RALEIGH (AP) -- Mortgage lenders face greater disclosure in North Carolina under three bills signed by Governor Mike Easley.
Easley says if a homeowner signs up for an adjustable rate mortgage, the lender must disclose the high end of the interest rate. The homeowner must be able to qualify right away for the higher rate.
Lenders also must disclose any fees and all mortgage payments must go to mortgages and not fees.
Those laws are designed to protect homeowners from foreclosure.
Easley says unscrupulous lenders have "come up with new ways to trick people" since the state passed predatory lending laws in 1999.