At the NAR Midyear meetings steps were taken to undergo a huge project for the association; the digital Library/Archive system for all property information in the country.
The idea of a single property database is not new. Google, Zillow and others have stated that having access to all the property information is something they desire. NAR’s current proposal would limit access to NAR members only, allowing the association membership to store and access information perhaps not readily available to the general public.
The “Library” as it is now being called, would not be an MLS database, but rather would simply be a storage and holding database for all property information, including potentially public records, MLS listing information, consumer added information or REALTOR® added information. The NAR Board of Directors gave approval for start-up funding for the project last year and now will be looking to the association for a “proof of concept”, according to a recently published article in REALTOR® Magazine. This would use one or more local markets to demonstrate to the Board how the Library would potentially function prior to the Board seeing any type of budget or business plan for the concept.
Monday June 16th at 1pm Central Time, NAR General Counsel Laurie Janik will hold a webcast to discuss details of the NAR settlement with the U.S. Department of Justice that concludes a 4 1/2 year investigation and antitrust lawsuit brought by the DOJ.
The settlement agreement will be detailed during the webcast, as well as the proposed revised VOW policy from NAR. A new definition for MLS participation will also be covered.
REALTORS® association Certified Executive (RCE) points may be earned for participation in the webcast.
>>>>>Click Here to register for the webcast or for system requirements
Members of three Real Estate groups have banded together to create a plan that will help minority ownership interest remain strong. The National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America (AREAA) and the National Association of Real Estate Brokers (NAREB) have teamed up to recommend a plan that would assist minorities in remaining in their homes during the current credit crunch.
The proposed plan includes creating a consistent policy for identifying declining markets, establishing a declining markets second mortgage fund, creating incentives that come from the Community Reinvestment Act (CRA) that would allow banks to assist in foreclosure prevention and setting state and federal licensure and education standards for all mortgage professionals.
Leaders of the three trade groups plan to meet with lawmakers to share opinion poll survey results and to outline their plan. They will also share opinions on upcoming legislation.
Countrywide, a long time major player in the Sub-Prime market, is set to be taken over by Bank of America, one of the few remaining large banks capable of the takeover.
On June 5th the Federal Reserve announced its approval of the notice that would allow Bank of America to indirectly acquire Countrywide Bank. Under the approval notice, BoMA would acquire Countrywide Financial Corporation and thereby acquire Countrywide Bank, FSB. Other non-banking subsidiaries would also be acquired in the takeover, including credit extension and loan servicing, real estate and personal property appraisal, asset management and debt servicing and collection.
The deal would add Countrywide’s approximately $61.7 billion in controlled deposits to the $1.7 trillion that BoMA already holds. BoMA is the largest depository organization in the United States when measured by total deposits, controlling approximately $711.7 billion, or about 10.04 percent of the total amounts of insured deposits in the country.
>>>>> Click Here to view the Federal Reserve Press Release
NAR Chief Economist Lawrence Yun shared economic forecasts and insights with 2008 NAR President-Elect Charles McMillan at the NAR Midyear meetings held last week in Washington D.C. The presentation has been made available in video.
The Midyear meetings are an opportunity for NAR leadership to combine association governance meetings with governmental affairs and lobbying efforts in the Nations capital. Held each year in Washington D.C., the meetings also allow for interactive communication between members, directors and staff.
>>>>> Click Here to watch the video presentation
