The number of foreclosures in Massachusetts declined by double-digit percentages in May compared to last year and the prior month, according to the latest report from the Boston-based real estate research company The Warren Group.

Integrated Mortgage Solutions (IMS), a collateral protection resource for the mortgage servicing industry headquartered in Houston, Texas, announced Monday that it has named Gerald Aust as SVP of sales and client relations.

Former Fannie Mae CEO Herbert M. Allison, Jr. was confirmed by the United States Senate on Friday to serve as the Department of the Treasury’s assistant secretary for Financial Stability. In this position, he is responsible for developing and coordinating the Treasury’s policies on legislative and regulatory issues aimed at restoring the nation’s financial system.

Newport, Kentucky-based Default Mitigation Management LLC (DMM) has released an update to its Debtor’s Counsel Loss Mitigation Web Portal. The company explained that the new release is another step forward in creating more effective channels of communication between attorneys, servicers, and now the trustees, and streamlining the loss mitigation process – in and out of bankruptcy.

Investors are zeroing in on the distressed housing market in Arizona. According to the research firm MDA DataQuick, nearly 4 out of every 10 homes sold in the Phoenix area in April were snatched up by absentee buyers, which typically constitute investors or vacation property purchases.

Mortgage interest rates across the board dropped back down this week, following three straight weeks of increases for long-term, fixed-rate home loan products. Frank Nothaft, Freddie Mac’s VP and chief economist, explained that the upward trend was reversed by reports of low, benign inflation figures.

President Obama signed into law the Helping Families Save Their Homes Act on May 20, 2009. Among other things, the law amends the Truth in Lending Act (TILA), instituting a requirement that borrowers be notified when their mortgage debt has been sold, transferred, or assigned to a new creditor.

The New York Federal Reserve Bank purchased $20.29 billion in mortgage-backed securities (MBS) from government agencies this week. The central bank has committed to buy up $1.25 trillion in mortgage securities this year.

Nicholas Barrett & Associates , a mortgage default law firm based in East Providence, Rhode Island, has been named a 2008 Summit Award winner by Lender Processing Services (LPS) for maintaining perfect timeline and performance expectations for 12 consecutive months in foreclosure and bankruptcy transactions.

President Obama’s broad proposal for financial regulatory reform calls for the creation of a new regulatory body, the Consumer Financial Protection Agency. The federal supervisor would have far-reaching oversight and enforcement authorities over the entire residential mortgage financing industry.