The American dream, writes the Justice Center’s Alfred Ripley, is to own a home. With families still struggling in a deep recession, the last thing we need is for unscrupulous companies to prey on people just trying to hold onto that dream.
Because North Carolina lacks even the most basic common-sense regulation on issues like foreclosure rescue scams, “rent to own” contracts and contracts for deeds, consumers can be manipulated into bad deals that devastate families and undermine the economic well-being of us all.
North Carolina lawmakers have an opportunity to put a stop to this. Senate Bill 1015, Homeowner and Homebuyer Protection Act, is a wise and practical way to protect people who own or are looking to purchase a home. The bill, sponsored by Sen. Josh Stein, would offer valuable safeguards to the people who are investing in our common future.
The bill is being heard today at a 1 p.m. meeting of the House Committee on Financial Institutions. Pushing the bill forward would help working families, our communities and North Carolina’s economy. We’ll be watching this one closely.