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1999 North Carolina adopted the first state in the nation, a law on predatory lending practices. The law envisages the need groped to define the characteristics of predatory loans. These include the granting of loans with prepayment characteristics of over-funding before packaging, which translates into nothing more points and added value for creditors, on the basis of collateral for loans and pay the borrower's ability to provide andLoans without sufficient explanation of terms and conditions.
It is difficult to define where the line between predatory lending and aggressive marketing tactics. North Carolina has attempted to do it, but nine years later, many states and the federal government is trying to North Carolina law as a reference in the legislation.
He argued that the prohibitions in the law has increased the North Carolina Mortgagedifficult for borrowers to receive subprime loans.
While the law has strengthened some marginal lending practices, is generally considered a success. Too much truth in subprime loans has reached epidemic proportions in five or six years after the law was enacted. It 'possible that reading a certain number of people in North Carolina has saved to go through the standard and issues of estoppel, is always around the country.North Carolina Studiespredatory lending suggest that, although a reduction in subprime mortgages was followed by a reduction in applications for credit risk. The conclusion was that the reduction of the result of falling demand. A fact that was highlighted by the national comparison is that California represents about 33% of subprime mortgages in the country â€" or two or three years ago.
North Carolina, continues to enjoy healthy growth.
TheRelocation of businesses in the state are a good combination of technology-oriented companies with industrial enterprises that require a significant number of employees. Home Sales in North Carolina is still high and the market for mortgage loans in North Carolina is still healthy. While some lenders do not depart from the state after the passage of the predatory lending laws, none of them was the main contributor to the country or countries in the top twenty.People who have a mortgage in North Carolinahad some protection against excessive fees, penalties and systems of prepayment of loans. State officials, the impact of legislation have been positive. There is still a major source of subprime mortgages in the state â€" but as the law provides some protection for people who might get in their heads.
http://www.ccjmortgage.pannipa.com/2010/01/01/north-carolina-mortgage/
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