New NC Mortgage Rules to Reduce Foreclosures Approved by Rules Review Commission |
| The North Carolina Office of the Commissioner of Banks (NCCOB) announced that the mortgage rules adopted in March 2010 to reduce foreclosures have been approved by the Rules Review Commission and will take effect for licensed mortgage servicers on June 1, 2010. NCCOB first proposed the rules... click here for more |
NC Homeowners have two new regulations to help them fight foreclosure |
| North Carolina state regulators have ruled that once a homeowner asks for a loan modification, any foreclosure actions must be halted. Previously, lenders pursued foreclosures at the same time they were working with homeowners to make their loan payments more manageable. That puts homeowners up against the clock.''We believe that... click here for more |
NC residents now have new protections from foreclosure and unfair debt collectors |
| North Carolina Attorney General Cooper backed new law to save homes and communities, stop harassment from debt buyersNorth Carolinians who face the loss of their homes through foreclosure or harassment from unfair debt collectors now have new protections under the law, according to NC Attorney General Roy Cooper. The Consumer... click here for more |
NC Governor Signs Bill to Protect Consumers from Home Foreclosures |
| Senate Bill 974 will save North Carolina communities and protect against unfair debt collectorsRALEIGH – Last week, North Carolina Governor Bev Perdue signed Senate Bill 974, The Consumer Economic Protection Act Of 2009 (CEPA),which will help homeowners facing foreclosure, preserve communities, and protect consumers from unfair debt collectors. “When a... click here for more |
CREDIT CARD FIRMS TRY END RUN AROUND NEW FEDERAL RULES |
| Banks are quietly changing the terms of millions of credit card accounts as they brace for a tough new law that will limit rate hikes, according to a recent commentary in the Los Angeles Times. The Credit Card Accountability, Responsibility and Disclosure Act (P.L. 111-24), which President Obama signed in... click here for more |
Obama Set to Approve New Rules for Credit Cards |
| New rules for the credit card industry that are designed to protect consumers from surprise charges, such as over-the-limit fees and costs for paying a bill by phone, are part of a bill President Obama is set to sign into law today, the Associated Press reported today. Obama plans to... click here for more |
Congress Passes Anti-Foreclosure Bill |
| Congress yesterday sent the president legislation that encourages banks to spare homeowners from foreclosure, after the industry helped scuttle a tougher measure that would have forced lenders to reduce monthly payments of owners in bankruptcy, the Associated Press reported yesterday. The House voted 367-54 to pass the Helping Families Save... click here for more |
A Fight Rages Over a Tool Called "Cram Down" |
| by Matt Renner, Truthout:Washington, DC - A fight on Capitol Hill rages over a tool called "cram down." Proponents say the proposal is essential to fixing the foreclosure crisis and empowering homeowners to negotiate with the banks that hold their mortgages. Opponents say it will make lending riskier and raise... click here for more |
Mortgage Bankers Coming to the Goat Man for Wool! |
| Bankruptcy Mortgage ModificationsBy O. Max Gardner IIILast Thursday, the U.S. House of Representatives passed by an overwhelming majority (234 to 191) the Helping Families Save Their Homes Act of 2009 (HR 1106). The Bill was co-sponsored by our own NC Representative Brad Miller and is strongly supported by the... click here for more |
NACBA Statement on Obama Foreclosure Plan |
| NACBA SUPPORTS PLAN FOR JUDICIAL MODIFICATIONS OF MORTGAGES, URGES SWIFT CONGRESSIONAL ACTION AND INDUSTRY FORECLOSURE FREEZE UNTIL NEW LAW IS IN PLACEWASHINGTON, D.C. -- The following statement was issued on behalf of the 3,500-member National Association of Consumer Bankruptcy Attorneys (NACBA) by bankruptcy attorney and NACBA president Carey... click here for more |
DATA: MORTGAGE “FORECLOSURE PREVENTION” FIXES FAILING TO WORK |
| Near Half of Homeowners in “Loan Modification” Programs Face Higher Monthly Payments; Failure of Voluntary Industry Efforts Hikes Pressure on Incoming Obama Administration, New Congress to Clear Way for Court-Supervised Modifications.WASHINGTON, D.C. -- Much hyped “foreclosure prevention programs” relying on voluntary loan modifications are failing to reach a significant number... click here for more |
NC Attorney General Cooper goes after Charlotte foreclosure rescue scams |
| Firms take struggling homeowners’ money, fail to save their homes North Carolina Attorney General Roy Cooper is taking legal action to stop three Charlotte, NC area foreclosure rescue companies from charging high fees but failing to save consumers’ homes. “So-called foreclosure rescue schemes prey on desperate homeowners, pushing them even closer... click here for more |
Bankruptcy "Reform" Fails to Deliver |
| Tough new laws don't prevent rich or poor from filingWhen Congress passed bankruptcy law reform in 2005, it was supposed to provide greater protection for the poor, while forcing the more well-off to pay their debts. It has done neither, according to a new study co-authored by University of Iowa... click here for more |
CREDIT CARD USERS FACE HIGHER FEES AND RATES |
| While the Federal Reserve has slashed its benchmark rate to 1 percent, many consumers are still getting hit with higher rates and fees on their credit cards, according to the Wall Street Journal. Though average credit card rates have fallen slightly as the Fed has cut interest rates, banks and... click here for more |
NC and 10 other states reach agreement with Countrywide to help nearly 400,000 homeowners facing foreclosure |
| North Carolina Attorney General Roy Cooper says agreement will offer help to more than 5,000 NC homeownersRaleigh: Mortgage lender Countrywide Financial Corporation has agreed to provide approximately $8 billion in home loan and foreclosure relief to as many as 397,000 homeowners across the country including more than 5,000 in North... click here for more |
BANKS PUSH CONSUMERS HARDER ON CREDIT CARD DEBT |
| As more people struggle under credit card debt, many banks are intensifying their collection efforts, the Wall Street Journal reported recently. Citigroup Inc. has hired more collectors, increased the frequency of calls to delinquent customers and expanded programs that let borrowers temporarily postpone payments or settle debt for less than... click here for more |
NC GOV. EASLEY ANNOUNCES PLAN TO SAVE 20,000 HOMES FROM FORECLOSURE |
| Legislation Will Help Homeowners Keep Loans Affordable And Reasonable Raleigh - North Carolina Gov. Mike Easley called on the General Assembly to give quick approval to legislation that will help thousands of homeowners with exploitive subprime mortgages avoid foreclosure. The legislation requires that borrowers receive at least 45 days notice... click here for more |
NC Superior Court Judge Stops Premier Subprime Credit Card Solicitations |
| N.C. judge puts restraining order on credit card companyA North Carolina Superior Court judge has ordered an Arizona company to stop contacting consumers in North Carolina and offering them credit cards. North Carolina Attorney General Roy Cooper's office says Premier Nationwide Corp.of Scottsdale, Arizona, has previously contacted consumers by mail... click here for more |
Hope Now's Successes May Be Over Rated |
| According to a story written by Lynnley Browning in a recent edition of the New York Times, Hope Now, the White House's initial answer to the country's mounting foreclosures, is failing to provide much help to struggling homeowners, largely because it is operated by the very people who caused the... click here for more |
U.S. Senate Throws Out Single Most Needed Step to Help Millions of American Families Keep Their Homes |
| Joint Statement from Civil Rights, Consumer, & Housing Groups Washington, DC - More than 15 national organizations (listed below) issued the following joint statement in response to the Foreclosure Prevention Act and its failure to include bankruptcy measures:"The Senate Housing package misses the single most significant step needed to help... click here for more |
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