Federal Reserve Chairman Ben Bernanke said this morning that existing and new home sales remain weak, inflation and job losses are a growing concern and credit and liquidity concerns still abound. Bernanke made these assessments while addressing the U.

Birmingham, Alabama-based Sirote & Permutt, P.C., said this week that troubles related to subprime lending have prompted the firm to grow its current base of operations to include a team that will handle issues now affecting many clients who work in the financial services industry.

Triad Guaranty Insurance Corp., a mortgage insurer that is approved to work with government-sponsored enterprise Freddie Mac, now has a BBB- rating from Fitch—a drop from its previous AA- status.

A much discussed Congressional Bill—The Foreclosure Prevention Act of 2008—is making headway in the Senate, according to Senate majority Leader Harry Reid (D-NV). Senior Senate Democrats and Republicans have reached an agreement in principle to strengthen the economy by addressing the nationwide foreclosure crisis.

The Mortgage Bankers Association (MBA) released its updated Weekly Mortgage Applications Survey today, which shows a significant drop in the loan application volume when compared to a week prior, as well as the refinance activity volume.

Fannie Mae, a government-sponsored enterprise (GSE) that aids the mortgage marketplace by providing additional liquidity, released a statement today, saying the GSE is taking additional steps to ensure that all loans issued under its umbrella have the quality underwriting needed to make the loans successful long-term.

NovaStar Financial Inc. said this week in a Securities and Exchange Commission (SEC) filing that the company continues to struggle with its liquidity after facing a net loss in income of $733 million last year and questions its ability to continue as a going concern and avoid bankruptcy.

The National REO Brokers Association Inc. (NRBA) is preparing for its Seventh Annual REO Education Conference—an event which is held exclusively each year for members of the organization. This year’s attendees will enjoy three days of networking, educational sessions and industry-related discussions with 100 asset managers and leading lending and servicing clients in attendance.

The Foreclosure Prevention Act of 2008—a legislative package that aims to help families with an assortment of legislative measures such as allowing judges to modify existing loan terms—is still stirring up debate even though earlier attempts to get the Senate to vote on the measure failed.

Recognizing that many families facing foreclosure do not have the financial resources to hire an attorney, Ohio state leaders rolled out a new legal initiative Tuesday that will help officials expand the Ohio Save the Dream campaign by adding a legal volunteer service to the state’s foreclosure prevention effort.