The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey on Wednesday, which showed that home loan applications dropped to their lowest level since last November, as rising mortgage interest rates have led to an increase in borrowing costs.

New Jersey’s Mortgage Stabilization and Relief Act (MSRA), also know as S1599, became effective April 1, 2009. The legislation imposes additional requirements on lenders trying to foreclose, and it allocates $40 million to fund two state mortgage relief programs.

President Barack Obama laid out the administration’s plan for a new financial regulatory landscape on Wednesday. Obama says it is clear now that the government could have done more to prevent the current financial crisis from spiraling out of control and threatening the overall economy.

Irvine, California-based LoanMarket.NET has partnered with First American Title Insurance Company to offer nationwide third-party title, signing, and settlement services to its online buyers and sellers of mortgage note investments.

The California Foreclosure Prevention Act officially went into effect on Monday. The measure was signed into law by Gov. Arnold Schwarzenegger last February, and institutes a statewide 90-day foreclosure moratorium.

Robert Klein, founder and CEO of Cleveland, Ohio’s Safeguard Properties, received the 2009 Ernst & Young Entrepreneur of the Year Award in the Northeast Ohio region for professional services and asset management firms.

Washington state’s PROOF program, which stands for Prevent or Reduce Owner-Occupied Foreclosure, matches homeowners who are behind on their mortgage with certified housing counselors. Lawmakers have authorized $250,000 for the statewide initiative to help distressed homeowners negotiate loan modifications or other workouts with their lenders.

Texas Attorney General Greg Abbott welcomed state and local authorities, law enforcement officials, prosecutors, and other Texans from the real estate industry to the Office of the Attorney General’s (OAG) Mortgage Fraud Summit in Austin on Monday.

Sen. Johnny Isakson (R-Georgia), along with nine bipartisan cosponsors, has introduced S. 1230, The Homebuyer Tax Credit Act of 2009. The bill would increase the federal tax credit for the purchase of a home from the current amount of $8,000 to $15,000.

A newly formed nonprofit coalition headquartered in Washington, D.C. called the Fair Mortgage Collaborative (FMC) has been launched by lenders and homeowner advocacy groups to ensure fair and safe lending is available to consumers seeking mortgages.