The Foreclosure Prevention and Sound Servicing Act of 2008 (or H.R. 5679) was the subject of much discussion in Washington, D.C. today. Even the Mortgage Bankers Association (MBA) weighed in, expressing some of the organization’s concerns about the Act in a press statement.

Refinance and FHA activity dominated the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association (MBA) on Wednesday. The survey is for the period ending April 11, 2008. The Weekly Survey includes a Market Composite Index that measures loan activity volume.

The Organization for Economic Co-Operation and Development (OECD), an international association that promotes a healthy global economy among democratic nations, released a report this week in which it estimates that the recent financial crisis will lead to an estimated $422 billion in losses with American banks shouldering $90 billion of these losses.

The Mortgage Bankers Association (MBA) believes a new house bill—The Emergency Loan Modification Act of 2007 (H.R. 5579)—has the potential to be a help and a hinderance to lenders, servicers and investors, according to testimony given by MBA Vice Chairman Robert Story, Jr.

Charlotte, North Carolina-based Wachovia Corp. cites home price depreciation and changes in consumer behavior for contributing to a market cycle that recently cost the financial platform $350 million in net losses for the first quarter of 2008.

Foreclosure filings in the United States rose 5-percent between the months of February and March of this year and were up 57-percent when compared to March of last year, according to RealtyTrac’s latest March 2008 U.

Shelton, Connecticut-based risk analytics firm Clayton Holdings Inc. has entered into a merger agreement with private equity firm Greenfield Partners, LLC. According to Clayton Holdings, the transaction valued at $134 million, or $6.

Embattled subprime lender Fremont Investment & Loan, a subsidiary of Fremont General Corp., announced today that the company has entered into a sales agreement that involves its subsidiary Fremont General Credit Corp.

Two Colorado lawmakers are about to introduce a piece of legislation that, if passed, will allow judges to call a 90-day foreclosure time-out in situations where they have evidence to suggest a servicer or lender failed in good-faith to work with a borrower who had expressed interest in loss mitigation.

In honor of financial literacy month, the Consumer Credit Counseling Service of Greater Dallas (CCCS) is increasing its existing financial literacy course offerings so area residents can attend helpful and complimentary personal finance courses at various churches, government agencies, community organizations and schools throughout the month.