted the support of 125 other House members. “Maintaining balance (in real estate sales) is appropriate,” LaTourette says.
Banks Blocked
By R.E. Blake Evans
