December 14, 2007

Here's an update on HP favorite Little Boy David Crisp, the flash-in-the-pan Bakersfield mortgage fraudster


Bling is the thing!

I guess not.

Must suck to be facing significant jailtime at his age, all because of greed. Must suck to be one of the millions of mortgage fraudsters, corrupt realtors and shady appraisers wondering every night if the FBI is gonna come get them too.

And it must suck to be Hillary Clinton, George Bush or Chuck Schumer, when they eventually realize that they destroyed their own political careers and legacies by trying (and failing) to use government resources to bail out mortgage fraudsters like David Crisp.

Fake it until you make it: A housing flipper saga

When David Crisp was only 25 years old, the Bakersfield, Calif., real estate star tooled around town in a $560,000 Mercedes-Benz McLaren sports car, along with a cohort of "black-suited bodyguards." He sported a $50,000 Chanel watch and Armani suits. His company, Crisp & Cole, leased Gulfstream jets to fly prospective investors into Bakersfield and Las Vegas and fronted money to its team of agents so they could sport their own luxury cars and designer clothes.

On Monday, Crisp's mansion was put up for auction with a starting bid of $1.8 million. Nobody bit, and the home was repossessed by the lender. According to the Bakersfield Californian, more than 100 defaulted and foreclosed-upon properties can be traced to associates of Crisp & Cole.

But what does it all mean? How many other David Crisps ran wild in the great housing boom of the early 21st century? How many of the collateralized debt obligations made out of repackaged subprime mortgage securities were built from loans made to similar scammers?

10 comments:

Frank@Scottsdale-Sucks.com said...

tooled around town in a $560,000 Mercedes-Benz McLaren sports car, along with a cohort of "black-suited bodyguards." He sported a $50,000 Chanel watch and Armani suits.

That says it all. I know lots of people who could afford that stuff who earned their money honestly, and none of them even look remotely rich on the surface.

People who flash a lot of "bling" are either phonies or criminal fraudsters 99% of the time.

Andrew said...

exactly... do you think people get rich by buying loads of stuff?
luxury goods are actually marketed at those who WANT to be rich, but actually are not.

if you have to advertise it, you ain't it.

Anonymous said...

Crispy fried should sleep with his back to the wall when he's in prison

pennywise said...

"Crisp personifies the California housing boom at its most extreme ...In this city of long-standing economic stagnation and a cowtown reputation, the median home price has nearly tripled in four years to $293,765. "

He personifies it, but he didn't personally cause the housing bubble.

I applaud the Californian and lazy MSM for finally brining this all to the forefront, but they are notorius for spinning the story to suggest that goofy-faced boy caused this whole mess. They have not run one story about B-Field's widespread financial illiteracy, status as the nation's capital of no-doc subprime loans, hundreds of other REIC professionals who committed fraud, complicit local government, nor about our local University that issued a laughable prediction that housing prices would continue increase slightly through 2010 and signed an agreement with Crisp and Cole to develop a Miami-style condo high rise on campus. .. A F@#k'n condo high rise in Bakersfield!!

Anonymous said...

Nothing special. I read this about 7 years ago, except then the name ended .com.

Lovingthatbush said...

Crisp.

Stick a fork in them. I think he's done.

Anonymous said...

Angelo, meet you new wife. His name is JOE...

Keeping the Bed warm and a lite on for Angelo.....

Sixpercenter said...

This sh*tbags father went to the can for passing bad checks. Like father, like son. His wife ain't bad lookin. How much does..ah..will she charge when the crispy critter is in the can?

I hope his mother knows how to make license plates.

tater said...

That picture spells: V-A-N-I-T-Y or G-R-E-E-D. Take your pick or both.

Anonymous said...

Why does his mother need to know how to make license plates.

http://people.bakersfield.com/
home/Blog/boomtown/15783

Before we know it David Crisp will be joining his momma in Vietnam. No one has seemed to notice that she never returned from her trip there 4 months ago. Hmmmmmmmmm