The Oregon State Association of Realtors was successful this week in reversing a state legislative decision to regulate Real Estate Brokers engaged in short sale negotiation under the rules of the Federal M.A.R.S. act.
The M.A.R.S act intended to real in rogue Mortgage Brokers, was interpreted by the state Attorney Generals office to blanket Real Estate practices as well.
The association of Realtors said no!
The implications of this reversal is very broad as to consumer choice when choosing a qualified hand in a short sale negotiation with an institutional lender, and sets a legal precedent that will most likely followed by other state regulatory agency's.