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

Bank of America to consolidate North Texas mortgage operations

Closing down former Countrywide location in Ft. Worth
Another one of the vestiges of Countrywide's past is about to disappear, as Bank of America is set to close and sell a facility in Ft. Worth, Texas that once housed as many as 3,000 Countrywide employees. But the move will not lead to any job cuts, according a report from the Dallas Morning News.
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Urban Institute: Selling NPLs to investors works. Here's how to make it better

Four ways to improve sales
Researchers from the Urban Institute are already on the record with their view that more pools of non-performing loans need to be sold to private investors, but a new article posted on the Urban Institute's Urban Wire blog on Housing and Housing Finance suggests that more steps need to be taken to ensure a mutually beneficial result for all parties involved in a non-performing loan sale.
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'Face of the housing crisis' exonerated by Appeals Court Countrywide Hustle ruling

Former Countrywide exec Rebecca Mairone cleared
Lost in the shuffle of the United States Court of Appeals for the Second Circuit's decision to toss the $1.27 billion penalty against Bank of America was the fact that the court also overturned the fraud charges and voided the $1 million penalty against Rebecca Mairone. Mairone is the same person who the New York Times once referred to as the "face of the housing crisis."
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Goldman Sachs subsidiary just bought more non-performing loans from Fannie Mae

Fannie also announces sale of smaller NPL pool to non-profit
For the third time in 2016, MTGLQ Investors, L.P., a "significant subsidiary" of Goldman Sachs is the winning bidder for a pool of non-performing loans from Fannie Mae. With this latest NPL purchase, MTGLQ Investors officially purchased more than $2.2 billion in non-performing loans from Fannie Mae this year.
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HSBC plans $420M suit against Merrill Lynch, Bank of America for toxic Countrywide loans

HSBC claims Merrill Lynch, BofA knew loans were bad, securitized them anyway
HSBC Bank notified a New York state court this week that it plans to file a $420 million lawsuit against Merrill Lynch and Bank of America, claiming that both Merrill Lynch and Bank of America knew a series of Countrywide mortgage loans were toxic and allowed the loans to be securitized nonetheless. Here are all the details.
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Chase quietly launches its own 3% down mortgage lending program

Rolls out first-time homebuyer program with Fannie Mae backing
Prospective homebuyers, especially first-time homebuyers who struggle to save for a down payment, have a new, and significant, outlet they can now turn to when seeking a low down payment mortgage — JPMorgan Chase. Not be outdone by Wells Fargo, JPMorgan Chase also recently launched its own 3% down mortgage program, albeit much more quietly.
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AAG brings jumbo reverse mortgage program to California

Announces expansion of AAG Advantage lending program
Last year, American Advisors Group, an Orange, California-based reverse mortgage lender, unveiled a jumbo reverse mortgage program, called the AAG Advantage. The AAG Advantage program initially launched in select states through the company’s retail channel in September. Now, the company is making the AAG Advantage program available to its wholesale partner network in California.
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