Germany’s state-owned banked HSH Nordbank AG has decided to sue UBS AG due to the many losses the company experienced after investing in a portfolio that was linked to U.S. subprime loans, Bloomberg News said in a report Sunday.

Poway, California-based First Advantage Corp., a risk management and business solutions provider, said last week that the company is pleased with its overall financial performance in 2007. Last year, First Advantage had a reported income from continuing operations of $77.

Scott Kearnan, a principal at Prudential Lenmar in Natick, Massachusetts, says one of his worst REO Horror Stories comes out of Fall River, Massachusetts. This property was first trashed by the local maniacs, and then the walls were devastated by a sledgehammer and the copper was stolen, he remembers.

The LOGS Network—a nationwide organization made up of professionals specializing in servicing and consumer credit—announced a joint venture with NRC Realty Advisors, LLC, on Friday. Through the strategic partnership, NRC—a provider of accelerated real estate sales—will help The LOGS Network bring residential auction services to servicers and financial platforms that are now dealing with an influx of REO properties.

Anticipating more loan workouts in the mortgage marketplace, iMortgage Services (iMS) is toting the value and availability of its proprietary PropertySmart™ system—a product that allows servicing departments to perform a loss mitigation title search immediately and quickly move forward with the loan modification process.

As the number of homes in default and foreclosure increase across the nation, professionals in mortgage field services are expected to find themselves handling more complex issues on the front lines—especially in the areas of property preservation and inspections.

Richmond, Virginia-based LandAmerica Financial Group Inc., a company that provides real estate transaction services, said Thursday that it posted a significant loss in the fourth quarter of 2007 and attributes its losses to continued deterioration in the mortgage markets.

Organizations that advocate for homeowners are asking Bank of America (BofA) to halt all foreclosures that happen under the umbrella of Countrywide Financial Corp. The request comes at a time when news of BofA’s plan to acquire Countrywide has raised the ire of housing advocacy groups in California.

The U.S. housing sector will feel more pain in 2008 when adjustable-rate mortgages and nontraditional loan products reach their prime re-setting phase, according to a new report from the Ernst & Young Global Real Estate Center.

Ohio Attorney General Marc Dann, who filed a lawsuit against Freddie Mac earlier in the year, told a crowd of reporters attending the Reuters Housing Summitt in New York Wednesday that his office may take similar actions against Fannie Mae, according to Reuters news agency.