Evening star., 1950-11-18
Realtors Urge
Modification
OF Credit Curbs
Miumi Convention
Asks End to Limits
On Home Ownership
By Robert J. Lewis
Ster Stoff Corrsxnondent

NSSStt SSWt9
stor S.off Correspondent
MIAMI BEACH, Fla, Nov. 18.-
The Nations realtors are on record
today as requesting modification"
Of the Regulation x" mortgage
credit curbs 80 as not to limit
home buying and home owner
ship"
In the closing sessions here yes
terday of the 43d annual conven-
tion of the National Association of
Real Estate Boards. the organized
real estate industry also voted to
oppose continuance of the Federal
public housing program and urged
that the law should be forthwith
repealed"
H. Clifford Bangs of Washing
ton was chosen by the delegates
as one of three members of the
associations Nominating Commit
tee who are picked by the dele
gates. An additional three mem
bers are chosen by the board of
directors and another three by an
association past president.
Koones Elected Director.
Charles c. Koones of Washing
ton was elected a national direc-
tor. succeeding Mr.. Bangs.
Attending the convention were
about 1000 persons, of whom about
80 were from the Washington.
area
Washington delegates abstained
from voting on an action to elini-
nate a reference in the associa-
tion's code Of ethics to prevail
ing rates of brokerage fees, and
substitute, instead, a suggestion
that realtors should charge "only
such fees as are fair and reason
able"
The change was made as an out
growth of a Justice Department
suit. against the National Associa-
tion and the Washington Board
charging the code of ethics pro-
vided for standard schedule of
fees in violation of the antitrust
laws.
Considered a National Matter.
A board spokesman said the
Washington delegates abstained
from voting because the action
was considered "a national
matter
The new code, of ethics reference
to fees reads as follows:
THE realtor should charge for
his services only such fees as are
fair and reasonable in the light of |
the service rendered, the circum-
stances surrounding the individual
transactions and the practice in
similar transactions, all to the end
that the client be charged no more
than the real value of the serv-
ices rendered by the realtor."
In another action, the conven-
ton left the way open for further
consideration of plan to raise
a fund for an advertising and
public relations program favoring
private property ownership.
Delegates accepted an interim
report" on the program made by
Walter S. Dayton of New York,
chairman of a committee which
developed plan to raise 81 mil
lion a year for the next three
years BY an assessment. Opposi-
ton led to withdrawal of this plan.
Question to Come Up Here.
An association spokesman said
some other plan than assessment
of members may be worked out;
and that the whole matter prob
ably would come up at national
Board of Directors meeting in
Washington next January.
Herbert U. Nelson, executive
vice president of the association,
said he believed the program had
wide support.
In resolutions adopted yester-
day, the organization made no
direct reference to rent control
legislation which may be intro
duced when Congress returns No.
vember 27. or at the next ses-
sion.
Breach of Faith" Charged.
Delegates commended congress
sional action terminating rent
control December 81, however,
and were thought to have made
no specific reference to future
legislation for tactical purposes
only, and not because of any op-
position within the organization
to a stand against new legislation.
In another action, the organiza-
ton declared "any denial of home
ownership because of the home
credit curbs is a breach of faith,
and such curbs should be i'm
mediately lifted"
The convention opposed direct
Government mortgage lending in
"any FORM" and Government
Intervention" in the fields of med
icine, education, agriculture and
other segments of our economy"