From the category archives:

Breaking News

News On Conforming Limit Increase: $625,000?

by Alex Stenback 01.23.2008

We’ll post this without comment other than to say, anything can happen in Washington (so don’t place any big bets on this info), and this is from a very reliable source: "Sources in the House, the Senate, and the White House are all indicating today that a tentative consensus has been reached that the economic [...]

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Rumor Mill: Coldwell Banker Burnet Has Purchased Minnetonka Realty

by Alex Stenback 12.21.2007

Though this can be filed as (maybe) rumor for now, we have it from a very good and trusted source that Coldwell Banker Burnet has purchased Minnetonka Realty.  Given the love-letter of Interest that CBB sent out to local brokers, which we covered in September, this should not surprise.  We expect to see more big-fish-gobbling-little-fish [...]

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Media Appearance: KSTP News on Mortgage Fraud

by Alex Stenback 12.10.2007

At 1PM today, a press conference will be held to announce criminal charges against two suspects in yet another mortgage fraud ring in the Twin Cities.  The suspects, Donald L. Walthall,  40, of Anoka, and Rahmeen D. Underwood,  30, of Minnetonka, both of Universal Mortgage Inc. (which you might remember from this Story) were arrested [...]

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September Existing Home Sales Down 8% Nationally, 28% in Twin Cities

by Alex Stenback 10.24.2007

More blood on the streets today for homesellers, as the NAR reports September existing home sales down 8% nationally: Sales of previously owned homes fell 8 percent in September to an annual rate of 5.04 million, the fewest since records began in 1999, the National Association of Realtors said in Washington. The decline was almost [...]

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Lawyer Up! W Minneapolis Condos Receive Cease and Desist Letter From Starwood Hotels & Resorts

by Alex Stenback 10.16.2007

Way back in the spring of 2006, we ran a contest around these parts to name a condo project in Minneapolis’ Whittier Neighborhood.  Maybe you remember. The winning entry was the W, or WMinneapolis (the W for the Whittier neighborhood – get it?)  Anyway, turns out that Starwood Hotels and Resorts has now delivered a [...]

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Tipster: Mozaic Condo Project Dead

by Alex Stenback 10.16.2007

An astute tipster, who prefers to remain anonymous, dropped this in our inbox this morning: Based on information from someone who works at BKV Group, the architect for the ill conceived Mozaic project, the developer has pulled the plug on this project, leaving architect with a large unpaid bill for design services. Regular readers will [...]

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FHA (don’t call it a) Comeback: Changes to Limits, Down Payment Forthcoming

by Alex Stenback 09.18.2007

With credit standards tightening and the sub-prime and Alt-A market all but dead, the good old FHA Mortgage is poised to enjoy a new day in the sun, coming back into favor for home buyers and for those refinancing their way out of sub-prime trouble.  This resurgence is now likely to get an additional boost.  [...]

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Lawyer Up! Class Action Lawsuit on Behalf of Investors in American Home Mortgage Announced

by Alex Stenback 07.31.2007

Not that we follow such things, but this has to some sort of record for filing a class action suit, and ads to what must be an absolute puke-fest over at AHM.  Filed at 4:24 EST today: Plaintiff seeks to recover damages on behalf of all those who purchased the behalf of purchasers of the securities [...]

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That was Fast: AHM Issues Death Rattle Press Release

by Alex Stenback 07.31.2007

A press release, or "Illiquidity" update from American Home Mortgage: Based on the foregoing, the Company at present is unable to borrow on its credit facilities and was unable to fund its lending obligations yesterday of approximately $300 million. It does not anticipate funding approximately $450 to $500 million today….The Company has retained Milestone Advisors [...]

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