Though Beazer Homes USA, Inc., is known primarily for designing, building, and selling homes, a new press release from Lerach, Coughlin, Stoia, Geller, Rudman & Robbins LLP law firm, says the builder not only provided mortgage originations and title insurance to home buyers, but did so neglectfully causing some of the buyers to lose their homes through foreclosure.

Kansas City, Missouri-based H&R Block Inc. said plans to sell its Option One Mortgage Corp. subsidiary continue despite setbacks in the market that have prolonged the process. In a press statement, H&R Block said, Though the company announced in November it would explore alternatives for its mortgage business and expected to conclude that process in March, recent events in the subprime mortgage industry have affected the process.

DLJ Mortgage Capital Inc., a unit of Credit Suisse that purchases mortgage loans from lenders, has filed lawsuits against three subprime lenders including Sunset Direct Lending LLC, Infinity Home Mortgage Co.

Lewisville, Texas-based EMC Mortgage Corp. (EMC) announced the promotion of employee Jenna Kemp to the position of executive vice president of financial operations. Ms. Kemp brings more than 22 years of experience to her new position and currently manages a staff of 135 employees in the areas of Asset Control and Compliance, Investor Accounting and Bank Reconciliation, Master Servicing, and Investor Relations.

San Jose, California-based Working Partnerships USA, a public policy institute based in the Silicon Valley, released a report Thursday, saying its high-tech community is dealing with a shrinking middle-class and a dramatic increase in foreclosure activity.

First American Exchange Co. LLC, a company that handles customers’ tax-deferred exchanges and an arm of The First American Family of Companies, has named attorney Mary Kay Kennedy senior vice president.

With the mortgage lending market facing a sudden increase in rising default rates, White Plains, New York-based Debt Resolve, Inc. has launched DR-Default™ – an online tool that collects defaulted mortgage and automobile loans.

Bankrate Inc.‘s national weekly mortgage survey of large lenders has concluded that The Federal Reserve Board’s concerns over a possible recession have prompted the 30-year fixed mortgage rate to jump from 6.

Irvine, California-based New Century Financial Corp. voluntarily severed its ties with Freddie Mac on Monday, according to the company’s latest filing with the Securities and Exchange Commission.

Fannie Mae, one of the largest government-sponsored enterprises, announced it expects staff reductions by the end of the year involving several hundred full-time employees and contractors. The company said the layoffs are part of an overall effort to reduce operating expenses and maximize productivity on behalf of shareholders and customers.