Southern California home sales increased in May because of an influx of bargain hunters and financial institutions that had competitively priced repossessed properties in their portfolios, according to data released Monday by foreclosure data provider DataQuick.

The HOPE NOW Alliance took a critical step in addressing the nation’s foreclosure crisis on Tuesday when the agency announced that 27 lenders operating under HOPE NOW have agreed to streamline the servicing process and the approach they use when assisting trouble borrowers.

Lenders will no longer find themselves struggling with the Federal Housing Administration’s (FHA) 90-day rule, which prevents sellers who have owned a property for less than 90-days from offloading a home to a buyer who intends to be insured by the FHA.

When a borrower is delinquent on a mortgage loan or facing foreclosure, the last thing they want to do is dial a number and wait for a loss mitigation specialist to guide them through the steps of foreclosure prevention.

American International Group, Inc.), a national insurance platform, announced over the weekend that the company is replacing Chief Executive Officer Martin J. Sullivan with Board Chairman Robert B. Willumstad.

The U.S. Department of Housing and Urban Development) and Freddie Mac announced Monday that the two agencies are implementing certain policies—including a foreclosure moratorium issued by HUD—to help homeowners in storm-ravished Midwestern areas, according to press releases issued by both organizations.

HOPE NOW, a group of mortgage servicers, counselors, investors and public associations that have partnered to fight the threat of foreclosure across the U.S., will be hosting a conference call Tuesday to discuss uniform guidelines that the association’s members will be implementing to help the alliance’s cause.

A new mandate included in a Massachusetts foreclosure law has prompted the number of foreclosure filings in the state to fall to 392 filings in May from 3,414 filings the month before, according to ForeclosuresMass.

James A. Johnson, a top aid to Senator and presidential candidate Barack Obama (D-IL), announced Thursday that he’s stepping down from his position within the campaign to prevent a recent stir related to home loans he received from Countrywide Financial Corp.

Cranbury, New Jersey-based Visionet Systems, an end-to-end BPO provider that offers services to banks and title companies, is growing its business process outsourcing (BPO) operations by opening a new location in Bangalore, India.