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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (70495)10/26/2007 11:07:02 AM
From: RealMuLan  Read Replies (1) of 116555
 
These Tough Lending Laws Could Travel
North Carolina's progressive protection laws for borrowers may become a nationwide model
businessweek.com
North Carolina has not had the same subprime grief as Nevada or Colorado. Nor is it known for the high-octane activism of California or New York. Yet as Washington lawmakers hash out how to deal with millions of potential foreclosures, North Carolina's predatory-lending laws are shaping the debate.

The Tarheel State's progressive stance dates back long before subprime became a dirty word. North Carolina passed its first comprehensive predatory lending law in 1999 and has revisited the issue several times since. In August, Governor Mike Easley signed the toughest law yet. The North Carolina Home Loan Protection Act bans penalties for borrowers who pay off their mortgages early, mandates that lenders verify income, and is expected to limit the fees brokers collect for arranging certain high-rate mortgages. Only a handful of states, including Ohio and Maine, have enacted similar restrictions this year. And North Carolina's latest regulation is a model for proposals now making their way through Congress, including a bill sponsored by Presidential hopeful Senator Christopher Dodd (D-Conn.). "North Carolina was at the vanguard," says housing expert Kathleen C. Engel, a professor at Cleveland-Marshall College of Law in Ohio, who notes that more than half of states now have some version of North Carolina's original law on their books.
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