NC bank panel hears comment on new mortgage rules

RALEIGH, N.C. — Banks and anyone else with an interest in how new North Carolina mortgage laws are applied have an invitation to sound off.

The state banking commission holds a public hearing Tuesday morning to discuss how it would apply foreclosure prevention laws the General Assembly passed this year.

The banking commissioner says the new laws and its proposed mortgage rules would help reduce foreclosures, improve consumer protection, and make the mortgage market work better.

One change would require a mortgage servicer to stop the foreclosure process while it considers a homeowner’s request for help.

Another change tells a mortgage servicer to respond quickly and clearly when a homeowner requests assistance.

(Copyright 2009 by The Associated Press. All Rights Reserved.)