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• W267760850 abstract "INTRODUCTION In August 2008, Governor Mike Easley of North Carolina signed House Bill 2623 and established North Carolina Foreclosure Prevention Project, a program he described as the first of its kind in nation. (1) In announcing new program, Governor stated that it would keep as many as 25,000 families in their homes over next two years. (2) The new law became effective on November 1 and has slowly started to gain notice among politicians and policymakers. Governor Easley has briefed National Attorneys General Association, fellow governors, and even President Obama on program. (3) Additionally, National Governors Association Center for Best Practices has issued a backgrounder describing HB 2623, in an attempt to raise awareness of legislation within policymaking community. (4) This Note will analyze content of HB 2623 to show that it significantly improves upon legislative interventions that other states have implemented in response to mortgage crisis. HB 2623 is unique in that it establishes a mandate for state to proactively assist every potential foreclosure victim, regardless of whether a homeowner asks for state assistance. In doing so, new law does more than any other to enable homeowners and lenders to voluntarily modify loans. At a time when many are calling for bankruptcy courts to unilaterally modify mortgages, or for legislatures to institute long-term moratoria on foreclosures, HB 2623 may offer a simpler and less controversial means of stemming crisis. HISTORY OF HB 2623 Before passing HB 2623, North Carolina ranked twenty-fifth among states by number of foreclosures, a relatively good position given that it is tenth most populous state. (5) The state may have avoided worst of foreclosure crisis because of earlier legislative measures to reduce predatory loans. In 1999, North Carolina became first state to enact anti-predatory home lending legislation, in an attempt to stem growing number of abusive mortgage loans made within state. (6) In twenty-one months following law's enactment, overall lending fell by 3.1 percent in North Carolina, even as it rose by 16.6 percent nationwide, 17.5 percent in South, and 31.4 percent in neighboring Virginia. (7) And though no study has conclusively linked their departure to new law, several lenders decided to completely exit North Carolina market after 1999 legislation went into effect. Unfortunately, North Carolina's relative success in regulating loans did not allow it to completely avoid foreclosure crisis. By April 2008, Pew Center on States estimated that one in forty-four North Carolina homeowners would experience foreclosure by end of 2010. (8) Such a forecast, while favorable compared to Pew's national estimates, (9) represented a serious problem for state. Pew projected that fourteen percent of state homeowners would feel ripple effects of foreclosures and that affected owners would see their property values decline by an average of $2,592, a loss that would remove $861 million from state and local tax revenues. (10) Governor Easley responded to crisis by lending his public support to HB 2623, a bill sponsored by Rep. Dan Blue (D-Wake). (11) As statewide foreclosures continued to mount, bill quickly moved through General Assembly. By July 2008, House had voted for measure 113-0, (12) and Senate supported it by a margin of 45-1. (13) On August 17, 2008, Governor Easley signed HB 2623 into law. (14) How HB 2623 WORKS The North Carolina Foreclosure Prevention Project created by HB 2623 applies only to home mortgage loans. (15) The bill defines subprime loans as those that have a rate spread equal to or greater than three percentage points for a loan secured on a first lien mortgage or five percentage points on a loan secured by a subordinate lien. …" @default.
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• W267760850 date "2009-01-01" @default.
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• W267760850 title "Stemming the Subprime Crisis: The North Carolina Foreclosure Prevention Project" @default.
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