North Carolina Seeks Halt to Foreclosures

In the world of consumer finance, foreclosure issues are continuing across the country. Today, in an A.P. article, the Charlotte Observer is reporting that North Carolina Attorney General, Roy Cooper, has asked fourteen lenders to stop foreclosures in North Carolina. The move comes after at least one large bank has voluntarily halted foreclosure proceedings to investigate widening allegations that lenders have made use of unverified affidavits to support foreclosure actions in numerous States. The Attorney General's office has previously stated that use of unverified affidavits could consitute fraud. Whether that is technically correct is an open question. Regardless, Attorney General Coopers' primary stated concern is that homeowners may not be getting a fair modification opportunity. Again, it would seem that such a conclusion could only be reached on a case-by-case basis. One way or the other, we will stay tuned to this broadening issue.