The number of subprime-related lawsuits filed in federal court during the first quarter of 2008 is on pace to outdo subprime-related litigation figures from last year, as well as the number of federal lawsuits filed in the early 1990s after the tumultuous Savings-and-Loan scandal, according to a new report from global consulting firm Navigant Consulting, Inc.

All the turmoil in today’s mortgage banking sector has made the need for qualified loss mitigation professionals much more poignant. The Mortgage Bankers Association (MBA) says its education platform, CampusMBA, is prepared to meet this need through the launch of a new instructor-led workshop focusing on the practice of loss mitigation.

Banking giant Bank of America (BofA) said this week that it intends to revamp its mortgage lending guidelines as soon as the acquisition of subprime lender Countrywide Financial Corp. is complete. The changes are expected to come after the closing of the transaction in the third quarter of 2008.

Clearwater, Florida-based eMASON, a provider of process centric solutions and workflow management tools, has introduced an upgraded version of its Clarifire product—Clarifire 3.0—to offer clients an expanded version that includes a user portal, an efficient discussion board and an automated document assembly function.

East Greenwich, Rhode Island-based Marinosci, Tiernan & Ceritto, P.C.— a law firm that caters to the mortgage servicing industry—recently named attorney Holly Ceritto managing partner.

Seven out of ten seriously delinquent borrowers in the United States have yet to enter into a suitable loss mitigation strategy, according to a new report from the State Foreclosure Prevention Working Group.

Technology provider NYLX, a firm that specializes in point of sale products, as well as technology systems related to pricing, announced this week that Tom I. Unterberg has joined the company’s Board of Directors.

After a first quarter net loss of $171 million, or $.27 per diluted share, Cleveland, Ohio-based National City Corp. said its Board plans to raise $7 billion in capital, with a large portion of that capital infusion—approximately $985 million—coming from private firm Corsair Capital, LLC.

The speed at which servicers are expected to perform modifications on troubled mortgages today leaves room to be desired, especially when it comes to the issue of remaining in compliance with the many standards laid out by investors and regulators.

A highly publicized federal case against Fannie Mae’s former executive management team was settled last week when the three former executives agreed to pay some hefty fees to end a four-year investigation.