The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey on Wednesday, which showed that home loan applications dropped to their lowest level since last November, as rising mortgage interest rates have led to an increase in borrowing costs.

A newly formed nonprofit coalition headquartered in Washington, D.C. called the Fair Mortgage Collaborative (FMC) has been launched by lenders and homeowner advocacy groups to ensure fair and safe lending is available to consumers seeking mortgages.

Sen. Johnny Isakson (R-Georgia), along with nine bipartisan cosponsors, has introduced S. 1230, The Homebuyer Tax Credit Act of 2009. The bill would increase the federal tax credit for the purchase of a home from the current amount of $8,000 to $15,000.

Texas Attorney General Greg Abbott welcomed state and local authorities, law enforcement officials, prosecutors, and other Texans from the real estate industry to the Office of the Attorney General’s (OAG) Mortgage Fraud Summit in Austin on Monday.

Washington state’s PROOF program, which stands for Prevent or Reduce Owner-Occupied Foreclosure, matches homeowners who are behind on their mortgage with certified housing counselors. Lawmakers have authorized $250,000 for the statewide initiative to help distressed homeowners negotiate loan modifications or other workouts with their lenders.

Robert Klein, founder and CEO of Cleveland, Ohio’s Safeguard Properties, received the 2009 Ernst & Young Entrepreneur of the Year Award in the Northeast Ohio region for professional services and asset management firms.

The California Foreclosure Prevention Act officially went into effect on Monday. The measure was signed into law by Gov. Arnold Schwarzenegger last February, and institutes a statewide 90-day foreclosure moratorium.

Dallas-based MRG Document Technologies, a provider of mortgage technologies to banks, credit unions, and other lenders, announced Monday that Craig Kaley has joined the company as a senior technology specialist.

A Montclair, New Jersey man pleaded guilty last week to charges in connection with a $139 million fraud scheme that bankrupted Pine Brook, New Jersey’s U.S. Mortgage Corp. and its subsidiary, CU National Mortgage, LLC in February of this year.

Nevada Governor Jim Gibbons signed Senate Bill 184 into law last Tuesday. The measure, which received widespread support from real estate brokers, agents, and appraisers in the state, enables broker price opinions (BPOs) to be performed in Nevada and provides the real estate valuation industry there with clarity regarding BPO preparation and delivery.