A look at stories across HousingWire’s weekend desk, with more coverage to come on bigger issues: A Senate subcommittee report investigating the subprime crisis will be released soon and The Wall Street Journal is reporting that firms such as Goldman Sachs (GS) and Deutsche Bank (DB) are expected to take the spotlight. Sources close to the subject told the Journal the report, put together by the Senate Permanent Subcommittee on Investigations, details collaterized debt obligation transactions. The report will include previously undisclosed emails obtained from securities firms that developed, sold or bet on subprime mortgages and financial vehicles such as CDOs, according to the WSJ. Both Goldman and Deustche firms have “been criticized for sometimes creating securities and selling them to one set of investors, while advising others to bet against them,” the WSJ said. The report is also expected to reveal new facts about mortgage-related bets and losses by firms such as Morgan Stanley. Goldman Sachs and the Senate subcommittee declined comment to the paper. A Deutsche Bank representative said the firm is waiting to review the report before deciding if it wants to comment, according to The Wall Street Journal. Floridian law firm Ben-Ezra & Katz let go of 54 employees, according to a Workers Adjustment and Retraining Notification, or WARN notice filed late last week. The Fort Lauderdale, Fla.-based firm cut 236 staff members, or 41% of its staff, in February after Fannie Mae said it would be pulling all servicing business from the firm. After both reductions, Ben-Ezra & Katz now employs 296 people. The law firm is also involved in a civil lawsuit with JPMorgan (JPM). The financial services firm is alleging that Ben-Ezra is delaying the return of foreclosure documents that represent close to $400 million in financial transactions. A court ruled last week that JPMorgan will have to pay $4 million to move foreclosure cases away from Ben-Ezra. Wednesday two local real estate agents will host a community forum to discuss their plan to reverse the housing crisis in Nevada. Randy Bridges and Harry Britton, who are agents with Las Vegas-based Realty One Group, are proposing a principal reduction option. The event will be at the Mountain Crest Neighborhood Center and open to the general public. Bank of America is slowly but surely consolidating its nationwide network. According to the Charlotte Observer who analyzed federal filings by the bank, Bank of America (BAC) closed 43 bank branches in the first quarter of 2011. The Federal Deposit Insurance Corp. did not close any banks over the weekend. So far this year, 26 banks have been closed. More than 150 closed in 2010, the highest since 1992. FDIC chairman Sheila Bair said she does not expect that number to outpace last year’s closings. “Overall, 2010 was a turnaround year with four straight quarters of positive earnings,” Bair said. “We are encouraged not only by the rising trend in total industry net income, but also by the fact that a substantial majority of insured institutions are participating in this trend.” Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.

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