NC Governor Signs Three Bills Affecting Foreclosures, Loan Servicers; Eliminating YSPs

In Raleigh, North Carolina, The Associated Press reports:

• North Carolina's governor signed three bills Monday to help home foreclosure filings, including one that requires lenders to provide 45 days notice before a foreclosure is filed. Gov. Mike Easley signed a bill establishing the North Carolina Foreclosure Prevention Project, under which both homeowners and the state's bank commissioner must receive 45 days notice before a foreclosure is filed. The law also allows the bank commissioner to extend any foreclosure filing notice by 30 days. The state would use that time to negotiate with the homeowner and mortgage holder on a loan interest rate and payments.

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• Another bill eliminates rate spread premiums - also known as yield spread premiums - which go to mortgage brokers. [...] The third bill signed by Easley requires individuals and companies serving loans in North Carolina to register and make reports to the bank commissioner.

For more, see NC governor signs bills to curb home foreclosures.