Lending leaders review mortgage mess, future in NC - WNCT

Lending leaders review mortgage mess, future in NC

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RALEIGH, N.C. -

Mortgage industry leaders hear from one of Washington's top consumer advocates and the former North Carolina banking commissioner overseeing how big banks repair their housing finance mess.

Richard Cordray speaks Wednesday at a mortgage industry conference in Raleigh. He'll discuss the steps the Consumer Financial Protection Bureau he heads is taking to protect borrowers from a repeat of the mess that left millions of homes in foreclosure or unsellable.

Former North Carolina banking regulator Joseph Smith Jr. has spent more than a year as the independent monitor of last year's national settlement between the states, federal government agencies and top lenders including Bank of America and Wells Fargo. Smith reported in June that homeowners facing foreclosure are falling deeper in debt waiting for loan modification applications to be reviewed.

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