A look at stories across HousingWire's weekend desk, with more coverage to come on bigger issues:

The government-sponsored enterprises will release specific guidance to servicers on how to implement the revamped Home Affordable Refinance Program on Tuesday, according to a Fannie Mae spokesperson.

In October, the Federal Housing Finance Agency announced that it would remove several barriers to the program in order to allow more underwater but current borrowers refinance into lower-rate loans. The FHFA eliminated the cap on loan-to-value ratios, appraisal requirements and some representation and warranty risk for the new lenders.

While many of the major lenders have committed to the program, they will be waiting to receive and implement to the operational instructions from Fannie and Freddie Mac. How many borrowers the program reaches with its looser rules remains a question.

The FHFA expects the program to double from the 838,000 already through the program, but some analysts are less optimistic.

Bank of America (BAC: 7.23 -0.96%) spent more than $3.8 billion in litigation expenses from mortgage-related matters in the first nine months of 2011, according to an analysis of its latest Securities and Exchange Commission filings.

The bank disclosed in the third quarter that litigation expenses increased $2.6 billion from the same nine-month period last year. The peak came in the second quarter when the bank spent $1.9 billion. It dropped to $500 million by the end of September.

The lawsuits range from the multitude of foreclosure challenges across the country to various investor claims – including the FHFA – over securities backed by troubled home loans. Most of the damage comes from Countrywide Financial Corp. loans inherited from the 2008 acquisition.

The default rate within commercial mortgage-backed securities increased to more than 12% in the first half of 2011 from just under 11% last year, according to a Standard & Poor's research note put out late Friday.

However, mounting troubled loans are beginning to slow, analysts said. There were 801 defaults in the first half of this year compared to 1,200 in the same period in 2010.

But the market, which usually lags behind the residential space, is not yet out of the woods. Fitch Ratings estimates about 1,200 commercial loans worth $17.3 billion in CMBS transactions rated by the agency will mature next year.

"As 2012 is a big year for CMBS loan maturities, annual loan defaults, in our view, could increase above current levels," S&P analysts said.

Panelists at the National Association of Realtors conference in Anaheim, Calif. raised concerns about low appraisals over the weekend.

With an influx of distressed sales, including REO and short sales along with still uncertain trends in home prices post-crisis, many have raised issues with the accuracy of recent valuations.

According to a recent survey by NAR, roughly 18% of agent surveyed said they had a deal delayed or even canceled due to a low appraisal. While that's far from the majority, even some appraisers are becoming concerned.

"The reality is there are people out there conducting appraisals who are motivated by money and a desire to get the job done as quickly as possible," Frank Gregoire, of Gregoire & Gregoire, an appraisal firm in Florida, said a the expo. "It’s not right, but it’s a reality. This must change."

Servicers participating in the Home Affordable Modification Program provided 1,000 more forbearance offerings to unemployed borrowers in August than they did the month before.

So far, roughly 15,000 such forbearance plans have been extended. It's the highest increase since the Treasury began reporting the statistic earlier this year.

The jump may have stemmed from a regulatory stipulation in July, when both the Treasury Department and the Department of Housing Administration instructed servicers to consider borrowers for a 12-month forbearance on HAMP and Federal Housing Administration programs.

Committees in both the House of Representatives and the Senate will hold hearings on the bonuses paid to top executives at Fannie Mae and Freddie Mac.

The Senate Banking Committee, chaired by Sen. Tim Johnson (D-S.D.) goes first on Tuesday, followed by the House Committee on Oversight and Government Reform will hold on Wednesday. Chair Rep. Darrell Issa's (R-Calif.) invited both CEOs at Fannie and Freddie to testify, but as of Monday morning it was not clear if they would show.