Irvine, California-based New Century Financial Corp. says a probe of its financial statements recently uncovered errors that were probably made in the lender’s 2005 financial statements. In a filing with the Securities and Exchange Commission, New Century said the 2005 reporting errors were related to the company’s accounting and reporting on loan repurchases.

A dramatic increase in foreclosures nationwide has prompted several regulatory agencies to launch a series of programs designed to help distressed borrowers living in the states of Arizona, California, and Nevada.

The Arksansas Bar Association has appointed attorneys, Randall S. Bueter and Jennifer Wilson-Harvey, to the Unauthorized Practice of Law Committee by President-Elect Richard L. Ramsay of Little Rock this week.

With loss mitigation becoming a hot topic in the current real estate market, the Northbrook, Illinois-based LOGS Network decided to roll out a full-service home retention assistance business to help distressed borrowers avoid foreclosure.

The U.S. Comptroller of Currency says unverified stated incomes on subprime loans should be a concern for federal regulators as they hunt for solutions to protect the marketplace from inefficient loans.

A new strategic partnership between eppraisal.com and Yahoo! Real Estate’s Home Values Center is offering Web users the advantage of accessing home valuations online. Yahoo! Real Estate is dedicated to delivering comprehensive real estate resources and information on the Web, said Michael Yang, general manager of Yahoo! Real Estate.

Massachusetts homeowners – whether living in rural, suburban, middle-class or lower-class communities – are feeling the pinch of the foreclosure surge statewide, according to ForeclosuresMass.

An anticipated GSE reform bill – that aims to create a federal regulator for the country’s government-sponsored enterprises (GSEs) and federal home loan banks – passed the U.S. House by a vote of 313-104 on Tuesday.

Fannie Mae, one of the nation’s largest government-sponsored enterprises (GSE), announced on Wednesday that a former FBI Director is joining its Board of Directors to serve on the compliance and compensation committees.

Santa Monica, California-based Fremont General Corp. announced the sale of its real estate lending business to iStar Financial Inc. on Tuesday. The transaction will enable the subprime lender to pursue its strategic plan of exiting the commercial loan business.