Panel approves Easley’s mortgage foreclosure plan

RALEIGH — A plan designed to prevent some home foreclosures is moving forward in the North Carolina House.

A House judiciary committee approved the plan Thursday. The vote sends the bill to an appropriations panel for more review.

The proposal would give the banking commissioner more power to negotiate with mortgage providers and homeowners who are struggling to pay high-rate mortgages. The commissioner also would be allowed to pause foreclosure proceedings for one month.

Gov. Mike Easley called on lawmakers to approve the plan earlier this week. He said the program may help 25,000 North Carolina homeowners keep their homes.

The plan needs the approval of the full House and Senate before it can go to the governor.

(Copyright 2008 by The Associated Press. All Rights Reserved.)