Mortgage Contracting Services, a national property preservation and inspection company, announced the promotion of James Wade to AVP of security and compliance yesterday. According to MCS, in his new role, Wade ensures that the company exceeds the highest levels of physical and information security.

The Mortgage Bankers Association (MBA) its Weekly Mortgage Applications Survey for the week ending July 25, 2008 today. According to the survey, the Market Composite Index, which is a measure of mortgage loan application volume, was 420.

President Bush signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law today. Since the beginning of the year, talk of housing reform has come from nearly every faction within the industry, with some leaders voicing a state of urgency as early as last year.

Foreclosure.com, a nationwide database of foreclosed homes and distressed properties, announced, via press release, new ventures that will help them expand their business into other markets. Included in the announcement was the news that Brad Geisen, foreclosure.

The Mortgage Bankers Association (MBA):javascript:void(0);/*1217362200340*/ released a formal comment letter to the Securities Exchange Commission (SEC) on Friday, concerning the SEC’s proposed amendments to its regulations governing nationally recognized statistical rating organizations (NRSROs).

Bid4Assets, an online auctioneer specializing in the sale of distressed properties, has introduced a real estate-only auction Web site called Bid4Homes and a 3in1 Listing Program to accelerate the sale of REO properties.

As we reported yesterday, the Senate has approved the revised H.R. 3221 legislation, and it now needs only President Bush’s signature to be enacted into law. Since its passage on Saturday, many have voiced their support of the measure.

Faith Schwartz, the executive director of the Hope Now Alliance);/*1217350189354*/, an organization of counselors, servicers, investors, and other mortgage professionals who work to help homeowners avoid foreclosure, testified on Friday before the House Financial Services committee.

The Mortgage Bankers Association);/*1217354603036*/ released their Mortgage Originations Survey today, which showed that the demand for fixed rate mortgage products increased in the second half of 2007.

The Warren Group);/*1217267612893*/, a Boston-based provider of New England real estate data, reported today that Massachusetts single-family home sales during the first half of 2008 were at their lowest level in more than 15 years after dropping 19.