Ambac Financial Group, Inc. opened a lawsuit against Bank of America Corp. over improperly underwritten loans the company says the bank's Countrywide unit used to induce it into purchasing mortgage-backed securities. After reviewing 6,533 of the 268,000 loans it insured for Countrywide, Ambac found that 97 percent of the reviewed loans didn't follow the underwriting guidelines Countrywide said it used to assemble loans.

California-based Move, Inc. launched a redesigned Realtor.com Web site that uses new technology to combine multiple searches to help customers find properties and agents that suit their needs faster and more efficiently. Move, Inc. says the primary objective for the redesign was to create a search experience that places more information in the hands of both Realtors and consumers, and positions real estate professionals as local experts.

Due to a failed business acquisition with Venn Capital Group Holdings, LLC, Wealthbridge Mortgage will be closing its doors. The Oregon based Wealthbridge has already laid off 16 employees and announced it will lay off its remaining 109 employees in mid-October.

UnitedTech Lender Services (UTLS) celebrated the opening of a new office located in Las Colinas, Texas with a ribbon cutting ceremony earlier this month. The company chose to expand to Dallas County for the city's proximity to some of their largest clients.

Vendor Resource Management (VRM) announced Joe Morrow has been promoted from operations director to senior director of strategic planning for the company. As senior director of strategic planning, Morrow is responsible for the development, implementation and subsequent measurements of performance of VRM's default servicing strategies.

Mortgage Builder Software, a Southfield, Michigan based loan origination software (LOS) company recently announced an alliance with Cenlar FSB, a mortgage loan subservicer. The two companies have joined forces to provide a process for boarding closed mortgage loans from Mortgage Builder Software's LOS system directly to the Cenlar servicing platform.

Zenta, a Charlotte, North Carolina based residential mortgage fulfillment outsourcing service provider, announced it has immediate openings for more than 100 full time employees in their office in Charlotte. Positions are currently available for operations managers and team leaders, underwriters, senior processors and professionals with related mortgage experience.

This past week Indiana Attorney General Greg Zoeller filed lawsuits against three for-profit foreclosure companies, claiming they have not complied with the state's statutes by demanding money up-front for services not yet performed. Zoeller has formed a Homeowner Protection Unit (HPU) meant to track down foreclosure consultant companies that may be operating illegally in Indiana or are failing to comply with Indiana's new laws meant to protect consumers.

Figures released Friday put July's job loss at 131,000 with the unemployment rate holding steady at 9.5 percent, though 71,000 jobs were added to the private sector. A recent report released by the Pennsylvania Association of Realtors revealed job loss as one of the top factors contributing to home foreclosures in the state. Across the country, too many Americans have learned that the loss of one's job can be directly related to the loss of one's home.

Toll Brothers, Inc. recently announced the formation of Gibraltar Capital and Asset Management LCC, a wholly owned subsidiary of Toll Brothers to pursue real estate acquisitions and investments. The company says it sees many potential opportunities in these areas arising from the distress in today's real estate markets.