My gut's telling me this story is going to cross over to the MSM soon enough, and ol' Casey may be seen as the new face of the bursting bubble. I'm picturing appearances on the TV news shows coming up. And lawyers.
I'm just dumbfounded any 24 year old immigrant can find their name next to $2,180,000 in debt. Good god when I was 24 years old I had probably $10,000 in student and credit card debt and thought that was the end of the world. $2 Million in debt? Oh, the new American dream...
September 23, 2006
HP Exclusive: Iamfacingforeclosure.com's (Casey Serin) hardship letter, plus financial statement, expenses and liabilities
Subscribe to:
Post Comments (Atom)
62 comments:
I hope he spends the rest of his miserable life paying back that debt. If that shithead gets to discharge the debt and walk away clean we will know that the terrorists have won.
this guy looks legit, and screwed
$1550 combined in his checking/savings and $2,000,000 in debt?!?!
Talk about maximum leverage!
New face alright. Young and dumb. Quit his job? What an idiot. Whah!!!Don't feel sorry for him, or anyone like him a bit.
Yep, this should be "The Bell Rining at the Top" is there ever was one.
The fact is that mortgage originators allowed this kid to bury himself in debt (assuming this story is real and isn't a "Myspace-type scam" of course), to get their fees, feed the debt into the great MBS-machine, and keep the whole insane corrupt, runaway scheme going as long as possible.
Now we are running out of Greater Fools.
Yet, even today there is an article in Financial Times regarding the U.S. Treasury is considering allowing Fannie and Freddie to increase their portfolio size--with hints that this may be necessary to help keep the real estate bust from overwhelming the financial system.
So, look for the feds to once again try to bail out the suckers at the taxpayer's expense (to bail out Fannie and Freddie of course!)
"If" it's true, he should be looking just like these folks soon enough...
The ring carried out its scheme by presenting false Internal Revenue Service tax returns to the mortgage companies and making the companies believe the person applying for the loan had a much higher income than in actuality. Applicants also lied to the mortgage companies when they borrowed money from other banks for down payments but said the money was their own.
http://tinyurl.com/rghsv
watch out lenders, Casey is going down, and he'll you guys with him.
I have friends like this who told me I was nuts when I told them real estate can go down. All Ihave to say is "I TOLD YOU SO" and "BETTER YOU THAN ME". Now,try to delare bankruptcy, get over it and prepare for the next cycle in 10 th 15 years.
That Alaska crime article on mortgage fraud has huge implications. Didn't one of the real estate studies say about half the people with no-doc loans OVERSTATED their annual income? There could be a LOT of people going to jail when the housing bubble finally winds down!
It's not surprising that most of you can't see through the scam since most of you bought the WMD in Iraq scam as well. WHERE
IS THE FALSIFIABLE EVIDENCE. THINK! It really doesn't hurt you know.
When I was twenty four, fresh out of the service, married, no credit history one way or the other, my wife and I, both working full time, couldn't qualify for squat in (more than one) banks eyes. I don't wish this young man any ill will, but I refuse to feel sorry for him. One learning lesson coming up!
Bring back debtors prisons!!
Whoever loaned this friggin' jerkoff $2.2 million deserves to have a hot poker shoved up their ass sideways.
Did you get this "information" from Dan Rather and CBS News?
LOL
I hope this kid takes it in the a$$ in prison and they make it required viewing in the next Carlton Sheets tape series!
No, Keith stole the information from Ben...
don't you think the numbers are too even?
How do you know that Casey is an immigrant?
Re:immigrant
nm, I see in his newest blog post that he is originally from Uzbekistan.
I recently priced out a new vehicle, 'Wow' the hoops i had to jump through to qualify!!
I had about 2200 in checking and 5000 in a savings acct. Plus a trade in and some cash.
It would have (No joke) been easier to qualify to purchase a home!
At 24 with no income for the last 6 months - he would probably qualify for chapter 7. The people that loaned him money without verifying his income are far more culpable than he is. He was gutsy like only a 24 year old could be - I don't know that it makes him a criminal - naive maybe. What is his goal? Is he trying to get people to send him money or just trying to sell his houses on his blog???? Casey needs to find himself a sugar mama - start casing the obits for lonely, old wealthy widows
This kid will probably be elevated to Rock Star status by some group (ACLU) As the poor mislead or Hoodwinked by the Man, sucker foreigner who just didn't understand what he was getting into!
Then we'll see him on Oprah, Geraldo, Larry King.....etc. Selling his life story on CD!
Then a real estate seminar infomercial...ala Tom Vu
Who provided this punk with the loan docs and other paperwork?
The firm of Ray Charles, Stevie Wonder, Jose Feliciano, with underwritting by Helen Keller!
Dear Casey:
I read your letter and saw your web site and just cried. I know what its like to be alone. My husband recently died and left me with our big lonely estate and more money than... well, I don't believe I can count that high.
Please let me help you.
I can make your little real estate problem evaporate with a phone call and then you could be my companion.
I'll give you a generous allowance and when you clean the pool my only request would be you wear a particular little sparkly thong thingy I've bought for you. After you give me my foot massage and "tango lesson", you'll be free for the day and can drive anyone of the cars you'd like up and dow Rodeo Drive till your heart's content. I bet the red Ferrari would be to your liking.
There's only one condition.
NO GIRLS. (boys would be ok)
I'm having a little health work done (full body liposuction, new implants and re-face lift) so I'll be only available by phone for a few weeks. But that could be a nice transition period into your new life!
Oh, do think about it dear, dear Casey. Just one ringy dingy from momma, problems go bye-bye and you can be my boy!
Signed,
Loving and Lonely in Beverly Hills
I still say the guy is playing everybody. If you check him out on the web, his whole life is there, right down to his bookmarks for websites he visits. It's too perfect. His wife is "Galina" etc.
On the other hand, if he is for real, I'd say the Lenders should go down in this one...
If you're bored Google "sercasey". It looks as if he has began to delete stuff though...
the more properties up for auction, (foreclosure or otherwise) the faster prices will adjust as fewer sellers will hang on to unrealistic expectations. The faster the downward adjustment, the better off we will all be.
It's my understanding he applied for all six loans simultaneously. In other words, his credit report did not reflect outstanding mortgage debt - no first payment reported by the mortgage servicer, nothing of public record in the County Land Records.
When he informed his loan officer that his "intent" was to occupy the property, there were no red flags - he didn't own a primary residence or hold any investment properties.
Since he did 100% LTV, Stated Income, the lender only needed verify sufficient assets to close. Either he structured the purchase so that the seller paid his closing costs or all 6 banks verified the same funds on deposit. He then may have used his credit cards to advance himself funds to finalize the transactions.
Was he coached to do this, was he coached to not stagger the transactions?
In the Middle East, they have people that recruit and train others to go out and blow up the population to further their agenda. In the U.S, we have people that hold seminars and train others to go out and blow up the financial system to enrich themselves...
Patch Tuesday said...
"No, Keith stole the information from Ben... "
funny, Ben's not even reporting this story, cause he knows he'd have to credit housingpanic!
Unfortunately, some people are under the impression that if you want to report something on your blog, that you have to go check Ben's Blog first and make sure he hasn't reported it already. And if he did, you're not allowed to talk about it...
If everyone did that there wouldn't be much left. Ben covers a lot of ground.
watch though, ben won't report on this even though you know he reads this blog too and his readers too
I don't knock Ben's blog if you want to have 100% serious housing news. What I will say negative about him is that he's a pure "for profit" blogger. On the other hand, Keith is rowdy in nature, sort of like the Hank Williams Jr. of blogging, and knows how to stir the pot, create chaos, and have some fun along with the bad news...
Ben must not need a lot of loot to get by. Probably adds his blogging income to his welfare check
Shouldn't this kid's website be called
www.imonmywaytojailbecauseiliedonloandocuments.com
?
So, exactly how is this an HP Exclusive when the stuff was lifted (without credit) right from the kid's website?
When you throw up Google ads on your blog and get some beer money by incidental/accidental clicks, I'm cool with that. When you throw up a Paypal link and start asking for money, then you might as well go stand in an intersection with a sign, because you're nothing but an Internet beggar...
Sorry Keith but when a kid comes here at the age of 10 with his parents, that's not exactly a typical immigrant who arrives as a young adult.
This guy is a stupid, slacker, soon-to-be first generation American and is a far cry from the Soviet-Americans of the past who'd worked hard and contributed to this nation during earlier times.
what are the chances that this kid is seriously going to have a legal issue on his hands?
Oh my god, have you guys seen these Robert Allen informercials about real estate flipping!!?? He actually got a 13 year old kid to qualify for a $140K loan. Clearly there is something seriously wrong with this.
Holy crap-- you think Casey Serin is screwed, listen to some of these "testimonials":
www.robertallenworkshop.com
Be sure to watch the second movie in the bottom right corner -- "It's simple supply and demand, Real Estate HAS to go up!!" -- CLASSIC!!!!
If he's from Uzbekistan, he's also probably a muslim (that country is 88% sunni muslim).
Maybe this is a new terrorist tactic.
Can a person be deported for mortgage fraud?
Isn't that ironic? Import them illegally to build the houses, and deport them for mortgage fraud...
"It's my understanding he applied for all six loans simultaneously. In other words, his credit report did not reflect outstanding mortgage debt - no first payment reported by the mortgage servicer, nothing of public record in the County Land Records.
Was he coached to do this, was he coached to not stagger the transactions?"
I'm guessing that he was coached. I know of someone whose broker suggested the same tactic to him.
:he's also probably a muslim (that country is 88% sunni muslim).
Oh pleaze, this bozo's a cradle Orthodox Christian and is an idiot.
:Can a person be deported for mortgage fraud?
If the kid doesn't have US citizenship yet then probably yes because w/ mortgage fraud on his record, he can't apply for American citizenship in the future and at some point in time, one has to renew a green card.
>>Oh pleaze, this bozo's a cradle Orthodox Christian and is an idiot. <<
You don't know that.
And the odds are against it.
:this bozo's a cradle Orthodox Christian and is an idiot.
"You don't know that."
Yes I do, because a 1/5 of my high school had descended from the ex-Soviet republics of Azerbaijian, Uzbekistan, and Kazakhstan and only 5 out of 24 were Muslims. The others were Orthodox and Jewish. (*Hint: Their families had more power during Soviet times and basically, left quickly during its disintegration since they weren't as welcome anymore). For instance, chessmaster Garry Kasparov was part-Armenian/part-Jew from Azerbaijian, a high percentage Muslim region.
they should sentence everyone convicted of real etate related crimes such as fraud to build affordible housing in new federal/state programs for the duration of thier sentence.
My experience with people who immigrated from former communist states is that they are bad with money. This is first hand experience with people from both russia and romania. I'm inclined to think it's the same with Uzbeks.
Those former communists I've known had some serious troubles keeping debt levels under control, and I've seen them write rubber checks, too.
"Can a person be deported for mortgage fraud?" Yes - fraud is a crime involving moral turpitude. The thing is that Casey maybe a U.S. citizen now, as they migrated here when he was 14.
This kid has a future in adult entertainment. Only once in a lifetime will they find a guy with rocks that big!
....and takin it up the rump!
:My experience with people who immigrated from former communist states is that they are bad with money.
I think it depends upon when they'd left. My mom's grandparents had left during the first world war era, before the revolution, and were supposedly frugal their whole lives whereas today, many are arriving in an America where ideas like being frugal and working hard isn't as valued as being an American idol pop star, condo flipper, or NASCAR racer. Well, our former Soviet buddy simply chose one of the aforementioned paths to the American dream instead of working for a Texas Instruments or Los Alamos labs.
"...former communist states is that they are bad with money."
What makes you think that America is not. I don't think you can make that distinction. It is more of an individual responsibility. However, when it comes to criminal activity, sometimes it's tied to certain culture. For example, CNN featured Africans to be notorious when it comes to money laundering and identity fraud.
I have several responses to this. I don’t know which one to say; Oh… Didn’t you see this one coming? Good luck! Too bad.
someone call this in:
FBI Field Offices, Mortgage Fraud
Los Angeles
White Collar Crime Supervisor
11000 Wilshire Blvd., Suite 1700, FOB
Los Angeles, CA 90024-3672
310-477-6565
Sacramento
White Collar Crime Supervisor
4500 Orange Grove Avenue
Sacramento, CA 95841-4205
916-481-9110
http://mbafightsfraud.mortgagebankers.org/reportingfraud-ca.html
wrong dan
google "sercasey" and you'll see a big internet history for this real person, including his favorite links, history, sites he comments on, visits to foreclosure information sites, etc
he's the real deal
Google "Dan" and you will find that "Dan" has 396,812,943 entries on the web unassociated with this story and all information he's made on these "comments" is incorrect.
Who here honestly can't see through this mistake?
I know him. He is 100% legit in telling his story. Anyone saying he has no other Internet history is a liar. Hello "Dan"? Yes you, you are a liar.
There is nothing here but a tragedy of youth, promise of a good life and getting involved with people that know far more when it comes to real estate and mortgages. They are the ones that need to take heed.
Say and think what you want, there was no malice here and no intent to do anything but succeed the way all the paper mouths say it should be done on TV, radio and those seminars.
The wash will sort this out but the people with "professional" licenses are the ones that need to worry.
anybody else notice the $140,000 in credit card debt?!
let's see, at even 18% APR that would be around $2100/month in interest, and I bet he's paying (or not paying rather) way more than 18% APR.
this kid is sunk
the bottom line: lending is completely out of control in this country and pay up time is approaching
We actors don't get a lot of Television Commercials Voice Over till we get "really" famous - but we live and breathe our Television Commercials Voice Over regardless. Television Commercials Voice Over
Isobella
http://www.isobella-lawrence.com
Post a Comment