Realtors demand fair distribution of foreclosed property listings

We the under signed, Realtors of the United States of America now possess a direct interest (as a direct result of TARP, Troubled Asset Relief Program) in variety of different lenders that are selling their toxic real estate assets through an overtly low percentage of fellow real estate agents.

The lenders disposing these real estate assets have made it exceedingly difficult and in many cases impossible, for the vast majority of Realtors to fairly compete for this business. In point of fact, empirical data reveals that .006\% of Realtors are listing and selling 95\% of all REO Properties (bank owned real estate). With many markets around the country being totally dominated with foreclosure sales only, the rest of the industry of over 1 million Realtors has nothing left to compete for.

We believe, it is within our constitutional rights as citizens of the United States, and "now" stakeholders in these banks, to demand a fair and equitable involvement in who facilitates the liquidation (sales/listings) of these bank owned real estate assets.

The unbalanced percentage of market share being given to this small number of agents is creating greater shortfall for lenders. Realtors listing and selling bank owned property have vast inventories with business models that do not have the capacity to manage them effectively. The result is bank owned property market times are longer and purchase prices are less; making the net financial cost on the American taxpayer, greater.

Based on these facts, we the undersigned, make the express request that a bill be constructed in the United States Congress requiring lenders that have received TARP monies to immediately adopt policies that require the hiring of new Realtors to list and sell their real estate owned foreclosure assets.