North Carolina’s Tough Lending Laws Get Business Week Attention
Submitted by itismyopinion on Mon, 12/10/2007 - 12:36am
Looking over a past issue of Business Week today, an article about North Carolina and our attorney general, Roy Cooper, and the tough lending laws adopted by the state. Cooper introduced the1999 law when he was a state senator.
According to the article, critics of the 1999 law argued that it would harm the housing market in the state. However, studies have found that it did not. The recent economic problems have not affected North Carolina as much as other states. The foreclosure rate has not risen as much as in the rest of the nation while the median home prices rose much faster than in the rest of the nation.
For more, read the article:
www.businessweek.com/magazine/content/07_45/b4057078.htm?chan=search
John Shaw
Cary, NC
Almost 10 years later
This law is still one of the best in the country. With people like Easley, Cooper and Brad Miller is it any wonder?
Thanks for the link.
"Keep the Faith"
"Keep the Faith"
Thanks, John
I haven't had time to read it, but it will be interesting to contrast what the article says with all the notice that the Observer is giving to the high number of foreclosures in Mecklenburg County. Someone must have found a way around the law for certain borrowers.
Robin Hayes lied. Nobody died, but thousands of folks lost their jobs.
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Vote Democratic, the ass you save may be your own.
Less of a problem here-but still a problem
I understand that there are fewer foreclosures in NC (and in Mecklenburg) than elsewhere. But we still have problems. Lenders who want to abuse the system, as well as those who borrow far more than they can afford, will find a way.
An important lesson is that this is a case where tough regulation has helped the public and has even helped those who are regulated.