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

California cuts ties with Wells Fargo in wake of fake account scandal

State Treasurer: This is a legal and ethical outrage that cannot go unpunished
The state of California is suspending several business relationships with Wells Fargo as the fallout from the bank’s fake account scandal continues. “Wells Fargo's admission that thousands of its bank employees opened over two million fraudulent consumer accounts is a legal and ethical outrage that cannot go unpunished,” said California’s state treasurer, John Chiang. Read the latest, right here.
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New York announces new requirements for maintenance of zombie homes

New regulation will hold lenders and mortgage servicers "accountable"
The state of New York is taking its fight against zombies homes to the next level, as the state announced a series of new regulations for mortgage lenders and servicers that aim to hold the companies “accountable” for the maintenance of abandoned foreclosures.
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Wells Fargo CEO, former executive forfeit millions as bank launches investigation

Bank's board answers calls to claw back executive compensation
When Wells Fargo CEO John Stumpf appears before the House Financial Services Committee on Thursday for his next legislator-led beat down, he will do so with a lot less money in his wallet. The bank's board of directors announced Tuesday evening that it plans to claw back millions in stock options, bonuses, and other financial benefits from Stumpf, although the moves apparently weren’t enough for Stumpf’s loudest critic in Capitol Hill.
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Labor Department launches "top-to-bottom" review of Wells Fargo

Answers call from eight senators to open investigation
Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices.
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NYDFS reportedly looking into Caliber Home Loans

Inquiry seeks information on handling of delinquent mortgages
The New York Department of Financial Services is reportedly looking into how Caliber Home Loans handles distressed mortgages and the lender’s origination practices for borrowers with less-than-perfect credit profiles.
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Freddie Mac launches "Deep MI" credit risk-sharing pilot program

Plans to share even more risk with mortgage insurers
Freddie Mac announced Monday that it is prepared to take the next step in the government’s continuing efforts to shed some of the credit risk facing the government-sponsored enterprises through a pilot program featuring deep mortgage insurance. So, what does this mean? More mortgage risk will now be transferred to private mortgage insurance companies.
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Fannie Mae sells $20.3m NPLs to familiar non-profit

Frequent buyer snaps up deeply delinquent mortgages
Fannie Mae broke with tradition recently when it announced plans to sell a pool of non-performing loans through its “Community Impact Pool” program to a private equity firm, rather than the non-profits, small investors and minority- and women-owned businesses it is designed to target. But in its fifth Community Impact Pool sale, Fannie Mae is turning back to a non-profit, and a familiar one at that.
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FTC permanently bans more mortgage relief scammers

More punishment from sweeping mortgage modification fraud investigation
For the second time this month, the Federal Trade Commission announced that one of the subjects of a sweeping enforcement action from 2014 is permanently banned from operating in the mortgage loan modification and debt relief business.
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Bernie Sanders: Wells Fargo's business model is fraud

Vermont senator joins Elizabeth Warren in skewering megabank
In what some might consider as much of a foregone conclusion as when Sen. Elizabeth Warren, D-Mass, expectedly lambasted Wells Fargo CEO John Stumpf when given the chance, Sen. Bernie Sanders took to the internet this week to share his views of Wells Fargo, and let’s just say the former Democratic presidential candidate isn’t a fan of the megabank either.
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