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In 2001, the Coalition for Responsible Lending estimated that several common predatory mortgage practices cost U.S. borrowers $9.1 billion each year. For the most part, these practices were entirely legal under the law at that time. The report concludes that the solution is reforms to state and federal lending laws.

Summary of the North Carolina Mortgage Broker Licensing Law (pdf) Full Text of Mortgage Broker Licensing Law (pdf) Session Law FAQs about the NC Broker Law In August 2001, NC Governor Mike Easley signed into law the NC Mortgage Lending Act, Senate Bill 904. This law passed both houses with strong support and was endorsed by all major financial trade associations. It sets new licensing requirements for mortgage bankers, mortgage brokers and mortgage loan officers. It is the second phase of predatory lending reform in NC, following the NC Predatory Lending Act passed in 1999, which regulates the...

With huge profits at stake, the payday lending industry is fighting reform efforts by positioning itself as "consumer friendly," misrepresenting the facts, and circumventing state laws. Claim 1 : Payday loans provide needed emergency credit. Claim 2 : Payday lenders serve the working middle class. Claim 3 : Customers understand the cost of this service. Claim 4 : Payday loans are cheaper than other alternatives. Claim 5 : Fees are high because these loans are risky. Claim 6 : Most consumers use payday loans responsibly. Claim 7 : Consumers oppose any limits on payday lending. Claim 8 : The...

In 1999, North Carolina became the first state to enact legislation to curb predatory mortgage lending. Over the many years since, the North Carolina law has proven its effectiveness in curtailing predatory lending while preserving a robust subprime lending market. Full Text of the Law Short Summary of SB 1149 Full Summary of SB 1149 During the first year after the law's passage, North Carolina's citizens saved an estimated $100 million as a result of the law. The law did not increase interest rates on subprime loans in N.C, and subprime lending continues to grow in the state (up an estimated...

Full Text of the Law Short Summary of SB 1149 Full Summary of SB 1149 In 1999, North Carolina became the first state to enact legislation to curb predatory mortgage lending. Over the many years since, the North Carolina law has proven its effectiveness in curtailing predatory lending while preserving a robust subprime lending market. During the first year after the law's passage, North Carolina's citizens saved an estimated $100 million as a result of the law. The law did not increase interest rates on subprime loans in N.C, and subprime lending continues to grow in the state (up an estimated...
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