Hathaway Duke

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 consolidation activity in the real estate, home builder, and mortgage space during The Great Real Estate Unwind™. We’ll work on further information, details, and confirmation through the day. Anyone with any knowledge, speculation, or opinion, feel free to add some color in the comments below.

James J. Licata, 54, Bradenton, Florida, formerly of Greenwich, Connecticut, was sentenced in New Haven, Connecticut, to one day of imprisonment and four years of supervised release, the first six months of which Licata must spend confined to his home….

If you haven’t been following the comments on this post, which started out as a general post on foreclosures, but has now ballooned to a 33 comment rolling firefight, you are missing out on some high drama and good insider backstory on the FBI mortgage fraud investigation of Roseville based TJ Waconia. It all started when one commenter, posting from Texas, was all: “What’s with the witch-hunt? These guys might just be legit investors that have been unfairly singled out, and whatever happened to the whole Innocent until proven guilty thing” Turns out, the defender-of-the-presumption-of-innocence also happens to, it appears, know some of the principal individuals involved with TJ Waconia, and may have more than just an abstract “I’m just a concerned but nuetral party” stake in defending some of those being investigated. So if you are into admissions, denials, accusations, stunning reversals, unfounded assertions, and bombs like this, (which may or may not have a shred of truth to them, mind you. These are anonymous internet comments, after all): You know why [he] is protecting Tom Balko? He was involved back in 2002-2003. He is worried the FBI will look into him. TJ waconia, if you dig deeper will find that many of the properties were friends and family properties that they inflated. You’ll want to follow along, or fan the flames, or whatever, but don’t miss the drama and intrigue, and inside information, unfolding now, right here.

John Ngo, 27, Dublin, California, pled guilty to lying under oath before a federal Grand Jury in connection with an on-going mortgage fraud investigation.  According to Assistant United States Attorneys Benjamin B. Wagner and Courtney J. Linn, w…

Kyle Edward Wimmer, 40, Rock Hill, South Carolina, was sentenced in federal court for bank fraud, a violation of Title 18, United States Code, Section 1344, and money laundering, a violation of Title 18, United States Code, Section 1956.  United S…

Juan Torrens, the de facto owner of Amsouth Trust & Investment Corp. (Amsouth) and president of Countryside Land & Development, Inc., Rachael Torrens, president of 1st Choice Realty of South Florida, Inc. and de facto owner of First United Mort…

Felipe Nunez pled guilty to one count of money laundering, in violation of Title 18, United States Code, Section 1956(a)(1)(A)(I).  Sentencing is scheduled for February 29, 2008. Nunez is one of fifteen defendants charged in a wide-ranging mortg…

Local · State Unemployment Rate Better Than Average [TCBJ] · MN Economic Growth to Lag Region [PiPress] · On the Ground with Foreclosure/Debt Counselors [Minnpost] · Vacant Buildings a Problem in Saint Paul [Strib] · Banks Make Crappy Neighbors [Boardman] · Did Foreclosure Spark Arson-Suicide? [Strib] · Man Seeks Refund for Taxes on Non-Existent Basement [WCCO] Elsewhere & Otherwise · How to: Background Check Your Credit Card [The Street] · When Will Homebuilding Rebound? [Fool] · Mortgage Lender New Century Wins Race to ZERO [Seeking Alpha] · New Orleans Housing: Brad Pitt to the Rescue [Businessweek] · Bernanke Went All In. Europe Folded. The End. [TheRoxylander]

First, from Today’s NYT, which lays blame on Federal Regulators for letting the cows out of the Barn: An examination of regulatory decisions shows that the Federal Reserve and other agencies waited until it was too late before trying to tame the industry’s excesses. Both the Fed and the Bush administration placed a higher priority on promoting “financial innovation” and what President Bush has called the “ownership society.” Second, from the WSJ on the Fed’s proposed method of shutting the barn door: The Federal Reserve on Tuesday is set to consider a plan that would mark the central bank’s biggest regulatory response to date of the country’s mortgage turmoil. The staff proposal under review would curb the types of subprime products lenders can offer, prohibit certain misleading disclosures, and limit the compensation of mortgage brokers. The press release and details Fed proposal are here, for those so inclined. Fed Proposes New Mortgage Rules… [WSJ] Fed Shrugged as Subprime Crisis Spread [NYT]

Robert W. Hulbert, Jr., 46, Jacksonville, Florida, was sentenced to three years imprisonment for his participation in a mortgage fraud scheme. After his release from prison, Hulbert will be on supervised probation for four years. Hulbert entered a plea…