When a borrower is facing foreclosure, their first line of defense is often refinancing. Recognizing this option as a safeguard for distressed homeowners, The Ohio Housing Finance Agency) has pledged to provide refinancing for certain at-risk borrowers across their state.

According to an investors’ slideshow, Residential Capital LLC (ResCap), the lending unit of The General Motors Acceptance Co.), will be reducing its exposure to nonprime loan originations. The company said, even though ResCap moved away from nonprime lending in 2006, it still had substantial exposure to the market when the fallout hit during the fourth quarter.

As the debate over how to handle the subprime lending crises wares on, two high-profile organizations are publicly expressing different views when it comes to subprime-related issues and regulations. In the past two months,  the Mortgage Bankers Association (MBA) and the Center for Responsible Lending (CRL) have issued press statements disputing statistical data provided by the other.

Foreclosure filings in the state of Massachusetts were 85 percent higher in February when compared to the same period in 2006, according to a new report from ForeclosuresMass.com, a provider of Massachusetts foreclosure data.

Kansas City, Missouri-based NovaSTAR Financial Inc. has received word that Fitch Ratings placed its NovaSTAR Mortgage subsidiary on a negative ratings watch. Fitch in a press statement said, the ratings watch reflects the challenging operating environment in the subprime mortgage market and uncertainties regarding NFI’s profitability.

A U.S. house subcommittee hearing on subprime and predatory lending was the talk of the town on Tuesday as regulators, industry experts, and consumer advocacy groups gathered in front of lawmakers to testify.

A new product is making it possible for financial institutions to service all loans using one cost-effective platform, according to Fiserv Lending Solutions — a unit of Fiserv that introduced itsLoan Servicing Platform at the MBA’s 2007 National Technology in Mortgage Banking Conference and Expo.

Houston, Texas-based Stewart Transaction Solutions introduced its Electronic Vault Management System at the MBA’s 2007 National Technology in Mortgage Banking Conference and Expo this week. Stewart says the product is designed to store, maintain, and transfer original, electronic loan documents.

The chairman of the Mortgage Bankers Association  (MBA) told federal lawmakers on Tuesday that the agency will work with legislators, regulators, and other stakeholders in an effort to ease the pain caused by some of the turmoil in the subprime market.

The Center for Responsible Lending (CRL) said it will continue to support legislation that recognizes subprime loans as a threat to American homeownership, rather than a means for borrowers to gain entry into the real estate market.