Kansas City, Missouri-based NovaStar Financial Inc. said Wednesday that the company does not intend to proceed with its previously announced offering of rights to purchase $101,175,000 in shares of 9.00-percent Series D-2 Mandatory Convertible Preferred Stock.

USFN, a nonprofit association made up of attorneys, trustee companies and associates working in the default servicing industry, has named Tiffany Cohen director of education and marketing. In her new role, Cohen will oversee the development of educational programs, sponsorship management, advertising, and event management for the group.

San Diego, California-based Accredited Home Lenders is closing two Texas locations because of troubles currently impacting the mortgage market, the lender said in a letter filed with the Texas Workforce Commission last week.

Santa Ana, California-based The First American Corp. eliminated 600 full-time positions during the second quarter of 2007 and expects to reduce its workforce by an additional 1,300 in the third quarter, according to a press release issued by the company on Tuesday.

Financial commentator and predictor of the subprime fallout Dr. Kurt Richebacher has passed away, leaving behind a legend of accurate economic predictions—including a warning back in 2001 that the housing boom would eventually go bust.

Real estate auction company Hudson & Marshall:http://www.hudsonandmarshall.com has plans to sell 700 foreclosed homes during an auction in Detroit later this month. The Detroit auction, which has homes ranging in value from $5,000 to $600,000, will run from September 21 through September 23.

New York-based Citigroup Inc. has acquired  Ameriquest Mortgage Co.:http://www.ameriquestmortgage.com, the wholesale mortgage origination and lending platform of ACC Capital Holdings (ACH). In a press release, Citigroup said the acquisition, which includes loans valued collectively at $45 billion, closed on September 1.

President George W. Bush is expected to announce a strategic plan on Friday that will allow delinquent borrowers the opportunity to refinance their homes through the Federal Housing Administration, according to reports from Bloomberg News.

Government-sponsored enterprise (GSE) and mortgage lender Freddie Mac experienced a significant loss in net income during the second quarter of 2007, according to a press release issued by the GSE this week.

A class action lawsuit has been filed against  American Home Mortgage Investment Corp., claiming the company misled investors by failing to disclose adverse conditions in its mortgage loan portfolio—an action that later contributed to significant financial losses.