According to a recent Business Week article, North Carolina’s progressive protection laws for borrowers may become a nationwide model.
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:
http://www.businessweek.com/magazine/content/07_45/b4057078.htm?chan=search
John Shaw
Cary, NC
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