Lenders Asset Management Corporation (LAMCO), a full-service, nationwide default management company headquartered in Littleton, Colorado, has announced the formalization of its system to manage and liquidate REO properties.

Distressed homeowners can claim no legal right to a loan modification that's the ruling passed down by a federal judge in the U.S. District Court in Minnesota this week.

Senate Banking Committee Chairman Christopher Dodd (D-Connecticut) offered up a draft of a far-reaching regulatory reform bill Tuesday that would consolidate bank oversight under a single office, create a new Consumer Financial Protection Agency to police mortgages and other borrower-facing loan products, and exact new restrictions on the secondary mortgage market and credit ratings agencies.

GMAC Real Estate, headquartered in Oak Brook, Illinois, and Real Living, a full-service real estate company based in Columbus, Ohio, announced Wednesday that they are merging to form a residential real estate franchise with more than $20 billion in annual home sales.

Home prices have plummeted 40 to 60 percent from their recent peaks in some California and Florida markets, where the big bubbles of the last housing boom have popped with haste and brutal force.

During the 19th Annual Housing Conference, hosted by the South Dakota Housing Development Authority (SDHDA), Julie Clark was named as the recipient of the Friend of Housing award.

In addition to the extended tax credit, first-time homebuyers in Idaho have an added incentive to purchase a home. The Idaho Housing and Finance Association (IHFA), a financial services and housing business organization providing funding for affordable housing in Idaho communities, recently introduced a down payment assistance program in conjunction with mortgage loans from IdaMortgage.

In a recent announcement, PrimeSource Mortgage, Inc. (PSMI), a subsidiary of PSM Holdings, Inc., said the company will open a new branch office in Missoula, Montana. This office will be lead by Christina Witt who is an experience mortgage broker with years of business experience in Montana.

In a recent announcement, New York City-based Paladin Strategic Partners (Paladin), an investment management firm, said the company has acquired a controlling interest in HomeSaver Mortgage Management, LLC (HomeSaver), an asset management company, also headquartered in New York City.

In an announcement made yesterday, MRG Document Technology, a Dallas, Texas based provider of mortgage technologies, has integrated its CompliancePlus data and document process with the Diamond enterprise-wide mortgage loan origination software (LOS) of ISGS, headquartered in Bensalem, Pennsylvania.