The majority of the $2.5 billion mortgage settlement paid by the five biggest banks to 49 states and the District of Columbia, a settlement reached in April and intended to go toward consumer-focused programs, has been diverted into the states’ general funds, according to a survey by the investigative journalism website ProPublica. More than $966 million of the pot now resides in general funds; $545 million was distributed as direct aid to homeowners; just under $35 billion has been devoted to investigations while the states are still sitting on nearly $1 billion and haven’t yet decided what to do with the windfall.
Louisiana’s share of the settlement was $21.7 million. None of that money has been earmarked, according to ProPublica, which contacted attorneys general offices in the states to find out where the money is going. According to the site, “An AG spokeswoman said the office was working with the legislature to fashion a plan. An AG proposal earmarks a portion for consumer protection.”
Louisiana’s mortgage delinquency rate, according to ProPublica, stood at 6.85 percent in early June, just slightly higher than the national average of 6.65 percent.
See a chart of state allocations of the mortgage settlement here.
State bar foundation bestows honor on founder and managing partner of NeunerPate
National awards recognize outstanding achievement in leadership development and leadership programs
A federal court magistrate has issued a seven-page schedule of hearings, conferences and deadlines leading up to January’s trial aimed at determining how much money BP will owe in Clean Water Act fines as a result of its 2010 Gulf of Mexico oil spill.
The state’s “greedy trial lawyers” haven’t scared this oil giant away.
Smaller Microsoft Store installations sell a wide array of Microsoft products (Windows phones, Surface tablets and Xbox consoles) but don’t include everything.
See cutting-edge technologies Thursday in brief presentations/demonstrations from 3rd Dimension Media, C&C Technologies, Cimation and UL Lafayette School of Engineering.
C & C Technologies, HIT Fitness, R3 Sciences, the Acadiana Symphony Association and the United Way of Acadiana recognized for innovation.
Under the deal, Teche shareholders would get 1.162 shares of IberiaBank for each share of Teche stock.
Dave Perkins, LCG Comp Plan honored along with local architects and designers at the 2014 INDesign Awards
Greg Manuel’s Lafayette-based residential development company is taking advantage of exponential industrial growth in Lake Charles.
Longtime Lafayette retailer ventures online.
The annual juried competition recognizes excellence in architecture, interior design and historic preservation in Lafayette and the five surrounding parishes.
It’s not how aggressive or conservative you are — it’s planning for risk that matters most.
Cypress Bayou GM hosts open house.
Thanks to cutting-edge digital technology, more and more consumers are banking on ATMs and mobile phones.
Regional bank bids farewell to Downtown May 30
ABiz takes a look back at the most noteworthy moments for the local banking industry over the last year.
Most experts say short-term interest rates will be unchanged through 2014, but long-term rates are inching up.
New hires, promotions, transfers in Acadiana business
The scion of a landmark Four Corners restaurant climbs back into Lafayette’s culinary scene as franchisee for a popular burger chain.
Largest recruitment event in Acadiana returns May 21 to the Cajundome Convention Center
A lawyer’s ad should only be a starting point, as there is much more to consider when seeking quality representation.
Thanks to the inaugural 2012 INNOV8, a design for lifting heavy objects was brought to market.
His company bankrupt and being liquidated, the Lafayette businessman’s financial troubles are mounting.
Georgia-based fried chicken chain would go up against Raising Cane’s, Chick-fil-A and others (like the Popeyes near its proposed location).