Articles by Ben Lane

Former MGIC CEO William Lacy passes away at 71

Spent 28 years with company, served as CEO for 12 years
William Lacy, who served as chief executive officer of Mortgage Guaranty Insurance Corporation for 12 years, passed away Sunday at the age of 71, the company announced Monday. According to MGIC, Lacy, who retired as chairman and CEO in 1999 after spending 28 years with the company, died of respiratory failure.
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Colony Starwood Homes sells off massive non-performing loan portfolio

Announces sale of 1,675 non-performing loans for $265 million
One of the largest owners of single-family rental homes is getting out of the non-performing loan business, as Colony Starwood Homes announced Monday that it is selling off a massive portfolio of non-performing loans, basically closing the book on its NPL business.
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Florida court upholds city's rights to place liens on zombie homes

Cities' liens on foreclosed properties aren't extinguished when home is sold
In a move that should help municipalities within the state of Florida fight against the state’s glut of zombie foreclosures, a state appeals court ruled recently that liens placed on foreclosed homes by the city are not discharged when the home goes through a judicial sale. Here's a closer look at the decision.
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Monday Morning Cup of Coffee: Judge tosses Ocwen, Altisource kickback lawsuit

Calls alleged actions "extremely troubling," but says case doesn’t hold up
It’d be pretty safe to say that Ocwen Financial struggled the past few years. But, the company got a little bit of good news last week, when a judge dismissed a lawsuit accusing Ocwen and Altisource Portfolio Solutions of overcharging homeowners for service. The question now becomes are the company’s next steps forward? Backward? Or right into the eye of another storm? All that and more in your Monday Morning Cup of Coffee.
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PwC settles $5.5 billion lawsuit over Taylor, Bean & Whitaker audits

Accused of failing to recognize malfeasance in TBW, Colonial Bank accounts
The ghost of Taylor, Bean & Whitaker struck again Friday, as PricewaterhouseCoopers agreed to settle a $5.5 billion lawsuit that accused the company of failing in its audits duties by not discovering the accounting malfeasance that led to one of the most spectacular crashes to come out of the housing crisis.
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Houston Realtors warned to be on lookout for "foot fetish creep"

Man tells agents to remove their shoes for better cell phone reception
Houston-area Realtors and real estate agents, especially female ones, need to be on the lookout for a “foot fetish creep” who is targeting local agents, the Houston Association of Realtors warned its members. While the man is on the phone with a female agent, he asks the agent to describe her footwear and will usually request that she take off her shoes for “improved cell phone reception.”
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USDA slashing mortgage fees

Announces cuts to upfront guarantee fee and annual fee
Borrowers who use the U.S. Department of Agriculture’s Rural Housing Service to get a mortgage could soon pay significantly less for their loan, as the USDA announced that it is about to cut its loan fees for lenders who use the Single Family Housing Loan Guarantee Program. Here are all the details.
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HSBC yanks massive PHH mortgage servicing portfolio

PHH's subservicing portfolio will be cut by nearly 30%
It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its mortgage portfolio. The details this time around seem all too familiar.
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Washington hits Ocwen with fine for using unlicensed offshore companies

Ocwen to pay $900,000; only use licensed entities to service Washington loans
Ocwen Financial will pay $900,000 to the state of Washington after an investigation conducted by the state found that Ocwen used unlicensed companies in India and the Philippines to service mortgages, the state’s financial regulator announced Thursday. Here are the details.
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