Lending institutions mailed default notices to 81,550 California homeowners between the months of October and December of last year, according to data released by DataQuick Information Systems on Wednesday.

Charlotte, North Carolina-based Bank of America Corp.) announced this week that its net income declined 29-percent between 2006 and 2007, and its diluted earnings per share dropped 28-percent. According to the lender’s 2007 earnings report, BofA’s net income hit $14.

The number of foreclosure deeds filed in Massachusetts last year increased 148-percent when compared to the year before, according to The Warren Group, a publisher and real estate data provider. The Warren Group says 7,635 foreclosure deeds were filed in 2007—a significant increase when compared to the 3,086 deeds filed in 2006.

Shelton, Connecticut-based Clayton Holdings Inc., a provider of information-based analytics, announced this week that its Quantum Servicing Corp. servicing unit received its first rating of average from Standard & Poor’s.

California Assembly Member Ted Lieu, who chairs the State’s Banking and Finance Committee, says new foreclosure statistics in his state prove current legislation is not effectively encouraging home retention initiatives within lending firms.

Tampa, Florida-based Mortgage Contracting Services (MCS), a property preservation and inspection services provider, has promoted Rob Colbeck to the position of vice president of information technology for the company’s operations in Dallas and Tampa.

Chicago Title of Michigan, a subsidiary of the Fidelity National Title Group, has partnered with Experian credit bureau reporting agency—to insure homeowners who receive new home titles through the company have extra protections against identity theft and mortgage fraud.

Cleveland, Ohio-based National City Corp. announced this week that it has become the latest company to experience a financial pinch related to losses on mortgage loans, according to the company’s Fourth Quarter and Full-Year 2007 financial report.

The Federal Open Market Committee (FOMC) surprised Wall Street again today by lowering its federal funds rate another 75 basis points to 3 ½-percent. In a statement, the FOMC said it expects inflation to moderate in coming quarters, but will continue to monitor any inflationary trends closely.

Iowa Attorney General Tom Miller is asking his state legislature to consider the passage of a series of bills that will implement additional measures to protect mortgage borrowers from foreclosure and unscrupulous lending.