Mortgage

In line with other states, Louisiana is suing the nation's biggest banks for bypassing recording fees due in transfer of real estate title, but Louisiana stands out for taking a different route and suing under RICO laws, just like the government does to major crime syndicates.

After weeks of increasing mortgage application volume levels, last week's report showed a dip, which was more than overcome this week as mortgage application volume surged, both for new purchases and refinances.

With each new government assistance program that seeks to help distressed homeowners, various scams attach themselves to the program name and frequently defraud homeowners out of fees and payments.

Last week, mortgage application volume made healthy gains for the first time in several weeks, but volume again slipped this week despite continued low interest rates. Meanwhile government agencies fight over principal reductions and banks begin paying out on the $25 billion mortgage settlement.

As the mortgage crisis came to a head, the CFPB was formed and seeks to reform mortgage servicing to provide more transparency in every monthly statement to homeowners in an effort to improve delinquencies, as consumers should have a better understanding of their loan.

Ally Financial announced in 2011 they would be ceasing mortgage operations and the final nail in that coffin has come. Now, the company will focus on retail operations as they pay back billions in taxpayer dollars.

While most homeowners that were victim of mortgage abuses will see a few thousand dollars from the $25B mortgage settlement, this homeowner spent five years fighting back against Wells Fargo and won.

Starting April 1, 2012 a new qualification rule could dramatically change the volume of buyers that qualify for FHA-backed loans, especially impacting first time buyers.