A new report by the National Community Reinvestment Coalition reveals high-cost, foreclosure-prone mortgage loans are disproportionately made to minority borrowers, regardless of their income level. The NCRC study, Income Is No Shield Against Racial Difference in Lending II, examined subprime and near-prime (Alt-A) loans from more than 219 metropolitan areas in 2006, the most recent public data available.

According to a study released by NERA Economic Consulting this week, the number of shareholder class-action lawsuits rose sharply during the first half of 2008, largely due to a surge in cases resulting from the subprime mortgage crisis.

David Trott, managing partner of Trott and Trott, P.C., announced this week that Kenneth Kurel has been named partner at the firm. The Farmington Hills-based firm conducts residential default procedures in Michigan, representing mortgage bankers, banks, credit unions, mortgage servicers, regional property owners, investor groups, and individual entrepreneurs.

The Mortgage Bankers Association recently announced the appointment of James P. Gross as AVP of accounting, tax, and bank regulation. MBA also announced the retirement of Gross’ predecessor, Alison Utermohlen after 20 years of service with the association.

Today, Treasury Secretary Henry M. Paulson, Jr. delivered remarks on the state of the economy, and especially addressed the current housing market, at the Exchequer Club. His remarks came shortly after the Commerce Department announced that gross domestic product (GDP) growth during the second quarter of 2008 was 1.

President Bush signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law today. Since the beginning of the year, talk of housing reform has come from nearly every faction within the industry, with some leaders voicing a state of urgency as early as last year.

Mortgage Contracting Services, a national property preservation and inspection company, announced the promotion of James Wade to AVP of security and compliance yesterday. According to MCS, in his new role, Wade ensures that the company exceeds the highest levels of physical and information security.

During a time of waning property sales and a faltering housing market, Internet auction sites report to be thriving. Realtybid.com announced last week that its property sales increased by 12.4 percent during the first half of 2008, compared to the same period in 2007.

In Washington on Monday, Treasury Secretary Henry Paulson outlined a proposal for financial institutions to issue covered bonds to create broader choices for mortgage financing, and applauded the support of the nation’s four largest banks to spur the initiative.

Titanium Holdings, Inc. announced this week that Patrick Carey has joined the company as CEO. Titanium Holdings, Inc. is the parent company of Titanium Solutions, Inc., a provider of homeowner consulting services.