North Carolina legislators have moved to beef up a program to keep the home foreclosure crisis from reaching more deeply into the middle class.
The Senate gave final approval Wednesday to extend a foreclosure prevention program expected to end this fall until mid-2013 and to expand it to all borrowers at risk, not just those with subprime loans. The bill was approved 45-3 and goes to Gov. Beverly Perdue's desk.
Mortgage firms have been required since 2008 to warn homeowners with subprime loans before pursuing a foreclosure in court. The state banking commissioner is also notified and encourages homeowners to get help from a nonprofit housing counselor.
Proceeds from a $75 fee on mortgage services could support counseling and nonprofit legal services.