NC Lawmakers Still See Home Foreclosure As Crisis

A proposal in the North Carolina legislature would extend the life of a foreclosure prevention program, and expand it to all borrowers at risk of losing their homes.

The Senate Finance Committee on Wednesday recommended a bill that would extend the program's life from October to May 2013, when lawmakers believe the worst will be over.

Mortgage servicers have been required since 2008 to warn homeowners with subprime loans 45 days before pursuing a foreclosure in court. The state banking commissioner is also notified and that office encourages homeowners to get help from a non-profit housing counselor.

The bill would assess mortgage servicers a $75 fee that the banking commissioner could use to support counseling and non-profit legal services.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Anonymous on Jun 11, 2010 at 06:10 PM
    Democrats have run this state for over 100 years. what more should we expect.
  • by Audra Location: SoCal on Jun 10, 2010 at 03:06 AM
    Wait... in english... who would be charged the $75?
  • by Superdave Location: Greenville on Jun 9, 2010 at 05:25 PM
    Thanks, but way too late for thousands affected.
  • by Kimo Location: Belhaven on Jun 9, 2010 at 05:14 PM
    With one hand, we are letting teachers go for lack of money and with the other hand we are playing Nanny State with money we don't have.
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