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AP Business Writer

RALEIGH, NC (AP) — North Carolina’s long-time banking commissioner is the choice of America’s big banks and attorneys general to make sure a $25 billion settlement over widespread mortgage abuses is carried out.

The US Justice Department announced Thursday that 62-year-old Joseph Smith Jr. will oversee the deal that aims to compensate borrowers who suffered from flawed and faked foreclosure practices.

President Barack Obama nominated Smith in 2010 to head the federal agency that oversees Fannie Mae and Freddie Mac, but he was blocked by Senate Republicans.

Smith takes his job with a reputation of someone able to balance the industry’s health with consumer interests. Bankers and consumer advocates say he’s earned their respect over a decade as the top regulator of North Carolina’s state-chartered banks, thousands of mortgage brokers and consumer finance companies.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

Comment on this Story

  • GuestReally

    So people who willingly bought houses that they knew they couldn’t afford, are going to be rewarded for their lack of fiscal responsibility. Guess that’s part of the pathetic society we have
    developed into. It’s not like it was a matter of life and death to buy a house, nobody held guns to these people’s head and forced them to buy a house. So now they are being rewarded for having no common sense. They chose to buy overpriced houses, and now are crying oh poor me, I can’t afford my house payment. Does anybody have any sense of taking responsibility for their own stupid actions. What a sorry sorry society we have become. Can’t wait to see if they Mayans are correct in 314 days…Silver lining, the greedy bankers who destroyed the economy with their selfish greed fo make themselves richer, are now being held accountable and being forced to pay.


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