The much discussed Federal Housing Administration (FHA) Modernization Act of 2007 has passed the U.S. Senate, according to a press release posted on U.S. Senator Chris Dodd’s (D-CT) Web site Friday.

The Mortgage Bankers Association (MBA) has named Steve O’Connor senior vice president of government affairs. O’Connor, in his new role, will oversee the MBA’s public policy initiatives as well as its advocacy efforts, according to a press release issued by the association.

ForeclosureS.com, a publisher of foreclosure and real estate data, released its November foreclosure report, which says the number of homes that entered the official foreclosure process hit 1,082,712 during the first eleventh months of this year—a 93-percent increase when compared to the same period in 2006 and a 7-percent increase when compared to October’s figures.

The Colorado Division of Housing has released a new report, which shows foreclosure filings through the month of September have already thwarted last year’s foreclosure figures for the entire year.

The Federal Reserve System announced late Tuesday that the committee has decided to deal with the nation’s slowing economy by cutting the federal funds rate to 4-1/4-percent, a reduction of 25 basis points.

A new study from a university professor and a Federal Reserve Bank representative claims quality control on subprime loans rapidly deteriorated between the years 2001 and 2006. This allegation is made in a new report, compiled by New York University Stern Professor Otto Van Hemert, as well as Yuliya Demyanyk, who is with the Federal Reserve Bank of St.

The chairman of the Mortgage Bankers Association (MBA) criticized The Homeownership Preservation and Protection Act of 2007 this week, saying the law supported by U.S. Senator Christopher Dodd (D-Conn), does not include a uniform national standard to protect consumers from predatory lending.

The Federal Reserve System announced Wednesday plans to help cure the global credit crunch by setting up a Term Auction Facility that will help banks secure liquidity through four auctions that will take place late this year and early next year.

The National Association of Realtors (NAR) released its Pending Home Sales Index this week, which predicts existing home sales will increase slightly next year while new home sales will remain sluggish until at least the year 2009.

Citigroup announced Tuesday that the company’s Board of Directors has appointed Vikram Pandit to the position of chief executive officer. Pandit came to Citigroup from Institutional Clients Group, where he served as chairman and chief executive officer.