With JPMorgan’s acquisition of embattled investment bank Bear Stearns close to complete, Dallas-based Lone Star Funds confirming that the private equity firm has agreed to absorb portions of Bear Stearns Residential Mortgage Corp.

A bill proposing the creation of a financial clearinghouse that will provide California citizens with critical information about credit scores, interest rates, responsible borrowing and overall financial literacy has passed the State Assembly and is now heading to the State Senate.

Speculation that the Federal Reserve will raise short-term interest rates in the near future caused mortgage interest rates to jump this week. McLean, Virginia-based Freddie Mac officially released its Primary Mortgage Market Survey (PMMS) on Thursday, which shows the 30-year fixed-rate mortgage (FRM) hovering at 6.

Chicago, Illinois-based Artemis Enterprises, LLC, a company that provides collaborative cross-enterprise information management technology solutions, said Thursday that it has entered into a strategic business relationship with Innovative Relevance platform that constructs custom solutions for its strategic partners.

Culver City, California-based ValuFinders, Inc., is promoting the flexibility of its Web-based Appraisal CONCIERGE appraisal ordering system in light of recent discussions about the Office of Federal Housing Enterprise Oversight (OFHEO) and the government-sponsored enterprises (GSEs) adopting a new appraisal code of conduct.

The Massachusetts foreclosure crisis shows no signs of abating with a new report from real estate publisher The Warren Group concluding that foreclosure deeds hit their highest level in recorded history last month.

The season of change continues at Bank of America) with the banking giant announcing Thursday that David Sambol, president  and chief operating officer of Countrywide Financial Corp., will be retiring after Barbara Desoer, BofA’s chief technology and operations officer, successfully transitions into the role of president of consumer real estate operations once the two companies are combined.

Higher provisions for loan losses placed additional stress on banks insured by the Federal Deposit Insurance Corporation (FDIC) during the first quarter of this year, according to a new report from the FDIC.

Bensalem, Pennsylvania-based ISGN, a company that offers the mortgage banking industry an assortment of technology solutions, said Wednesday that UK-based GMAC-RFC Property Finance Limited has agreed to utilize the company’s Construction Lender (TCL) software system to streamline the creation and management of loans and reduce risk.

The Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications Survey—a measure of loan origination activity—shows a drop in mortgage application volume for the week ending May 23, 2008.