NERA Economic Consulting international group of economists who offer economic analysis to the business and legal communities—said this week that when compared to last year, the number of federal class action lawsuits in the United States increased significantly in 2007.

The Mortgage Bankers Association (MBA) released its Subprime Mortgage Originations Survey this week, which shows the percentage of subprime loans featuring a fixed-rate grew during the first half of 2007 while adjustable rate mortgages decreased.

Calabasas, California-based lender Countrywide Financial Corp. has partnered with the Association of Community Organizations for Reform Now (ACORN) in an effort to create home retention programs for struggling borrowers.

Bank of America said Thursday that it will help distressed homeowners and new borrowers in the city of Chicago by applying $5 million in grants to local issues like homeownership preservation and affordable housing initiatives.

Atlanta, Georgia-based Equifax Inc. is introducing lenders to a solution that’s designed to help them determine if certain borrowers are qualified for loss mitigation measures established by the new HOPE NOW alliance.

First American LoanPerformance, a part of The First American Corp. family of companies, released its October 2007 LoanPerformance Home Price Index Thursday, which says 21 states have experienced negative home price appreciation within the past 12 months.

Senior economists with Wells Fargo say the current credit crunch in the mortgage market is unlikely to trigger a recession next year. To support this hypothesis, they point to the nation’s healthy growth in exports, as well as its strong employment figures and consumer spending.

The latest Weekly Mortgage Applications Survey Index—an index that measures the volume of loan applications submitted across the country—declined 19.5-percent on a seasonally adjusted basis when last week’s application submissions were compared to the week before.

Irvine, California-based RealtyTrac, an online marketer of foreclosure properties, said Wednesday that foreclosure filings—which include all default notices, auction sales and bank repossessions—dropped 10-percent between the months of October and November.

The National Association of Realtors (NAR) applauded the U.S. House and Senate this week for passing the Mortgage Cancellation Tax Relief Act—a piece of legislation that, if passed, will change the current tax code so distressed borrowers who have loans forgiven through a foreclosure or short sale will not be taxed on the difference.