A subprime lender facing Chapter 11 bankruptcy has entered into an asset purchase agreement with Switzerland-based Credit Suisse. Under terms of the asset purchase agreement — Brea, California-based ResMAE Mortgage Corp.

New York-based The Bear Stearns Companies Inc., has completed its acquisition of subprime lender Encore Credit Corp., a subsidiary of Irvine, California-based ECC Capital Corp. The $26 billion transaction is expected to help Bear Stearns, a financial services firm, establish strategic footing in the nonconforming loan market.

Richard Syron, chief executive officer of Freddie Mac, is the latest industry insider to warn of the potential pitfalls of excessively restrictive GSE legislation, according to MarketWatch. While Syron supports the need for a new regulator of government-sponsored enterprises, he told the industry last week that extreme GSE regulations could curtail gains currently being made in the affordable housing market.

Cincinnati-based eLynx, which provides a secure electronic document communications network for financial service providers, announced that its Chief Executive Officer and President Phil Huff has decided to step down and solely serve on the company’s Board of Directors.

Two separate California law firms have filed class-action lawsuits against Irvine, California-based New Century Financial Corp. In the lawsuits, the plaintiffs allege the company mislead investors by failing to report 2006 losses that were attributed to repurchases on subprime home loans.

It’s been a season of change in the mortgage banking industry with companies either merging or shying away from products in the subprime lending market. Lake Forest, California-based Lenders Direct Capital Corp.

New research from Irvine, California-based RealtyTrac, is painting a not-so-rosy picture when it comes to home foreclosures in 2007. The leading online provider of foreclosure data reports that foreclosure filings in the United States increased 19-percent between December 2006 and January 2007.

Massachusetts and Florida rank first in their respective regions for logging the most foreclosure filings during the first month of 2007, according to a new report from ForeclosureS.com, a Sacramento, California-based provider of online foreclosure data.

Mortgage risk-management experts say there’s a silver lining to every cloud, especially when it comes to the number of lenders leaving the subprime market for greener pastures. It’s a negative trend that could have a positive effect on the way subprime lenders approve loans.

It’s not easy selling a home when the old residents refuse to leave. It’s even harder when those residents are a family of whiny birds! Beverly McDonald, a representative with Century 21 Fite in Southlake, Texas, says she’ll never forget the time when she arrived at one of her listings and found a family of loud, hissing turkey vultures sitting on the roof.