Lewisville, Texas-based EMC Mortgage Corp. (EMC) announced the promotion of employee Jenna Kemp to the position of executive vice president of financial operations. Ms. Kemp brings more than 22 years of experience to her new position and currently manages a staff of 135 employees in the areas of Asset Control and Compliance, Investor Accounting and Bank Reconciliation, Master Servicing, and Investor Relations.

When a borrower is facing foreclosure, their first line of defense is often refinancing. Recognizing this option as a safeguard for distressed homeowners, The Ohio Housing Finance Agency) has pledged to provide refinancing for certain at-risk borrowers across their state.

Fannie Mae, one of the largest government-sponsored enterprises, announced it expects staff reductions by the end of the year involving several hundred full-time employees and contractors. The company said the layoffs are part of an overall effort to reduce operating expenses and maximize productivity on behalf of shareholders and customers.

Irvine, California-based New Century Financial Corp. voluntarily severed its ties with Freddie Mac on Monday, according to the company’s latest filing with the Securities and Exchange Commission.

Foreclosure filings in the state of Massachusetts were 85 percent higher in February when compared to the same period in 2006, according to a new report from ForeclosuresMass.com, a provider of Massachusetts foreclosure data.

As the debate over how to handle the subprime lending crises wares on, two high-profile organizations are publicly expressing different views when it comes to subprime-related issues and regulations. In the past two months,  the Mortgage Bankers Association (MBA) and the Center for Responsible Lending (CRL) have issued press statements disputing statistical data provided by the other.

According to an investors’ slideshow, Residential Capital LLC (ResCap), the lending unit of The General Motors Acceptance Co.), will be reducing its exposure to nonprime loan originations. The company said, even though ResCap moved away from nonprime lending in 2006, it still had substantial exposure to the market when the fallout hit during the fourth quarter.

The Center for Responsible Lending (CRL) said it will continue to support legislation that recognizes subprime loans as a threat to American homeownership, rather than a means for borrowers to gain entry into the real estate market.

The chairman of the Mortgage Bankers Association  (MBA) told federal lawmakers on Tuesday that the agency will work with legislators, regulators, and other stakeholders in an effort to ease the pain caused by some of the turmoil in the subprime market.

Houston, Texas-based Stewart Transaction Solutions introduced its Electronic Vault Management System at the MBA’s 2007 National Technology in Mortgage Banking Conference and Expo this week. Stewart says the product is designed to store, maintain, and transfer original, electronic loan documents.