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New Mortgage Settlement Oversight Board

A former North Carolina governor is one of five people selected to serve on the board overseeing the national mortgage settlement.

Leoneda Inge: James Holshouser is joined by Keith Pigues (pig-gees), Dean of the School of Business at North Carolina Central University and Bonnie Hancock, with the N-C State Poole College of Management. Joseph Smith is national mortgage settlement monitor and former North Carolina Commissioner of Banks. He says the oversight office is like a small company.

Joseph Smith: And the directors of the company are overseeing the management of the business of my monitor-ship. In other words, how we set up our various accounts, our contracting, very important things that will help me succeed, I think, in the long-term.

The 25-billion-dollar mortgage settlement was reached earlier this year between 49 states and several big banks including Wells Fargo and Bank of America.

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