March 08, 2007

Anyone know what happened to iamfacingforeclosure.com & Casey Serin?


His website is down (again), and then there was this report yesterday in the MSM where young Casey might have been better off taking the fifth... It's almost like he's begging for a knock on the door. If he still has a door. Poor kid. Another innocent victim of Angelo Mozilo (OK, I made that last part up - funny though, no?)

Central Valley Man Poster Child Of Mortgage Crisis

(CBS 5) SACRAMENTO Casey Serin could be the poster child for a lot of what went wrong in the real estate market.

The 24-year old web site designer bought eight homes in four states with no money down on a $50,000 a year salary.

"It was too easy because you know stated income loans; they call them liar loans in the industry," Serin said. "A lot of them the income is pushed and people state more than they really make in order to be able to qualify."

Serin wanted to buy and renovate run down homes and sell them for a profit.

He manipulated the system again by getting money back on each a sale for repairs and mortgage payments.

Three percent cash back is the max by California law
. But Serin always got more.

"I either had to do it under the table, so to speak," Serin said. "Direct side contract with the seller, or do it through a third seller."

The house of cards began to collapse in the fall of 2005. Since then, home foreclosures hit record high levels. And massive loses have forced two dozen lenders out of business and another dozen are in trouble.

"My goal from the start was to create a business out of it. A legitimate business, but unfortunately I made some mistakes with the way I run the loans," Serin said.

It's a mistake a lot of people made and its helping cripple the housing market.

27 comments:

Anonymous said...

who cares? Damn it Keith, your obession with this loser is getting kinda creepy.

Anonymous said...

http://slcrealestate.blogspot.com/2007/03/casey-serin-perp-walk.html

Anonymous said...

FEMA trailers being sold for 40 cents of their original cost... how could Casey pass that up? Once he gets his hookups to his new trailer, he'll have his site back up.

Anonymous said...

FBI: Mortgage lenders, borrowers beware
Consequences of fraud, criminal activity can result in steep fines and lengthy prison terms.

Anonymous said...

from slcrealestate.blogspot.com

Iamfacingforeclosure.com, the popular real estate website chronicling the woes of failed real estate flipper Casey Serin has been down for most of the day.

Concerned "haters" and real estate bloggers have been wondering why. A San Francisco CBS affiliate ran a story on Casey last night and some thought the apparent disregard to mortgage laws may have brought some heat down from local or federal law enforcement.

I emailed Casey a few hours ago to get the 411 and just heard back from him. Here's the real deal:

After the Duane fall out, I moved the site off of Duane's servers which he donated, to a cheap hosting solution and now this cheap hosting account is having problems. I'm trying to track down the problem but it's taking awhile. Now I'm also trying to move it to a better server in the middle of it all.

So basically the server outage hit at the worst time. Now I can't even move it and I have to move it by Friday because the site is taking too many resources on the cheap host and they are complaining.

Sorry well wishers, no perp walk today. This site outage is due to technical problems beyond Casey's control and it looks like it may be down for another 24 hours.

Anonymous said...

If Casey could afford a lawyer, he wouldn't last a day after reading his blog

The feds will pick this kid up one day soon and make an example out of him

Anonymous said...

Casey is the poster child for mortgage fraud

Anonymous said...

HEY LOSERS 99% OF THE CASEY FRAUD LIARS LOANS ETC WILL NOT BE PROSECUTED. THE PEOPLE WHO WOULD HANDLE THIS STUFF DO NOT HAVE THE RESOURCES TO GO AFTER THE FRAUD. KIND OF LIKE THE IRS. HOW MANY PEOPLE CHEAT ON THEIR TAXES AND THE IRS NEVER KNOWS. IF YOU PLAY BY THE RULES YOU HAVE TO WORK HARDER THEN THE CHEATS. IF YOU ARE WORRIED ABOUT CASEY, YOU SHOULD GO TO LOS ANGELES SEE EVERY SCAM IN THE THE WORLD GOING ON THERE.THE AVERAGE FAMILY CANNOT AFFORD A HOUSE THERE BUT THEY ARE STILL BUYING THROUGH EVERY LYING SCAM IN HOPES OF APPRECIATION.

WHILE YOU HAVE ALL BEEN WORRIED ABOUT THE CRASH OVER THE LAST YEAR OR SO I PURCHASED A CONDO AND SINGLE FAMILY HOME IN DRAPER UT THAT HAVE GONE UP ALOT. I SOLD A CONDO I PURCHASED LAST YEAR IN WEST JORDAN UTAH AND MADE $40,000. I WOULD HAVE HELD LONGER BUT MY MORTGAGE GUY SCREWED ME ON THE TYPE LOAN I RECIEVE.(MY FAULT FOR NOT PAY ATTENTION MORE.)

Anonymous said...

I think that Casey is a fake...he is the Lonelygirl15 of the Housingbubble Blogosphere.

reic fraud said...

According to the REIC and associated scum, people who follow the law are losers and criminals are to be admired? I guess that makes drug dealing, insurance fraud, and pump-and-dump stock scammers even better then the REIC fraudsters.

That is the sick and twisted world of real estate and mortgage industry. It is full of pathological liars who should never be trusted.

drop the soap said...
This comment has been removed by a blog administrator.
Glad I didn't fall for it said...

His site is up. Looks like server crash. No police (yet).

Mozo Maz said...

The FBI is more interested in getting the big fish ... the insiders at the lenders. Borrower fraud doesn't usually make their radar.

FlyingMonkeyWarrior said...

http://exurbannation.blogspot.com/

From the Thread with the Cop pic.
Just sharing some KC Scoop from Robert Cote's sight an official KC hater blog, I reckon.
iw

At 2:11 PM, dontdoshit.com said...

@lol:

The problem with the site is that Casey's site got hosted on a server shared with other people. Turns out another site that was being co-hosted with Casey had a huge surge of traffic at the same time, so the entire server become overwhelmed. They moved his server to another location -- now, the DNS has to update.

He couldn't create a backup because the server was unresponsive under the heavy load and no one could even access the file system. There's some other site that's also hosted on Casey's server that gets 10-15x the bandwidth he does.

Doesn't have anything to do with Casey and has everything to do with Dreamhost and how they allocate resources.

Finally, I thought I'd point something out -- the TV broadcast made no references to his web site, I believe. There wasn't a resulting traffic spike.

He managed to find a new host, so there's some movement going on there, but things should be back to normal eventually.

At 2:11 PM, Rob Dawg said...

It is all about him not paying for the things he consumes. There's nothing wrong with his site that paying his own way wouldn't cure.

Anonymous said...

Nobody knows, nobody cares!

Anonymous said...

I read his blog. It seemed like three of his properties had gone into foreclosure, something about buying a home for 330,000 dollars and then someone considering bidding 220,000 for the home and walking away at the auction.

Can't put a FEMA trailer in Manhattan. If you ship it to Panama you might find cheap land, but you do not get the Manhattan culture.

Anonymous said...

Probably at the city jail undergoing an involuntary sex change.

kang said...

"HOW MANY PEOPLE CHEAT ON THEIR TAXES AND THE IRS NEVER KNOWS."

I pay my taxes, pay my bills on time, and sleep pretty well at night. How about you? Integrity is a wonderful thing. Sh*t heads eventually get sh*t on. Enjoy life on the run Sh*t head.

kangtong said...

"IF YOU PLAY BY THE RULES YOU HAVE TO WORK HARDER THEN THE CHEATS."

I pay my taxes, pay my bills on time, and sleep pretty well at night, how about you? Call me old fashioned, but I believe that integrity counts for something. You enter into a contract, you fulfill the terms of the contract. Cheaters ALWAYS get caught.

anon666 said...

In response to the first anon's comments about Keith's obession (obsession) with Casey Serin, whether you like it or not, Serin has been anointed the Poster Child of everything that went wrong with this real estate boom.

From Wikipedia, pretty funny..

http://en.wikipedia.org/wiki/Casey_Serin

Anonymous said...

I made forty thouthand dollarth. I made fordee thouthand dollarth. I made forty thouthand dollarth. An' you dint. LOOSER!

Anonymous said...

lonelygirl15, ill be right over lol

Anonymous said...

Cheaters almost never get caught.

You just think that because you only see the ones that got caught. The ones that succeeded didn't get caught.

Wake up. Life is not fair. They system is full of holes that can be taken advantage of. Nobody cares anymore. The salesmen and brokers are in charge. The FED will inflate the dollar until it is truly worthless and used for toilet paper, and I'm not exaggerating.

kangtong said...

I CARE. I have worked for 40+ years to ensure my family is provided for, and you want to take it away! NOT GOING TO HAPPEN. I own a buisness. I don't/won't hire someone that wants to steal from me, that thinks I owe them a living, that wants me to hand them a paycheck. I am America. If you need a hand, ask me,I'm there. Need a handout, GO HOME!!!

Phil Mycracken said...

Who care's if you lie and cheat? As long as you win, that's all that matters. It's the American way. It's what makes America Great.

bub said...

http://en.wikipedia.
org/wiki/Casey_Serin

flippers lose said...

I for one am glad that Casey is going public. I hope he gets on all the shows and tells the world how a 23 yr-old kid was able to get millions in loans to buy houses and end up in foreclosure. This story needs to reach Oprah, 20/20, NYT and every newspaper and TV station in the country to show how real estate has become a bigger scam than the dotcom bubble stocks.

As usual with ponzi schemes, the smartmoney left and the bagholders are left twisting in the wind. Who are those bagholders? People who bought stocks in subprime lenders, REITs, last suckers in, most flippers and of course the government/taxpayer which will try to bail out the FB's and lenders, costing the country trillions of dollars and massive inflation in the years to come.