Source: Brady Dennis, Washington Post ( Free Registration )

North Carolina Bank Commissioner Joseph Smith will serve as a monitor to make sure the nation’s largest banks abide by the terms of a multibillion-dollar settlement over widespread foreclosure abuses, people familiar with the negotiations said.

The deal, which could be finalized in a matter of days, would force banks to overhaul their mortgage servicing practices and alter the way they deal with troubled borrowers seeking to stay in their homes.

Read Full Article: N.C. bank commissioner to oversee foreclosure settlement