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.

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.

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.

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.

In the midst of an unpredictable mortgage market, one mortgage company predicts success in giving back. Philip Brilliant, CEO of Chicago Financial Services Inc., knows first-hand how one copes with the ups and downs of the mortgage market and with Juvenile Diabetes.

LandAmerica Financial Group, Inc. announced earlier this week that it is now doing business in New Jersey as LandAmerica NJ Title Insurance Company. The change became effective on September 15, 2008, the company said in a press statement.

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.

Existing-home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity, according to a report released by the National Association of Realtors (NAR) today.

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.

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.