Cendant Corp. Is Running Scared

"A white paper released today by the real estate franchise giant argues that the proliferation of virtual office Web sites known as VOWs would force traditional brokerage companies to pay out referral fees to 'third party' companies and that the payment of such fees would 'do extreme damage to the operational viability of certain real estate companies...(and) effectively drive local real estate brokerages/agents out of business.'"