It's now official, and Casey Serin will now enjoy his 15 minutes of fame (right before his 3 to 5 years in jail). The kid is the cover story of the USA Today today - "10 mistakes that made flipping a flop - 24-year-old got in over his head in the real estate biz".
America is an amazing country. From when HP broke this story on September 21, to over a month later when the entire country knows who you are and what you did. Fortune many times follows fame in the US, so now the kid just needs an agent (in addition to a lawyer).
Casey Serin is the new Bernie Ebbers. The new Ken lay. The new Henry Blodgett. The poster child of a system run amok (again). The physical representation of fraud, greed, debt, fear, bubbles and human folly.
Not too long ago, HP made the following prediction: Two words... Mainstream Media. Watch the kid score some bigtime stories (Time, Newsweek, Jay Leno?). Little did I know then that'd I'd be enjoying a nice iced latte in Europe and see the kid's picture in my paper. Surreal.
You can also hear a story on him on NPR here too, where the corrupt Nicholas Retsinas makes an appearance too. Yes, the MSM is really following the bubble blogs now.
Only one problem with the future of the kid's blog though. I wonder if he'll be able to blog from jail?
USATODAY, OCTOBER 23, 2006
If there's a poster child for everything that went wrong in the real estate boom, it just might be Casey Serin.
In one year, the 24-year-old website-designer-turned-real estate-flipper bought eight homes in four states — and in every case but one, he put no money down. At his peak, in April, Serin had $93,000 he'd taken out of the homes as he bought them. By July, he was broke, desperate for one last deal.
Now? Serin has $140,000 in credit card and credit-line debt and five houses in foreclosure. Last month, he started iamfacingforeclosure.com, a blog that's drawn both notes of condolence and expletive-laced condemnation.
October 23, 2006
FLASH: It's official, Casey Serin, Iamfacingforeclosure.com liars loan kid, is now the official face of the late great housing bubble ponzi scheme
Posted by blogger at 10/23/2006