December 17, 2014
By Craig Jarvis
The day after (click here) a wire service reported that North Carolina Gov. Pat McCrory received a six-figure stock payout from an online mortgage broker that is regulated by the state, the governor’s emphatic reaction to the story nearly eclipsed the news itself.
McCrory spent Wednesday denouncing the article, which documented his receipt of early vested restricted stock from Tree.com when he left the company’s board of directors soon after taking office in early 2013. The Associated Press reported Tuesday that McCrory didn’t disclose on state ethics reports the full extent of payments from the company, the Charlotte-based corporate parent of the website LendingTree.
Paul Colford, director of media relations for The Associated Press, said the wire service stands by its reporting....
Is there any chance the AP was paid to run this story so McCrory can ask for funds to 'get the real truth' to North Carolinians. There is nothing like a besieged politician after all.
...Even as Democrats were quick to pick up on the story, spreading the AP story on social networks, McCrory’s re-election campaign kicked into action. The campaign emailed supporters asking for donations “to help Governor McCrory fight back and ensure that the citizens of North Carolina know the real story.”
Is there any chance the AP was paid to run this story so McCrory can ask for funds to 'get the real truth' to North Carolinians. There is nothing like a besieged politician after all.
...Even as Democrats were quick to pick up on the story, spreading the AP story on social networks, McCrory’s re-election campaign kicked into action. The campaign emailed supporters asking for donations “to help Governor McCrory fight back and ensure that the citizens of North Carolina know the real story.”
In response to the story, North Carolina Republican Party Chairman Claude E. Pope Jr. issued a statement calling it a “smear campaign.”...
In case the name "Tree.com" doesn't ring a bell this might help you out. (click here)
The place Governor McCrory is going to run into trouble is signing legislation that benefits "Tree.com," like this one:
A BILL TO BE ENTITLED (click here)2 An act to modify the maximum interest rate allowed and to make
3 various amendments to the North Carolina Consumer Finance
4 Act to ensure continued access to credit
...SECTION 2. G.S. 53-172(a) reads as rewritten:
16 "(a) No licensee shall conduct the business of making loans under this Article within any
17 office, suite, room, or place of business in which any other business is solicited or transacted....
It is called conflict of interest. And this bill was new in March of 2013 after McCrory took office. OMG. 30% on loans exceeding $7500. You've got to be joking. Is this in conflict with Dodd-Frank? I am fairly certain if this passed in the NC legislature it violates the Consumer Protection provided in Dodd-Frank.
...interest in connection therewith which shall not exceed the following actuarial rates:
(1) With respect to a loan not exceeding seven thousand five hundred dollars ($7,500), thirtyThirty percent (30%) per annum on that part of the unpaid principal balance not exceeding one thousand dollars ($1,000) and eighteen percent (18%) per annum on the remainder of the unpaid principal balance.
Interest shall be contracted for and collected at the single simple interest rate applied to the outstanding balance that would earn the same amount of interest as the above rates for payment according to schedule.five thousand dollars ($5,000).
(2) With respect to a loan exceeding seven thousand five hundred dollars ($7,500), eighteen percent (18%) per annum on the outstanding principal balance.Twenty-four percent (24%) per annum on that part of the unpaid principal balance exceeding five thousand dollars ($5,000) but not exceeding ten thousand dollars ($10,000).
(3) Eighteen percent (18%) per annum on that part of the remainder of the unpaid principal balance.
A lender can decide at any time within the loan to collect the collateral that might be furnished to secure the loan beginning with the first missed payment.
(c) Limitation on Default Provisions. – An agreement between a licensee and a borrower pursuant to a loan under this Article with respect to default by the borrower is enforceable only to the extent that (i) the borrower fails to make a payment as required by the agreement,agreement or fails to maintain contractually required insurance coverage or (ii) the prospect of payment, performance, or realization of collateral is significantly endangered or impaired, the burden of establishing the prospect of a significant endangerment or impairment being on the licensee.
See indeed, Mr. McCrory, the 'sharpie' blogger is after the truth while there are campaign financing to supporters. Someone has to bring the truth to the people and it sure isn't you or Pope.
