Easley, Michael. Press Release, 2008-12-04, Gov. Easley Announces N.C. Foreclosure Plan To Be National Model: Governor Briefs National Attorneys General Association On N.C. Foreclosure Prevention Program

Michael F. Easley Governor State of North Carolina Office of the Governor For Release: IMMEDIATE Contact: Seth Effron Date: December 4, 2008 Phone: 919/733-5612 GOV. EASLEY ANNOUNCES N.C. FORECLOSURE PLAN TO BE NATIONAL MODEL Governor Briefs National Attorneys General Association On N.C. Foreclosure Prevention Program RALEIGH - Gov. Mike Easley today briefed National Attorneys General Association members at a conference in Fort Lauderdale on North Carolina’s ground-breaking Home Foreclosure Prevention Program. The National Governors Association is recommending national legislation based on North Carolina’s program, which Easley signed into law this summer. Earlier this week the governor discussed the foreclosure prevention program with President-elect Barack Obama and the National Governors Association in Philadelphia. “Attorneys general play a critical role in preventing foreclosures and keeping families in their homes,” Easley said. “In addition to their basic responsibilities to protect consumers, attorneys general involvement is needed to resolve complex legal issues. Since most mortgage investment packages today have been sold as securities and arc owned by several parties, anyone of these parties can file legal actions to prevent the loan modifications that help families avoid foreclosure. The attorneys general can ensure the public has the legal representation it needs.” Easley was invited to address state attorneys general from across the nation to explain the state’s unique home foreclosure prevention program as well as North Carolina’s predatory lending laws which are widely recognized as the strongest in the nation. Easley told the group that no one wins in a foreclosure. It is estimated that the lenders lose 40 percent or more of the value of the loan in foreclosure once the lawyers’ fees and other expenses are paid, plus Realtor costs, maintenance and upkeep on the property. And the amount does not include the loss to the homeowners. When lenders and borrowers are able to agree on an affordable payment, the banks keep the value of their assets and families stay in their homes. “Everybody wins,” Easley said. “Families and communities across our state are suffering because of foreclosures. Attorneys general want to be at the forefront on this issue that’s so important to protecting consumers and fixing our economy,” Attorney General Roy Cooper said. “We’re offering help to North Carolina homeowners, such as our hotline which connects people with free foreclosure assistance, going after scammers who try to take advantage of people facing foreclosure, and getting lenders to work out solutions so people can keep their homes.” The HOPE Hotline is available toll-free at 888-995-HOPE (4673) any time of day, seven days a week for free counseling on options to avoid foreclosure. The hotline can connect callers with non profit housing and credit counselors in their local community. Governor's Press Office State Capitol, Raleigh, NC 27603-8001 (919) 733-5612 - Toll Free 1-800-662-7005 FAX (919) 733-5166