New York Attorney General Andrew Cuomo may be close to brokering a deal with the nation’s two largest government-sponsored enterprises, Fannie Mae and Freddie Mac, in which the companies would be required to partner only with lenders and brokers who utilize independent appraisal platforms, Reuters news agency reported Tuesday.

Foreclosure filings in the United States were up 57-percent in the month of January when compared to the same period a year earlier, according to new data from RealtyTrac, an online foreclosure marketplace.

HEART Financial Services, a division of the LOGS Network, has forged a strategic partnership with the Consumer Credit Counseling Service (CCCS) in an effort to help non-profits develop effective communication plans that will reach more consumers with home retention information.

Germany’s state-owned banked HSH Nordbank AG has decided to sue UBS AG due to the many losses the company experienced after investing in a portfolio that was linked to U.S. subprime loans, Bloomberg News said in a report Sunday.

Existing home sales—which include single-family homes, townhomes, condominiums and co-ops—fell 0.4-percent in January when compared to December of 2007 and 23.4-percent when compared to January of last year, the National Association of Realtors (NAR) said in a report released Tuesday.

A controversial Senate Bill that will allow judges to modify the terms on existing mortgage loans could hit the U.S. Senate floor as early as Tuesday, Reuters news agency said late last week. The Foreclosure Prevention Act of 2008 is backed by Senator Harry Reid (D-Nevada) and other Democrats, but continues to draw criticism from industry associations that believe loan modifications from the bench could prove detrimental to homeowners later on.

Poway, California-based First Advantage Corp., a risk management and business solutions provider, said last week that the company is pleased with its overall financial performance in 2007. Last year, First Advantage had a reported income from continuing operations of $77.

California Assemblymember Ted Lieu (D – Torrance) introduced legislation aimed towards helping residents of his state become more financially knowledgeable this week. Assembly Bill (AB) 2123 was introduced in response to the growing number of people making devastating financial decisions due to inadequate education, resulting in such financial catastrophes as the mortgage crisis and plummeting credit scores.

The LOGS Network—a nationwide organization made up of professionals specializing in servicing and consumer credit—announced a joint venture with NRC Realty Advisors, LLC, on Friday. Through the strategic partnership, NRC—a provider of accelerated real estate sales—will help The LOGS Network bring residential auction services to servicers and financial platforms that are now dealing with an influx of REO properties.

Scott Kearnan, a principal at Prudential Lenmar in Natick, Massachusetts, says one of his worst REO Horror Stories comes out of Fall River, Massachusetts. This property was first trashed by the local maniacs, and then the walls were devastated by a sledgehammer and the copper was stolen, he remembers.