Former Counsel at the North Carolina Bankers Association
Date Recorded:
February 24, 2020
Interviewed by:
Callie Naughton
Paul Stock was the Executive Vice President and Counsel at the North Carolina Bankers Association from 1979 to 2011, where he helped coordinate the North Carolina banking industry’s relationships with legislators and community organizations. Stock played a key role as a representative of the banking industry in the creation of the 1999 North Carolina Predatory Lending Law, the first state anti-predatory lending law. Stock first became involved with residential mortgages in 1979 as an attorney at the North Carolina Savings and Loan League (which later merged with the North Carolina Bankers Association), following employment as a staff attorney at the North Carolina State Legislature. Stock holds a Juris Doctor with Honors from the University of North Carolina at Chapel Hill and a Bachelor of Arts from Duke University.
Stock is cited in this article about the increase in foreclosures in Wake County in 2007. He says that the foreclosure rate went up because of lenders taking advantage of borrowers with less-than-perfect credit scores through the subprime market.
Stock is quoted throughout the latter half of this article as speaking on behalf of the North Carolina Bankers Association. Stock says that while signs of abuse in the subprime market reveal a need for reform to protect unsuspecting borrowers, responsible lenders should not have to take unneeded measures simply because of a few bad actors in the mortgage market.
