HOPE NOW announced on Monday that its members and the larger mortgage lending industry modified 134,000 home loans in February that were in danger of foreclosure, a nine percent increase over the number of mortgages modified in January.

Fairfax, Virginia-based CGI Group Inc., a provider of information technology and business process services, announced on Tuesday the launch of a collections microsite focused on helping banks turn rising delinquencies into recoveries.

Omni National Bank, in Atlanta, Georgia, was closed on Friday by the Office of the Comptroller of the Currency (OCC). Omni National is the 21st bank to fail this year and the fourth to go under in Georgia.

The FDIC announced last week that it is seeking public comment on its Legacy Loans Program (LLP). The FDIC and the Department of the Treasury unveiled the LLP last Monday as part of the administration’s Public-Private Investment Program (PPIP).

Cities across the country say they are seeing a disturbing new practice when it comes to foreclosures – more and more, banks are opting not to take possession of foreclosed properties because the costs of maintenance, repairs, and legal fees outweigh the still-declining value of the property.

Single-family home prices in Connecticut tumbled 17.1 percent in February compared to the same month in 2008, according to a report released today by The Warren Group, a provider of real estate data for the New England area.

Industry veteran Shelley Kaye has joined InSource Financial Services, LLC as a portfolio acquisitions specialist. In this position, Kaye will manage the firm’s bulk sale purchases of REO properties.

Mortgage giants Fannie Mae and Freddie Mac may soon have a new mission, according to a report published by _The Wall Street Journal:http://online.wsj.com/article_email/SB123837208039067699-lMyQjAxMDI5MzM4MDMzNzAyWj.

President Barack Obama announced three new nominations for posts at the Department of Treasury over the weekend. He has selected Michael S. Barr as assistant secretary for financial institutions; Helen Elizabeth Garrett for assistant secretary of tax policy; and George W.

An alliance of Florida consumers, lenders, realtors, and builders said on Friday that they will aggressively petition state leaders to allow first-time home buyers to use the new $8,000 federal tax credit as upfront cash for a down payment – a move they say would spur Florida’s sluggish housing market and stimulate the state’s lagging economy.