This will be bad news for self employed borrowers who like to make a lot of deductions on their tax returns, and are looking for a Mortgage North Carolina.
Most realtors are 1099'ed, and this will not be good for those looking to purchase/refinance their homes.
I'm placing this post because not many realtors or loan officers are aware of the new law that will go in effect January 1st.
It's bad that the state government is interfering into the lending practices, and even worse when the legislature acts like an economist. This may ruin the economy here in NC as it is/was one of the top places to start a 'successful business'. This may still be true, but let's see how they will receive home financing
http://www.ncga.state.nc.us/Sessions/2007/Bills/House/HTML/H1817v6.html
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