According to a new report released Tuesday by the National Association of Realtors (NAR), pending home sales declined on the heels of a weakening economy as buyers awaited clarity on the federal government’s housing stimulus provisions.

Washington, D.C.-based Fannie Mae reported a loss of $58.7 billion, or ($24.04) per diluted share for fiscal year 2008. The GSE’s annual deficit is a significant increase from 2007, when the company reported a loss of $2.

According to a report released Tuesday by credit reporting agency TransUnion LLC, the ratio of borrowers 60 or more days past due on their mortgages increased for the eighth straight quarter, hitting a national average high of 4.

HOPE NOW, a foreclosure prevention alliance of mortgage servicers, non-profit counselors, and investors, today announced that its members and the larger mortgage lending industry modified 123,000 mortgages in January 2009.

Citigroup announced on Tuesday that it is initiating a new mortgage program to help the rising numbers of unemployed Americans hold onto their homes. The initiative is aimed at those homeowners whose economic conditions have changed because of the deteriorating national economy, leaving them unable to meet their mortgage obligations.

With President Obama’s recent proposal to provide $75 billion to help modify home loans, millions of Americans on the brink of foreclosure now have hope in sight. But what’s uncertain, particularly for those who are facing imminent foreclosure, is how quickly the assistance will funnel down the pipeline to homeowners.

Three more community banks – in Oregon, Illinois, and Nevada – have succumbed to the pressures of the national financial crisis, bringing the total number of failed institutions during the first two months of 2009 to 16.

The Bank of New York Mellon, a global asset management and securities servicer, recently announced that it has expanded DM Edge, the company’s derivatives collateral management service, beyond derivatives to cover a wide range of margin-related activities, including repossession and securities lending.

Larry Lattig, litigation trustee for Tucson, Arizona’s First Magnus Financial Corporation, has filed a $1 billion lawsuit against more than 40 defendants, including the former directors and officers of First Magnus Financial Corporation and their new mortgage company, StoneWater Mortgage Corporation.

The deteriorating economy is evident in recent consumer credit woes as bankruptcies, past-due credit card payments, and delinquent mortgages are beginning to pile up according to a new report by Equifax Inc.