Business Week's November 5th issue will have an article in the Finance section titled "These Tough Lending Laws Could Travel North Carolina's progressive protection laws for borrowers may become a nationwide model"
Click the link to read the full article from Business Week. I wanted to see what the North Carolina community on Active Rain had to say on the subject. I searched AR Blogs every which way, and found only two articles:
North Carolina Real Estate Agents:
Tracy Santrock, an Active Rain heavy hitter closing in on 90,000 points, wrote an article on September 7th titled Lenders Beware -North Carolina Law Forces Changes to Lending Practices . She has a link to the actual bill out of committee.
As an Accredited Buyers Representative, Tracy likes the legislation.
North Carolina Loan Officers:
Robert Enriquez' article North Carolina Stated Income programs ending January 1st pans the new law. Robert doesn't like the fact that stated income loans will no longer be available to Real Estate Agents, who receive 1099 income.- Author note: Don't they have child labor laws in North Carolina? LOL
North Carolina has had a Predatory Lending Law on the books for seven years. It was signed in July 1999, and implemented in 2000. Apparently it's not had the effect the lawmakers intended, because they decided to strengthen it substantially this session. There's an article on the existing law titled Assessing the Impact of North Carolina's Predatory Lending Law. Clickthe link; it's worth reading.
Here's my take on this. Secularism has become the de-facto religion of politics and public education. As a former teacher, I used to be able to point to Moses' 10 commandments, and tell my students that it's just plain wrong to lie, cheat and steal. You can't do that any more.
Peer pressure to do the right thing used to put cultural brakes on unethical conduct by individuals and the corporations by whom they were employed. No more.
The Real Estate and Lending industries will be the subject of increased regulation as States and the Federal Government try to re-create through legislation what Moses brought down from the mountain on stone tablets millenia ago. Thou shalt not steal... Thou shalt not bear false witness...
And that's the real estate opinion of this Tucson, Arizona mortgage lender.
