Southern California-based REOTrans, a platform that helps lenders manage and sell foreclosed homes, has announced plans to double its existing office space by creating ergonomic office environments inside its Los Angeles headquarters.

A tumultuous lending market and unexpected financial losses have caused Irvine, California-based New Century Financial Corp. to strengthen its loan underwriting guidelines—a measure that will directly impact the company’s two mortgage lending subsidiaries, New Century Mortgage Corp.

HSBC Holdings PLC, one of the world’s largest banks, is one of the first to report a negative transcontinental reaction to the troubles brewing in the U.S subprime loan market. The company says its increasing its loan-loss provisions for 2006 after critically reviewing the impact of slowing house price growth and accelerated delinquency rates in the U.

While the Center for Responsible Lending and various consumer groups are pushing for reforms in the subprime lending sector, the Mortgage Bankers Association (MBA) says it prefers consumer education over excessively rigid legislation.

Martin Eakes, CEO of the Center for Responsible Lending (CRL), warned a group of federal legislators Wednesday about the escalating risk of home foreclosures due to predatory lending practices in the subprime market.

New York Mortgage Trust Inc. (NYMT), says it has entered into a definitive agreement with IndyMac Bank, F.S.B. to sell certain assets of NYMT’s wholly owned taxable REIT subsidiary, The New York Mortgage Co.

Milwaukee-based mortgage insurer MGIC Investment Corp. is forming a preeminent mortgage and credit risk insurer through its strategic merger with Radian Group Inc.—a Philadelphia-based credit risk management company.

Former Fannie Mae CEO Franklin Raines, who is accused of providing misleading financial statements as the head of the mortgage lending giant, has asked that his hearing be moved up to February 16, according to a MarketWatch report.

Foreclosure filings in the state of Massachusetts are at the highest level in recorded history, according to a report released by ForeclosuresMass.com. On Tuesday, the online provider of foreclosure data released its Massachusetts Market Analysis Report, which shows the Bay State with 19,487 foreclosure filings in 2006 compared to 17,000 filings during the state’s last record-setting year in 1991.

Filing cases in different states can be a major headache for attorneys who specialize in default servicing. To address these challenges, DepotPoint, a leading provider of mortgage technology services, has launched a fully-integrated intelligent foreclosure regulatory database.