Short entry tonight – I have to be up (relatively) early to catch a bus for Obama’s NC Magical Mystery Tour tomorrow morning.
A herd of local reporters is boarding a bus to meet Obama at an undisclosed airport and follow him through some unannounced campaign stops before winding up at his event in Raleigh. We don’t know where we’re going or why, but it beats the heck out of covering yet another town hall meeting. And let’s face it, any day outside the walls of the legislature is a good day.
It kind of feels like going on a camping trip. Minidisk? Check. Flash drive? Check. Batteries? Check. Two phones? Check. And then there’s the camera, the laptop, notebooks, more batteries, chargers… I wonder if our travel fee includes sherpa service. I’m thinking no.
I’ll be reporting in via phone to WUNC and NPR all day, and plan to have a long-format report on the air Wed morning, plus a debrief Wed. at noon on the State of Things. That’s a lot of time to fill, so here’s hoping there’s a lot to talk about.
Foreclosure bills
Governor Mike Easley held a presser today to announce his signing of several bills aimed at curbing subprime foreclosures.
Even though NC’s predatory lending laws helped spare homeowners here the worst of the subprime crisis, banking experts still expect 50,000 to 60,000 adjustable rate mortgages to foreclose in NC in the next two years. The new legislation is expected to cut that number in half.
It’s a complex package of legislation, but in a nutshell, it:
- Requires lenders to give the state banking commission and borrowers 45 days’ notice before initiating foreclosure proceedings
- Gives the State Banking Commissioner the authority and resources to review those loans for abusive practices
- Allows the Banking Commissioner to negotiate directly with lenders on homeowners’ behalf
- Includes more support for legal aid and counseling services to help homeowners fight foreclosures
- Curbs abusive industry practices, like bonuses (aka “rate spread premiums”) for brokers who sell high-rate loans to people who actually qualify for better terms
- Requires all brokers and servicers to register with and report to state regulators
- Sets up a database to track high-risk loans and monitor their status
- Applies only to family-owned and occupied homes, not to investment properties or speculators
Lawmakers and consumer advocates agree the package offers NC homeowners some of the best protections in the country. They’re hoping it’ll become a national model. The full-fledged program starts up Nov 1st, but borrowers in trouble can get help at the Banking Commission before that date.
Cindy under wraps
Cindy McCain was in NC today, but unless you were lining up to write her a check , you’d never have known it. GOP officials said today Mrs. McCain was in Raleigh for a fundraiser. They didn’t disclose where or when, which is common practice. Still, her visit drew more questions than usual, given that her husband, Republican candidate John McCain, hasn’t made a public appearance in the Tar Heel state since the May 6th primary.
National Republican Committee officials say Senator McCain is planning to visit NC, but they can’t say when. Here’s a thought -- maybe he could cut the ribbon on his first official presidential campaign office here. He still doesn’t have one: his campaign’s being run out of NCGOP field offices around the state. RNC leaders say that’ll change soon, too, but again, they don’t know when.
Comments? Drop me a line.
