Bringing The World Home To You

© 2023 WUNC North Carolina Public Radio
120 Friday Center Dr
Chapel Hill, NC 27517
919.445.9150 | 800.962.9862
91.5 Chapel Hill 88.9 Manteo 90.9 Rocky Mount 91.1 Welcome 91.9 Fayetteville 90.5 Buxton 94.1 Lumberton 99.9 Southern Pines
Play Live Radio
Next Up:
Available On Air Stations

Mortgage Conference In Raleigh

The annual American Mortgage Conference gets underway today in Raleigh. Bankers, regulators, and government officials will meet for 3 days to discuss ways to get the mortgage market moving again. Thad Woodard is president and CEO of the North Carolina Bankers Association. He says the system now is much more strictly regulated under the Dodd-Frank financial reform act.

Thad Woodard: "The bankers have been in the process of trying to lend, if you will, but they come up against the new requirements that are there for a very solid and positive purpose, and that is to prevent overextension like that which we went through not too long ago."

The Durham-based Center for Responsible Lending says the tight credit market cannot be blamed on regulations. But the advocacy group says North Carolina's many small community banks can't get credit flowing on their own. The market is still dominated by the handful of big banks that were responsible for many of the harmful lending practices. Five of the big banks are being monitored by the state's former banking commissioner, as part of a $25 billion national foreclosure settlement.

There's also wide agreement that government-backed mortgage giants Fannie Mae and Freddie Mac need to be reformed to bring credit and stability to the market.

Isaac-Davy Aronson is WUNC's morning news producer and can frequently be heard on air as a host and reporter. He came to North Carolina in 2011, after several years as a host at New York Public Radio in New York City. He's been a producer, newscaster and host at Air America Radio, New York Times Radio, and Newsweek on Air.
More Stories