The lawfirm of Coughlin, Stoia, Geller, Rudman & Robbins L.L.P. has filed a class action lawsuit against CitiGroup Inc. on behalf of investors who purchased common stock between the dates of April 17, 2006 and November 2, 2007.

Ohio Attorney General Marc Dann said in a speech this week that his office is going to send more subpoenas to companies suspected of irresponsible subprime lending practices. Dann said the information he seeks is essential in growing an investigation that involves possible violations of the anti-trust laws, civil rights statutes, and consumer sales practices act.

National Default Servicing (NDS), an outsourcing provider that focuses on REO and Default Services, has appointed Larry Bird to the position of chief operating officer. Bird, who comes to NDS from LandAmerica where he oversaw REO operations, BPO/Appraisal, Trustee Operations, and Field Services, will be responsible for NDS’s REO Department and new business development.

The Federal Reserve Bank of San Francisco hosted Just Price Solutions at its San Francisco Community Reinvestment Act (CRA) Roundtable in Los Angeles, California, on Wednesday. As a panelist, Just Price Solutions—a nonprofit subsidiary of Neighborhood Housing Services of America—covered topics related to the timely subject of loss mitigation.

With a major lawsuit out of New York focusing on the consequences of allegedly deceptive appraisals, the Mortgage Bankers Association (MBA) is very timely in its release of a new policy position paper: The Importance of Accurate Appraisals Performed by Independent Appraisers.

Investment Bank Morgan Stanley dampened hopes on Wall Street Wednesday after releasing a report, saying the fair value of its subprime exposures has declined because of continued deterioration in the market.

Banking giant Washington Mutual Inc. a statement this week, saying the company intends to defend itself from all unfounded allegations and lawsuits—namely the high-profile lawsuit filed last week by New York Attorney General Andrew Cuomo.

Former Freddie Mac Chairman and Chief Executive Officer Leland Brendsel has agreed to a consent order drafted by the Office of Federal Housing Enterprise Oversight (OFHEO), in which he will officially settle with the regulator over accusations that he mismanaged finances and created a culture of risk while leading the government-sponsored enterprise (GSE).

A major global risk and reinsurance specialist said Wednesday that the professional liability insurance market will not feel the full pressures of the subprime crunch until next year. Guy Carpenter & Company, LLC made that statement in a report titled Credit Market Aftershock Threatens Professional Liability Profits.

AARP, a nonprofit organization dedicated to improving the lives of senior citizens, applauds Illinois Governor Rod Blagojevich for introducing a law this week that’s designed to protect elderly borrowers by ensuring lenders and brokers are thorough and honest when drafting loans.