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Author Archives: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

New Program Finds Errors in Over 80 Percent of ARM Loans

You Walk Away, LLC, a company that helps families facing foreclosure, has introduced a new product which performs a comprehensive investigation of mortgage documentation. Based on loan audits the company has already conducted, over 80 percent of adjustable-rate mortgages (ARMs) revealed major TILA (Truth in Lending Act) and RESPA (Real Estate Settlement Procedures Act) predatory lending practices and real estate/mortgage fraud violations, the company said, giving the homeowner grounds to request a loan modification.

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GMAC Sells Parts of Mortgage Business

GMAC Financial Services has agreed to sell a portion of its Residential Capital (ResCap) mortgage business to Brookfield Asset Management, Inc. of Canada, the two companies announced this week. The deal is for three of GMAC’s home services divisions: GMAC Global Relocation Services, GMAC Real Estate, and GMAC Home Services Mortgage.

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MCS Names VP of Compliance

Mortgage Contracting Services (MCS), a provider of property preservation and inspection services to the mortgage industry, has named Nickie Bigenho as VP of compliance. In this role, Bigenho will help to strengthen MCS’ quality assurance and compliance department by focusing on company-wide and industry-wide issues to identify process improvements and regulatory issues to minimize potential risk to MCS and its clients, the company said.

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UPDATE: Lawmakers Agree on Oversight, Salary Caps, But Not Foreclosure Assistanc

Discussions to hammer out the details of the Bush Administration’s $700 billion financial sector bailout continue today on Capitol Hill. George W. Bush has invited both presidential nominees, Senator Barack Obama (D-Illinois) and Senator John McCain (R-Arizona), to take a break from their campaign trails and join in the debate in Washington, D.

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FBI Investigates Fraud at Fannie, Freddie, Lehman

The Federal Bureau of Investigation (FBI) is investigating mortgage finance giants Fannie Mae and Freddie Mac for possible corporate fraud, the agency said yesterday. Officials also confirmed that Lehman Brothers and insurer American International Group are under investigation as well.

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Mortgage Activity Down After Two-Week Rise

According to a report released today by the Mortgage Bankers Association (MBA), mortgage application volume subsided last week as mortgage rates inched upward, in the wake of continued bad news and turmoil in the financial sector.

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CARES Meets with Lawmakers on Capitol Hill

Members of the recently formed industry activist group Committee for Actual Real Estate Solutions, Inc. (CARES) met with key congressional chiefs of staff from both political parties in Washington, D.C.

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