A three-month investigation into mortgage fraud led by the U.S. Department of Justice and the Federal Bureau of Investigations (FBI) has ended with 60 arrests in 15 districts, the opening of 144 mortgage fraud cases and an assortment of charges levied against 406 defendants.

Federal Bureau of Investigations (FBI) agents arrested two former Bear Stearns hedge fund managers on criminal charges Thursday over investments they managed with ties to volatile subprime loans, Bloomberg news has reported.

Bob Caruso, a national servicing executive at Bank of America, has joined Fidelity National Information Services, Inc. (FIS) as executive vice president of strategy and business development for the company’s Lender Processing Services segment.

The New York State Unified Court System has released a report discussing the many advantages of the new Statewide Foreclosure Conference Program—a pilot program that aims to get borrowers and lenders on the same page before a foreclosure action is officially filed with the court.

A bipartisan housing bill—constructed by U.S. Senators Chris Dodd (D-CT) and Richard Shelby (R-AL)—is ready to face the scrutiny of the U.S. Senate. Dodd and Shelby both serve on the Senate Committee on Banking, Housing and Urban Affairs and have been grappling over the task of drafting legislation that will help homeowners while, at the same time, ensuring critics that the solution will not turn into a massive taxpayer bailout.

Connecticut Governor Jodi Rell has signed landmark subprime legislation that will allocate an additional $40 million to the state’s CT FAMLIES program—an initiative that offers refinancing options to certain subprime borrowers.

As more regulations surface in mortgage banking, the industry’s leading association is guiding financial institutions through a maze of potential security issues to save them from losing money due to litigation and lack of compliance when dealing with confidential consumer information.

Several regulatory and mortgage banking associations sent a letter to U.S. Senators Chris Dodd (D-Conn) and Richard Shelby (R-AL) this week, saying proposed legislation—including the introduction of new licensing guidelines for lenders—will raise legal questions and limit credit for mortgage consumers.

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey on Wednesday, which includes the latest Market Composite Index—a barometer that measures the volume of mortgage applications filed in a given week.

ServiceLink, the national mortgage services platform of Fidelity National Financial and a provider of origination and default services, said Tuesday that Pauldie Howrigan and Steven Seago have been named to the position of senior vice president, national account director.