Kid comes clean, admits to serious mortgage fraud, but at the head of the line of millions who did the same thing and didn't tell anyone (yet)
Will the kid do time? Will the millions of others who committed bank fraud do time? Will China and hedge funds (holders of the loans) collapse? What a freaking mess!
Extra HP credit for connecting the photo to this post...
Yes, I Lied on My Loans!
No more excuses! It’s true. I lied on my loans.
I overstated my income, and misrepresented my owner-occupied status and concealed the cash-back-at-close from the bank. I knew it all along. Nobody made me do it. It was my fault. I take full responsibility. And, that’s how I originally started this blog.
But then… I started to spin it.
First I though I will be some kind of “whistle blower” - exposing the industry, bad real estate gurus, etc. I then realized how stupid that was - I have no expertise or credibility to expose anything. I am guilty myself.
Second, I tried blaming the banks. They made these loans so easy to get, so it’s their fault. WRONG! Easy or not, a lie is a lie! I am guilty and should not try to weasel out of it.
That was WRONG and STUPID.
I want to apologize to all my friends, associates and readers of this blog.
What started as an honest attempt to write about my situation turned into a spinning act and subtle blame shifting.
I even went back and edited some of my earlier posts to make myself sound better. I am truly sorry I let myself fall into that. I will be restoring my posts to the original version later today or tomorrow.
October 06, 2006
24-year old, $2.4 million in fraudulent loans iamfacingforeclosure.com flipper kid (Casey Serin) update
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16 comments:
Fife Symington, making AZ proud in its leadership once again for fraud.
Ah metro beat me to it
JOHN FIFE SYMINGTON, III
EX Governor of Arizona Indicted on Federal Fraud and Extortion Charges
The kid walks, casey and people like him are too expensive and too numerous to prosecute
fife symington, impeached and sent to jail for loan fraud!
So when some loudmouth neophyte comes along with the sordid blow-by-blow of his real estate dealings -- from the "get real estate quick" seminars to the credit card-funded down payments, the stated income loans (a.k.a. "liar loans") to the over-leveraged portfolio, all collapsing in multiple foreclosures -- it's a confession worth listening to.
Welcome to the world according to Casey Serin, a 24-year-old real estate investor and author of the self-flagellating blog Iamfacingforeclosure.com. If Robert Kiyosaki was the pin-up patriarch for the real estate boom, Casey must be the poster child for its fall.
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2006/10/06/carollloyd.DTL
Taking a page from the no-money-down gurus he had already ruined his credit scores learning from, he didn't let the fact that he was under-employed with no financial assets slow him down. He bought one house at a discount and sold it for a profit of $30,000, which he used to wipe out his credit card debt and bring up his credit scores. The next house purchase wasn't quite so lucrative -- it had a negative cash flow, but this didn't dissuade him. In fact, the negative cash flow only convinced Serin to think he needed more investments "to keep me busy with profit in the pipeline." In January 2005, he took a three-week leave from his job to get "enough deals in contract" so that he could give his employer two weeks' notice.
What Serin reveals about himself is that he's a sucker for every real estate myth that the industry has been feeding us for the past 10 years: that the market will always go up, that if you buy at a discount you're safe from financial risk, that gurus are doling out useful advice for the beginning real estate investor -- and that if you make enough deals, you're sure to come out ahead.
Of course, the pundits of the blogosphere seized upon Serin like hyenas on fresh meat. Many of them are infuriated by the fact that he was unabashedly attempting to make big money in real estate by flipping properties. Others find it irritating that he keeps blogging instead of getting a job. But by offering himself up as a penitent whipping boy of real estate, Serin has unwittingly offered us a glimpse into the fast-approaching future in which those high-flying real estate trade secrets come home to roost.
Age is no defense if the FBI decides they want to go for it:
http://www.betanews.com/article/Software_Pirate_Gets_7_Years_in_Prison/1158950985
(Autodesk got a 26-year-old software pirate sentenced to 6 years in federal take-it-in-the-a lockup)
he never was an investor. the word investor is somtimes used very loosely. casey serin doesn't know squat about the basics of investing. what he learned is the short cut way or quick rich scheme of making money and has come back and bit him.
Yeah, like I told several people doing this (cash back closes) a few years ago. "This sounds an awfull lot like a giant jew scam" and it is..... But its just one of the trillions and trillions of giant jew scams out there. They just keep getting bigger is the problem.
Casey admitted his initial lies, then apologized for his ingenuous face-saving spin.
How many corrupt politicians, who are older, know better and do far worse, are as honest in their confessions? (look at creepy Foley's B.S. statement, blaming booze, saying he doesn't blame anyone, but mentions former abuse by clergy)
Casey is relatively young and succumbed to the forces of rampant greed and materialism in this country. He's a smart kid and appears to have learned a lesson. He'll endure some pain, but has plenty of time to turn around and emerge a better person. I wish him well.
"JOHN FIFE SYMINGTON, III"
Thanks for pointing that out! I remember all the scandal in Arizona about how Clinton pardoned him since Symington apparently saved Clinton's life in a boating accident.
Of course there were a lot of rumors about the Symington family owning farms in Mexico, illegally, and reaping profits-- which is probably why people like him didn't care about American farmers...
wow! I told casey that he had a choice... be like the rest of us and cheat quietly or be like MLK or Ghandi and come clean!
I can't believe he chose to come clean-- there's a lot of power in that! Otherwise, you have to figure out how to be a better crook and say "i'm not a crook!"
Update:
"Here is one idea…
Wholesale A few Sacramento Deals Really Quick.Wholesaling is like “bird dogging” for other investors. The steps:
I find a great undervalued deal (fixer upper or motivated seller who want out, etc)
Make an offer on the property and tie it up with a contract
Assign the contract to the investor / rehabber who will actually close on it
In exchange I collect an assignment fee of $5-20K or more depending on the deal
I never actually buy the property, just put it under contract and sell the contract
"
...
This guy is a gambling addict.
Former Arizona Guv Fife Symington. Scion of the Frick steel family. Last I heard, he was pursuing his life dream by working as a pastry chef at a Scottsdale restaurant. Of course, his wife is still loaded.
He was not impeached, but had to resign upon his federal convictions. The convictions were overturned due to the improper dismissal of a juror, and he was ultimately pardoned by President Clinton.
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