Prospect Heights, Illinois-based HSBC-North America is actively supporting the loss mitigation side of the business through a $1-million grant, which will be used to fund Money Management International’s Preserving Homeownership and Savings Education Strategy (PHASES) program.

Federal Reserve Chairman Ben Bernanke says subprime mortgage losses could reach the $100-billion range, according to Reuters news agency. Bernanke made that statement during his second day of testimony in front of the Senate Banking Committee on Thursday.

CIT Group Inc., a commercial and consumer finance company, is exiting the home lending and construction business after feeling some of the blows of the recent marketplace. In the company’s latest Second Quarter Results, CIT said it experienced a diluted loss per share of $.

Online job postings in 18 of 28 major U.S. markets declined in June, according to the Monster Local Employment Index. The index is a product of Monster Worldwide Inc.—a branch of employment and recruiting giant, Monster.

Losses from rising defaults on subprime loans have prompted Seattle, Washington-based Washington Mutual Inc. (WaMu) to stop providing certain subprime products, according to Reuters news agency. WaMu released its second quarter earnings this week, which show the company’s earnings per share in the most recent quarter up 16-percent when compared to last year.

Real estate auction company Hudson & Marshall will be auctioning off 400 foreclosed Ohio homes during an upcoming auction event, which runs from July 24 to 29. The auction events will be held in various cities throughout the state.

Shockwaves from the subprime fallout are making the airwaves with Bloomberg Television hosting a special report, titled Subprime Shockwaves, which airs tonight at 7 p.m. (EST). The hour-long special, hosted by Brian Sullivan, will examine the impact the subprime crises is having on home buyers, homeowners, the bond market, and pension funds.

New York-based Fitch Ratings has placed a certain class of subprime product at Irvine, California-based Option One Mortgage on negative ratings watch. According to a Fitch press release, Option One’s ‘RPS1’ residential primary servicer rating for subprime product and its ‘RSS1’ residential special servicer were classified as Rating Watch Negative.

Oakland, California-based Old Republic Title Co. has named John Geraci to the position of senior vice president, Los Angeles/Ventura County Manager. In his new position, Geraci will be responsible for the unit’s profitability and growth as well as the development of its direct title and escrow operations in the California counties of Los Angeles and Ventura.

The U.S. economy is expected to expand at a moderate pace during the remainder of 2007 and then pick up in 2008, says Federal Reserve Chairman Ben Bernanke. Bernanke made that statement while presenting his Semi-Annual Monetary Policy report to Congress on Wednesday.