FEDS ASKED TO STOP HOME RESALE FEES
Thursday, July 29th, 2010Housing advocates and experts hosted a press conference today to launch the Coalition to Stop Wall Street Home Resale Fees and ask United States Secretary of the Treasury Timothy Geithner to ban the financial scheme.
Wall Street Home Resale Fees are a controversial new financial scheme that has already been restricted in 17 states, with Illinois Governor Pat Quinn signing legislation yesterday.
Some actors in the real estate industry, in consultation with Wall Street advisers, are attempting to add language to home purchase contracts requiring a percentage of the final sales price of a home be paid to private third parties every time the property is sold, typically for 99 years. These actors are then attempting to sell the right to collect these fees on Wall Street — lining their pockets while stealing equity from home owners.
The Coalition to Stop Wall Street Home Resale Fees brings together a wide array of organizations, including the American Land Title Association, National Association of REALTORS® , American Federation of State, County, and Municipal Employees, Vote Vets, the Institute for Liberty, the Center for Responsible Lending, and the Property Rights Alliance. The Coalition has organized to fight the financial scheme of Wall Street Home Resale Fees and to protect home owners across the country.
More information is online at www.stophomeresalefees.org.
Source: NAR
Copyright National Association of REALTORS®. Reprinted with permission.
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