Secondary Market

Home sales rose in 39 states last quarter and median prices rose 4 percent, offering hope for the residential market's immediate future, according to an industry report released Wednesday.

Ginnie Mae, the guarantor of mortgage-backed securities, tapped Bank of America to service about $25 billion in Federal Housing Administration receivables seized from mortgage firm Taylor, Bean & Whitaker last week, according to media reports.

Sorrento Capital, a private asset management firm based in Irvine, California, announced Monday that it has named Steve Ozonian as its executive chairman of the board.

Subprime mortgage servicer Ocwen Financial Corporation announced Thursday that Steven B. Nesmith has joined the company as SVP and assistant general counsel for strategic and government initiatives. Nesmith was most recently a partner at Holland & Knight where he served in the affordable housing, financial services, and international trade practice areas.

The Atlanta-based real estate default law firm of Rubin Lublin, LLC has announced the hiring of Erica Malcom. Malcom will join the firm as an associate attorney working within the title department. Managing Partner Glen Rubin, commented, Erica makes a strong addition to Rubin Lublin.

NIR Group, an alternative investment firm that manages a variety of strategies including direct equity investments, announced on Tuesday that David Ratzker has joined the firm as portfolio manager to head the firm’s structured equity investments.

Cincinnati-based Gerner & Kearns, Co., L.P.A. (G&K) has named Margaret E. Cunningham and Erin K. McConnell as associates in the firm’s default services and real estate practice groups. Cunningham received her juris doctor from the Salmon P.

Nielson & Sherry, PSC, a Newport, Kentucky firm which handles concerns related to the mortgage, lending, default, and real estate communities, recently announced the appointment of Dan Israelson to the role of director of client relations and business development.

First American Default Technologies, a member of The First American Corporation family of companies and a provider of host-system integration technology to the mortgage default servicing industry, launched a new loss mitigation module as part of its VendorScape suite of solutions today.

In light of the recent wildfires that swept through Southern California, the U.S Department of Housing and Urban Development has issued a 90-day foreclosure moratorium on all Southern California homes that are based on FHA-insured mortgages.