George T. Eastment, III
Executive Vice President
Long and Foster Real Estate, Inc.
On Behalf of
The Real Estate Services Providers Council, Inc. (RESPRO®)
U.S. House of Representatives
Subcommittee on Financial Institutions and Consumer Credit
Committee on Financial Services
H.R. 3424, The Community Choice in Real Estate Act
July 24, 2002
Good morning, Mr. Chairman and members of the Subcommittee. My name is
George T. Eastment, III and I am Executive Vice President of Long and Foster Real
Estate Services, Inc. a full service real estate home ownership company headquartered in
Long and Foster Real Estate, Inc. has 200 residential real estate brokerage offices
that engage in real estate sales and leasing in Virginia, Washington, D.C. Maryland, West
Virginia, Delaware, and Pennsylvania, North Carolina, and soon New Jersey.
Long and Foster offers a full array of mortgage services through Prosperity
Mortgage, which is a joint venture co-owned by Long and Foster and Wells Fargo Home
Mortgage. We also offer personal, commercial, and financial insurance protection from
over 50 insurance companies through Long and Foster Insurance, a wholly-owned
insurance agency. Mid-States Title, another wholly owned company, runs five joint
ventures that conducted over 10,000 settlements last year.
Our firm has 12,600 sales associates and employees, of which 9,000 are members
of the National Association of Realtors.
I am a past Chairman of The Real Estate Services Providers Council, Inc.
(RESPRO®) and I currently serve as its Treasurer, as a member of the Executive
Committee, and as a member of the Board of Directors.
RESPRO® is a national non-profit trade association of approximately 200
residential real estate brokerage, mortgage, home building, title, and other settlement
service companies who united in 1992 to promote an environment that enables providers
to offer diversified services for home buyers and owners (one-stop shopping) t