Ben Lane

Ben Lane

Ben Lane is the Senior Financial Reporter for HousingWire. In this role, he helps set a leading pace for news coverage spanning the issues driving the U.S. housing economy. Previously, he worked for TownSquareBuzz, a hyper-local news service. He is a graduate of University of North Texas.

ARTICLES

Disbarred New York lawyer gets 3 years for phony ticket resale, real estate schemes

Fraudulently told investors he'd buy Super Bowl tickets, New York real estate
A disbarred New York attorney will spend more than three years in prison after being convicted on multiple charges stemming from his involvement in a ticket resale fraud scheme and a real estate investment fraud conspiracy that cheated multiple victims out of more than $3 million.
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BancorpSouth fined $10.6 million for discriminatory lending, redlining

CFPB, DOJ accuse bank of having "explicitly discriminatory denial policy"
BancorpSouth will pay $10.6 million to settle charges against the bank by the Department of Justice and the Consumer Financial Protection Bureau, which accused the Mississippi-based bank of redlining and discriminatory lending practices. The agencies accused BancorpSouth of a number of discriminatory practices, including illegally redlining in Memphis, and implementing an "explicitly discriminatory loan denial policy."
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Fannie Mae, Freddie Mac look for more ways to share credit risk

GSEs provide update on risk-sharing programs; seek input on front-end deals
The federal government is looking for additional methods and mechanisms that it can use to transfer credit risk currently borne by Fannie Mae and Freddie Mac, and therefore the American taxpayers, to private investors. Here's a breakdown of the history of Fannie and Freddie's risk-sharing deals, and a look at what the GSEs want to do next.
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Mortgage bond investors finally get paid $8.5 billion Countrywide settlement

Five-year wait to receive settlement funds is over
Last month, mortgage bond investors moved one step closer to ending their five-year wait for their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon. At the time, a report suggested that the aggrieved bondholders would receive their money in June, and according to a new report from Fitch Ratings, that’s exactly what happened.
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Fitch: Brexit could lead to all-time lows for mortgage interest rates

Sub-3.3% interest rate coming?
In the wake of the United Kingdom’s shocking decision to leave the European Union, experts throughout the U.S. housing industry weighed in on the potential impact of the Brexit. The general consensus among those experts is that mortgage interest rates are going down, but just how low? Well, according to analysts at Fitch Ratings, mortgage rates could hit all-time lows as the Brexit dust settles.
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NBA players schooled on real estate investing by former stars

Warned to be cautious of "cutthroat" investors
For most NBA players, their playing careers are over just as the rest of us are settling into our chosen professions. The difference between them and us (in addition to, you know, athletic ability) is that, in some cases, they’ll retire with a lot of money and a lot of time on their hands. So what will they do with their money and their time? For some former players, investing in real estate becomes their game of choice, but that game comes with a lot of risk.
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Supreme Court to consider Miami's predatory lending suit against Bank of America, Wells Fargo

Won't decide case, but could rule on city's ability to sue for lending discrimination
The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending. The city sued the megabanks in 2013, accusing the banks of "disproportionately placing vulnerable, underserved minority borrowers in loans they cannot afford."
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Ex-NFL star Irving Fryar serves only 8 months of 5-year prison term for mortgage fraud

Convicted of conspiring with 74-year-old mother to steal $1.2 million
Irving Fryar, who spent 16 years in the National Football League, starring for the New England Patriots, Miami Dolphins and Philadelphia Eagles during his career, is now a free man, after he recently walked out of New Jersey state prison after serving only eight months of a five-year sentence for mortgage fraud.
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Florida pastor found guilty of mortgage fraud

Facing maximum sentence of 90 years in jail
A Florida pastor is facing as much as 90 years in prison after being convicted of defrauding multiple mortgage lenders, the U.S. Attorney’s Office for the Middle District of Florida announced Monday. Here are the details of the case of Nelson Cristiano Machado, Jr.
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New York adopts "sweeping" new laws to tackle foreclosure problems

Will fight rise of zombie homes; new rules imposed on lenders, servicers
While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of "zombie homes" that blight many communities throughout the country, the state of New York is taking the matter into its own hands. Late last week, New York Gov. Andrew Cuomo signed "sweeping" legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes.
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