Fix federal bill
Friday, November 30th, 2007
By Chris Fitzsimon
N.C. predatory lending law is a model — for a reason
The 1999 N.C. General Assembly produced an outstanding law on predatory mortgage lending that might have helped the nation avoid its current credit crisis had similar legislation been in place nationwide.
Now a congressional effort to adopt a federal predatory lending law would provide some of the same protections, but it doesn’t go far enough. The U.S. Senate should change a House-passed law to more closely model state law in North Carolina.
The N.C. law requires lenders to make pretty full disclosure to potential borrowers before loan papers are signed. And N.C. common law allows borrows to pursue unscrupulous lenders or note holders in state court — even if the lenders have sold the loan to other interests. more…
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