Raleigh News & Observer (NC) (08/19/08); Parker, Vicki Lee
In North Carolina, new legislation aims to, over the next couple of years, help at least 50 percent of the state's 50,000 homeowners now facing foreclosure to remain in their homes. Gov. Mike Easley signed a trio of bills designed to give the state greater authority over firms that service mortgage loans and to stop mortgage brokers from benefiting from high-cost loans. The new legislation not only requires lenders to give the N.C. Banking Commission and homeowners 45 days notice before a foreclosure is filed, it also gives commissioners the authority to negotiate with lenders on behalf of the consumer. Parts of the laws took effect on July 1, while others will take effect by New Year's Day 2009.
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