February 17th, 2007 12:07 pm
Casey Serin Satire - Pictures and Song
I am always one to acknowledge and encourage genuine creativity and sweet photoshop skills… even at my own expense (within reason). So I started a collection of Casey Serin Satire pictures in my Flickr account. These pictures have been found across the internet and various fan/hater sites. Additional contributions and higher resolution of the same ones are welcome. If you are the author of any of these, let me know, and I will give you credit.
Rescue from Debtor’s Island
by Vague Guru
Won’t Work for Food
by Vague Guru
What Me Worry?
by Vague Guru
The Fugitive
by Vague Guru
$2.2 Million in Debt T-shirt
Conjuring Magic Deals
by Vague Guru
Cashback Burglar
by Vague Guru
Cashback Burglar Behind Bars
by Vague Guru
Casey Trump
by Vague Guru
Casey Action Figure
Bird Dogging With My Mailman
by Vague Guru
Financial Planning Flowchart
by ??
(click to enlarge)
“Hey Casey” song
via creepyoldman / Stop! Slammatime
If the player doesn’t work, right click here and “Save As”
…
Here are a few more that came in recently…
Jamba Juice Makes Me Looser
By “D” of All Things Cool
Jamba Juice… Sweet
By “D” of All Things Cool.
Casey Tombstone
240 Comments
February 17th, 2007 at 12:08 pm
Some of those are hilarious preferably the wont work for anything…
February 17th, 2007 at 12:26 pm
I love a great sense of humor. Don’t visit any of the other fan/hater sites so glad you posted them here for all to enjoy. (My favorites are “won’t work for food” and “conjuring sweet deals”)
February 17th, 2007 at 1:16 pm
Just found a “Hey Casey” song and added it to the main post above. I must say that is some FUNNY stuff. Maybe author can do a song of the Hater’s Paradise lyrics contributed earlier. I think there was some other song too but I can’t find that comment.
February 17th, 2007 at 1:18 pm
Flowchart still my fav, but birddogging close second.
Casey, aren’t you worried Richdad Nagasaki won’t sue you for a bunch of dirty pennies?
February 17th, 2007 at 1:24 pm
Oh there is the other song lyrics - Vanilla Ice spoof.
Gotta love some of this “hater” humor. It’s not particularly constructive but if done within reason I enjoy it and so I let it through.
The ability to laugh at myself gets me through the day.
February 17th, 2007 at 1:28 pm
Hey Casey,
What’s happening in Utah?
Are you getting calls from Cashcall?
February 17th, 2007 at 1:37 pm
Hey Casey,
These photos are hilarious. I wish I knew how to use PhotoShop like that. Keep on posting these. Also, it’s nice to see how you’re back to posting on the events of your houses and what you’re doing about them.
I sincerely wish we met earlier. I think you would have had a vastly different real estate foreclosure experience at no cost (i.e. no guru seminars). In fact, we even rebate 20% of our buyer’s commission back to you when you do a deal with us (up to $10,000).
Don’t give up on the Real Estate business. I know you have it in you but just need a little guidance. NO ONE should charge you for this!
I think this is the property you should have purchased last year:
http://retirein6years.gcproper.....stuff.aspx
February 17th, 2007 at 1:39 pm
It’s too bad some of the fun “hater” characters are still boycotting this blog. I miss some of those guys. That’s OK, that will make room for new ones to come.
By the way… as you can see my traffic was not affected much. However, it’s hard to tell really with all the inbound links and media exposure that happen from time to time. It seem though, that the “hater” crowd is small (but very vocal). Many of those characters is really one person posting under different names. I guess if I cared more I would check the IP and figure out how many total “haters” there are.
I like to keep this blog organic but within reason. Some of those guys think I’m withholding information or lying about my past.
The only thing I’ve done was to respect certain people’s wishes and exclude certain names/companies/stories on this website. Unfortunately that makes people think that I’m hiding something. Oh well. Can’t please everybody.
I have not lied about anything on this blog. The whole goal one this blog has been to honestly tell the truth in order to create an example of what NOT to do. There has been some mis-understandings though and people automaticaly assume that I’m lying.
If you think am lying about something, I challenge you to bring it up.
Like I said, can’t please everybody. I now understand the feelings of politicians or any other public figures who are highly criticized.
February 17th, 2007 at 1:41 pm
@Casey
Also Dec 12 2006 by yours truly:
Wiped out ‘n Nerdy:
They see me trollin
They hatin
A’trollin tryin to pay back every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
My clickthrough so proud
I’m flippin
They hopin that I pay back every dirty penny
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
The haters think they can see me eatin beans
I’m SWEET; ain’t no ramen noodles for me
When you see me ride by they can see the jetta glean
Run mine own credit check, turns up on my laptop screen
Sign with a new chick, she, like, f@cked me up
Next to the felonolla, I’m look like a major assholla
Turn a no deal into a win win
Yneone you ain’t know, I’m crazy like STC kitty in a coma
Just tryin to get another loan ain’t tryin to have no babies
Flip clean so I RK with the ladies
Laws of trolling you know they hate me
Moderation turned all the way up to the maximum
I can speak for some wannabes tryin to jack for some
But we packin bags that we have and um will have a uzbecki locked up in the maximum
Security cell, I’m grippin ankle
Bubba loud and slippin slow
Twist and twistin like you don’t wanna know
Reacharound from behind ,can’t say more cuz casey edits yo
Plane touch down, gotta find solution
DVDs change flippers : must be producing
This is the Play-N-Skillz when we out and bruisin
Got cash back in every city except Houston but still I ain’t loosin
They see me trollin
They hatin
A’trollin tryin to pay back every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
Tryin to pay every penny dirty
February 17th, 2007 at 1:49 pm
@6. From the Sidelines:
Ok ok, you’ve been persistent, here is a quick update:
Utah… nothing new… I still need to call and finish trying to get to the bottom of where the missing check went. They are giving me a lot of hassle and at this point I have to send them a copy of a check and jump through some more hoops and then perhaps we can get to the bottom of it but there is no guarantee. Since the payments are still being made by the “wrapee” I don’t think the lender is going to foreclose. I just need to make the time and call them up so I can prevent late fees and whut not. Makes me think, I need to hire an admin assistant or something’…
CashCall… oh they’re definitely after me now. Phone calls and emails almost daily. I will keep track of their collection efforts and probably post something about that in the near future. I’m thinking I will try talking to them and see if we can use a little reason. We’ll see..
February 17th, 2007 at 2:00 pm
#9. T.White… thanks for another parody song… funny stuff! Maybe you can put that to some music and send me an MP3?
#7. Phillip… hey man thanks for your persistence and encouragement. I have a desire to do some deals with you in the future… I should back into the swings of things soon. 2007 is the come back year.
I’m thinking 100+ unit apartment buildings (5-10 million and up) or other commercial / income property. Those deals are more juicy. Single family is good too because there are more of them but the spreads are small. However, if I can do those in packs (6 pack?) then that might be a way to go.
By the way, let me know if you need a big commercial or hard money loan. I have some sweet connection for that stuff now. From ten million upto 2 billion loan size, upto 70% Loan-to-Future-Value, can do international deals, private money for developments, fast turn-around, that kind of thing…
February 17th, 2007 at 2:16 pm
“I’m thinking 100+ unit apartment buildings (5-10 million and up) or other commercial / income property. Those deals are more juicy. Single family is good too because there are more of them but the spreads are small. However, if I can do those in packs (6 pack?) then that might be a way to go.
By the way, let me know if you need a big commercial or hard money loan. I have some sweet connection for that
stuff now. From ten million upto 2 billion loan size, upto 70% Loan-to-Future-Value, can do international deals, private money for developments, fast turn-around, that kind of thing… ”
You’re simply pathetic.
International = Russian mafia ?
2 billion loan size ? You can’t even get out of the 2 million mess.
100+ unit building ?
The only 6-pack you can manage is probably Budweiser (you know, the kegger hidden behind the blue ball desk).
Congrats to the flowchart author. So true. The guy did not need any personality test to define you in one page.
BTW, I wonder how much time you lost again collecting all these photos on internet. You’re so egotic.
February 17th, 2007 at 2:18 pm
You have connections to a lender for loans up to $2 billion?? Hook me up, I’m interested in buying the country of Tajikistan — 2005 GDP was estimated at 1.8 billion.
You are dense.
February 17th, 2007 at 2:21 pm
10. Casey Serin
I just need to make the time and call them up so I can prevent late fees and whut not. Makes me think, I need to hire an admin assistant or something’…
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
But then you’d have to call the newspaper or put job listings of Craigslist and Monster, and that takes time. Better procrastinate on that and focus on the 20%.
Stupe.
February 17th, 2007 at 2:28 pm
Does anyone here honestly think that Casey has a connection of loans “from ten million up to 2 billion”?
Just thought I’d ask.
February 17th, 2007 at 2:35 pm
Well, I had some student loans to pay off, and I was thinking of starting a tutoring business, so I thought to myself, why not borrow TWO BILLION DOLLARS?
So I went over to Chase and talked to a very friendly loan officer, who assured me that this would be no trouble at all. Interest rates were low, the repayment plan reasonable.
Of course, I had to buy a few wheelbarrows to carry all the money out, but hey, with TWO BILLION DOLLARS, a few extra bucks for a wheelbarrow was small potatoes.
Let me tell you, it really changed my life. My student loans are paid, and the marble halls of my tutoring business have done a lot to attract customers!
…ebeh.
Any chance these people you’re planning to borrow bazillions of dollars from are based in, oh say, Nigeria? It’s a wild guess, I know, but I have a way for these things. Blessed, you might say. And aren’t you supposed to have those ads down by now? Or is that another of those things you’ve been ‘too busy’ to do?
February 17th, 2007 at 2:43 pm
You still haven’t called to track down that Utah payment?
Yea sure Casey, I would use someone like you for a 10 million dollar loan, you can’t even clar up one disputed payment, why would ANYBODY trust you with anything more than a jamba juice card.
Why don’t you concentrate on paying back every dirty penny before you make big deals,,oh wait, this was just a trolling for responses post.
February 17th, 2007 at 2:48 pm
Cashcall doesn’t see reason… they want their money. You borrowed money, now you have to pay for it.
They are waiting for you to default so they can really start bending you over. Cashcall does not accept partial monthly payments, they count that as a loan default.
Hint: Cashcall does not have your best interests at heart. They have their best interests at heart. Their interests at this point is to get their money back from you.
Hint: If you talk to Cashcall. Ask what the current interest rate on your loan is. It just may be above 24%, like double that.
If you need better advice, why don’t you reprint the fine print of your cashcall loan here so everyone can advise you on any more problems that you may encounter with Cashcall.
I would have expected that when Wells Fargo cleaned out your saving account to cover your outstanding payments that would have been a hint for you to get moving on your unsecured debt. Guess not.
February 17th, 2007 at 2:57 pm
Admin assisstant: That will last until the first pay day. Administrative assistants run 10/hr-15/hr. Plus you have to fill out all of the W-2 paper work as an employer as well. Can you afford $200-$400/week for an assistant (plus bennies). Also you have to maintain the paperwork and payments to the IRS so at the end of the year you and your assistant don’t get mauled by the IRS for tax evasion.
ALSO: Are you saying that you are so busy (working 60-80 hours per week) that you need someone else to help read your mail, return phone calls and type letters so you can take care of other business? I am incredulous at the very least.
February 17th, 2007 at 3:01 pm
Holy sweet baby jesus those are funny.
My favorite is the one where you look like the hamburglar, holding bags of stolen money.
A+ work
February 17th, 2007 at 3:07 pm
Casey’s problem in a nutshell:
“I still need to call and finish trying to get to the bottom of where the missing check went. ”
Always future action. Casey, start thinking about action as “i did” or “im doing” rather than “i am going to do”.
Seriously.
February 17th, 2007 at 3:11 pm
Under the circumstances, you have maintained a remarkably positive demeanor and sense of humor.
Real estate is a really stressful business and probably not the best career path for you.
For example, you obviously have a talent for blogging and attracting a devoted audience.
Useful, constructive activity appears to be a challenge for you at times
Casey, could you please take this personality test and report the results to us http://electricpulp.com/guykawasaki/arse/
Kawasaki isn’t Kiyosaki, but he might be a better contact for you to make…
Everyone is rooting for you at heart even though we get frustrated.
Don’t loose your vision:)
February 17th, 2007 at 3:12 pm
From CashCall to 2B!?!
February 17th, 2007 at 3:14 pm
“By the way, let me know if you need a big commercial or hard money loan. I have some sweet connection for that stuff now. From ten million upto 2 billion loan size, upto 70% Loan-to-Future-Value, can do international deals, private money for developments, fast turn-around, that kind of thing… ”
One of your blog readers is playing with your head, dude.
February 17th, 2007 at 3:18 pm
Here’s one of your dad at a soup kitchen.
February 17th, 2007 at 3:22 pm
Hey Casey,
Here is what is going to happen to you over the next year, your comeback year. Not much. You will still have massive amounts of debt, you’ll live hand to mouth at you in laws, and you will not be able to save.
If you use investors money for your apartment bld and you lose money for your investors - then you will be faced with fraud and jail,
Loads O Money
February 17th, 2007 at 3:35 pm
You seem to have quite the following!
FT
http://www.milliondollarjourney.com
February 17th, 2007 at 3:38 pm
Casey,
While you are clowning around, April 15th is just around the corner. I hope you know that you will have to file a tax return in both New Mexico and Utah. Yes, regardless of all your losses on your other properties, those states will want their state income taxes.
February 17th, 2007 at 3:44 pm
Kid:
“By the way, let me know if you need a big commercial or hard money loan. I have some sweet connection for that stuff now. From ten million upto 2 billion loan size, up to 70% Loan-to-Future-Value, can do international deals, private money for developments, fast turn-around, that kind of thing…”
70% Loan -to -Future Value, huh?
That “future value” bit hasn’t been your strong suit, little hobbit.
If your Uzbeki Drug Lord friends are willing to underwrite you a 2 billion dollar loan, then why not start buying Jamba Juice franchises and slamming ‘em into airports and malls?
You’d be “Mr. Jamba Juice”!
And your backers could alter the menu so that in addition to wheatgrass, a customer could get a shot of heroin in their banana/strawberry smoothie.
February 17th, 2007 at 3:46 pm
Makes me think, I need to hire an admin assistant or something’…
Employees expect regular paychecks that do not bounce. They also expect that their tax withholdings will be properly managed and paid so that they don’t get in trouble with the IRS come tax time. Do you honestly think you can provide that to any person that you hire?
.
.
.
I didn’t think so.
February 17th, 2007 at 3:49 pm
You have connections to a lender for loans up to $2 billion?? Hook me up, I’m interested in buying the country of Tajikistan — 2005 GDP was estimated at 1.8 billion.
Oh Benoit, c’mon. Don’t you know you have to pay at least 4 times GDP to buy a country? But if you get the right appraiser, you might be able to get 100% financing and still get $1 billion cash back.
February 17th, 2007 at 3:52 pm
I agree with Cote. You never DO tell the truth, you’re desperate to capitalize on something, anything, and you deny credit to Vague Guru who made pretty much all the pictures.
And now you’ve stooped yet again to trolling in hopes of proving this blog has actual traffic.
February 17th, 2007 at 3:54 pm
I have a great connection for a hard money lender too. Its called “google” -hard money lender- and up will pop many people that are willing to lend you huge amounts of money at 14% and 4 points upfront.
Wow Casey, you and your connections really impress me, you really are priviledged to have such great opportunities, what a wheeler-dealer you are.
February 17th, 2007 at 4:07 pm
The pictures you have put up ridicule you. Do you understand that?
Putting them up is NOT evidence that you are a big-picture guy, with the ability to rise above criticism and even weather some good-natured fun at his own expense. That you apparently think so is further evidence–not that such is needed–of your mental dislocation.
Hey, it’s all good!
Scheissbrain.
February 17th, 2007 at 4:07 pm
Tell us Casey
Did YOU cash the checks that the Utah buyer made on that property ?
Tell us the truth
February 17th, 2007 at 4:16 pm
In a sense Casey, you lie by omission.
Since you claim to only tell the truth on this blog, please truthfully ANSWER the following questions.
1) How much money did you receive in cash back, FOR EACH you properties. List each property and the amount received for each.
2) How much of your credit card and unsecured credit went into each of your houses. List each house and list the amount you spent on each using unsecured credit.
3) List where the other unsecured money went to.
Your vague answers and your continued claim that you are unorganized in not truthful answering. You have had plenty of time to get organized and figure out where the money went. Tell us if you are truthful. You claim you went to a CPA, then you should have these answers.
We all want to know exactly where the money went. If you are honest and have nothing to hide then you will tell us.
February 17th, 2007 at 4:23 pm
Hilarious pics Casey.
You asked about who did them.
Didn’t you get them off Rob Cote’s blog at […] when you visited? Those and more are all lined up with the creators names.
Maybe you two should trade links. His hits are waaaay up.
Cheers.
February 17th, 2007 at 4:24 pm
@ Casey “If you are the author of any of these, let me know, and I will give you credit.”
Well since you asked, I did all of the new photoshops. The other three (Cashflow Diagram, the Shirt and the Action Figure) were done by others, all the rest are mine.
Of course why am I telling this to you Casey, you know where they came from because you hang out in the “Hater” forum where I posted them.
For the record, when I posted them, I said anyone could use them for whatever reasons, and I meant it. So I don’t really care that you posted them here.
The only reason I bring this up is because later in the thread you said you never lie and challenge anyone to prove it.
Well there’s your proof. I have the original PSD files and the links are in the old threads over at the Hater forum.
BTW: You didn’t post the “Meeting with my CPA” one, which I thought was the funniest one of the bunch.
February 17th, 2007 at 4:43 pm
Hey man, I would love to give you credit for those files, I didn’t know it was you. Just let me know what username/name/link to put up. Is “Vague Guru” Ok? Also please do send me the PSDs. Gotta do my due diligence, you know. Also send me anything else you have.
Sorry, I didn’t know it was you. I actually don’t have the time to look for this stuff and I rarely visit the hater sites. The images were actually emailed to me by a friend who rounded them up for me. He didn’t tell me where he found it.
February 17th, 2007 at 4:47 pm
#39. J. Whittimer Lightning…. As soon as I put my expenses together for 2006 I will disclose the stuff you’re asking. My CPA is waiting on me to get all the figures so I better get it done soon. I may actually need to get some help because I don’t have a lot of time to organize such a huge mess. That’s one of the things I’m working on this weekend.
If I don’t get it done in the next couple of weeks be sure to remind me. Thanks.
February 17th, 2007 at 4:51 pm
#40. Bemused Guy… if Robert agrees to respect the people involved with me and use certain moderation rules then I might consider doing link exchange, etc. Man, we can even do some joint venture stuff, why not? If we can put together a win-win deal I’m open to anything.
Otherwise, I will continue to censor the URLs ‘cuz some of that stuff is way too much. (I’m actually getting ready to do a massive search-n-replace on his URL in my WordPress DB so that there will be no more Google juice for him). I’m not asking people to like me. Just to be reasonable and respect my wishes to protect my family/friends.
February 17th, 2007 at 4:52 pm
Tell ya what, if you post the Tax Man one, I send you one of the PSD files (your choice) as proof that I did them. Here’s the link to the Tax Man one:
http://img176.imageshack.us/img176/5869/cpaka7.jpg
February 17th, 2007 at 4:53 pm
RE: Short sales. You said that as part of the process one must provide the bank with 2 years of W-2s. Do you have 2 years worth to provide them? Since you admit you lied on the incomes section for the orginal loan apps do you think there will be repercussions when you prepare the short sale docs ?
Or is there another sort of “innovative statement” you will be proiding them?
February 17th, 2007 at 4:56 pm
Hey Vague… that one is kinda borderline… probably a bit too fruity for this blog. Trying to keep this thing somewhat family safe.
February 17th, 2007 at 5:09 pm
don’t miss the one where you’re serving Jamba Juice. That’s my favorite, actually.
February 17th, 2007 at 5:30 pm
And on top of that, I’m still trying to find a way to pay all these loans back or as much of it as I can. Getting a 15/hr job is not the answer. How are you gonna catchup all those past due balances. Lenders don’t let you make partial minimum payments. Well, I’ll correct that, they DO but that’s not going to stop the collection process. And me paying a few dollars toward the debt is not going to make any difference. I should save that money for living expenses and seed capital for making big deals to help me REALLY pay off those loans. Take a look at my spreadsheet and give me a plan. That’s right, it ain’t as easy as people think.
February 17th, 2007 at 5:32 pm
I will call you out on a lie. You have yet to respond to this one so here it is…You mentioned earlier on your blog that you tithe regularly. Prove it. Please?
Another duplicate challange for you:
Casey,
I will extend my offer yet again. If you can provide real proof on this blog that you have been tithing regularly over the past year(s), I will donate $25 to your church- TODAY.
My church just sent out our year end contribution summaries for tax purposes. You should have recieved one. Or maybe you could provide some copies of cashed checks or money orders? After all, you did say that you tithe.
I will keep writing this offer until you reply. Cheers Casey!
February 17th, 2007 at 5:39 pm
#52. Voice of Truth… show me where I said I tithe REGULARLY. I put TITHE on my spreadsheet for a PROPOSED budget for 2007. I want to honor God with my money, however because of all the crazy financial times lately I haven’t been very stable with it. Having said that, we DID contribute to church and other charitable organization last year. Not sure how much. That’s what I’m going to find out as I do the 2006 expenses in the next couple of weeks. And yes I DID remember getting a statement from one of those organizations so when I sort my files/receipts I will be able to find it and maybe I can show it to you.
February 17th, 2007 at 5:39 pm
Tell us Casey
Did YOU cash the checks that the Utah buyer made on that property ?
Tell us the truth
You haven’t answered this question yet
February 17th, 2007 at 5:41 pm
I got to admit that song is actually Really fun to listen to LOL. Well where most would feel a building tension about all the media coverage and internet coverage and making it to wikipedia you’re still doing ok. I really hope you can find someone who wants the property.
Good job on letting everything roll down your back like water to a duck. You are willing to post what I’d want burned.
vQ
February 17th, 2007 at 5:42 pm
Since you are on a role moderating & educating, how about answering #46?
February 17th, 2007 at 5:42 pm
Casey says:
“Open moderation doesn’t work if you have a bunch of haters who just want to see you go down in flames and get jailed”
Don’t you think you will go to prison anyway ? Open moderation or not ?
February 17th, 2007 at 5:48 pm
I know you’re still here Casey. Answer my questions. Truthfully.
February 17th, 2007 at 5:56 pm
#46. Bemused Guy… I have been sending all the banks my real tax returns for 2004 and 2005 straight from my accountant. I didn’t modify anything.
#38. WTF!!!… I never see the checks from Utah buyers. They go to an escrow account with Central Bank of Utah and the escrow agent sends a check to my bank. This creates a paper trail and keeps everybody accountable/happy.
February 17th, 2007 at 5:58 pm
“All I wanted to do was make an honest buck in real estate.”
WHY do you keep saying this? The second you lied on those loan apps you stopped being “honest”
February 17th, 2007 at 6:01 pm
By the way, let me know if you need a big commercial or hard money loan. I have some sweet connection for that stuff now. From ten million upto 2 billion loan size, upto 70% Loan-to-Future-Value, can do international deals, private money for developments, fast turn-around, that kind of thing…
who in their RIGHT MIND would want one of your SWEET connections for a loan??!!??
February 17th, 2007 at 6:06 pm
Casey says:
“I never see the checks from Utah buyers. They go to an escrow account with Central Bank of Utah and the escrow agent sends a check to my bank. This creates a paper trail and keeps everybody accountable/happy.”
The documention for the “wrap” showed Casey Serin as the beneficiary. You stated in an earlier post that the checks HAVEN’T been going to your bank. Where are those payments Casey ?
February 17th, 2007 at 6:06 pm
Why don’t you think you should go to prison Casey ?
February 17th, 2007 at 6:08 pm
#60. Julian… do you own a home? What kind of loan did you use? Did you state your income?
You guys don’t realize it huh… almost everybody is buying homes in hot markets like CA as stated income loans and guess what kind of income they are stating… they are OVERSTATING because banks let you do that (they are happy since they charges you a higher rate). With the crazy prices that’s the only way to buy homes. Wrong or not, that’s the game and everybody up the chain is aware of it. So is it technically mortgage fraud? According to Jerome Mayne, yes. Why is it so easy to do? Why are the banks looking the other way? Good question. Lets hear somebody answer this one.
In fact… how about a poll…
HOW MANY people here used stated income loans to buy their house? How many were 100% truthful on their application?
If you have the balls (or ovaries) to admit it, speak up.
February 17th, 2007 at 6:09 pm
I did not use a stated income loan to purchase my home.
February 17th, 2007 at 6:12 pm
#62. WTF!!! … Go back and re-read the info. I already said that there were 2 missing payments because I forgot to tell the escrow company that my loan was sold. The escrow company was sending payment to the old bank. When I finally opened my mail and realized this I got to the bottom of it. The old lender claims they forwarded all the payment to new bank. But the escrow agent said they cashed two of the checks and has proof. Then as I tried to look into it more I find out there is now only one missing payment because I’m only 1 month behind. So this whole thing is pretty confusing. And yes its my fault for not opening mail and staying on top of who my lender is. No lies here.
February 17th, 2007 at 6:12 pm
I bought my home with a standard 30 year mortgage. Fixed interest rate. If you have to lie and use exotic mortgages to buy a home, you really need to keep renting because YOU CAN’T AFFORD.
February 17th, 2007 at 6:15 pm
#67. Greg… I do agree that exotic mortgages probably shouldn’t be used to average home buyers. It’s too easy to get into trouble. Exotic mortgages are for experienced investors who know what they’re doing. I’m an example of an investor who was NOT experienced and rushed in to take advantage of these loans. Well you know how the story went after that…
February 17th, 2007 at 6:19 pm
So Casey, if the escrow company now knows who the new bank is, why is there still one payment missing?
It is my impression that you deliberately make things sound confusing in an effort to conceal information.
February 17th, 2007 at 6:25 pm
Casey
I think you should stop referring to yourself as an investor. I think a more appropriate word would be divestor.
February 17th, 2007 at 6:25 pm
… because the escrow company is not going to do the dirty work of calling my lender and try to figure this stuff out… that’s not their duty. They just forward payments. I have to still find out how to track down the missing payment or work something out.
February 17th, 2007 at 6:26 pm
Well, since everyone is here, I’ll chime in. I paid cash for my house. That’s right, cash. As in what you don’t have. $650,000 dead presidents. If you have to lie, you can’t afford it. Not bad eh?
February 17th, 2007 at 6:28 pm
Casey, I’ve got a sweet deal for you.
I’m offering my assistance as an admin assistant free of charge to help with the missing Utah wrap money.
I feel badly for the family who deserve better than what you’ve been giving them. They paid good money and now it’s gone and you haven’t gone out of your way to find it. Shame on you.
You have my work email and phone number as we’ve shared a few emails in our day so contact me early Tuesday morning with the pertinent details and I’ll take care of it.
This is a sincere offer. I am not pulling your chain. I feel for that family. Consider this my “good deed” for the month of February. I’d certainly want someone to do this for me if I were in their situation.
If you truly have not cashed the check and spent the money yourself, you will take me up on this offer.
Also, I must mention that the reason many people went over to Robert’s site was not solely to “hate” on you. Many of us enjoyed each other’s online company and wanted to enjoy our freedom of speech without censorship. We were also tired of waiting 12-48 for moderation here. Just so you know.
February 17th, 2007 at 6:29 pm
@ Casey #70
Is the escrow company currently forwarding payments to the correct mortage company ? Are you SURE that none of the payments were sent to you ?
February 17th, 2007 at 6:31 pm
Oh you forgot to answer this question.
Why don’t you think you should go to prison Casey ?
Be thruthful Casey.
February 17th, 2007 at 6:45 pm
I did not use a stated income loan on my home or the house I purchased in Myrtle Beach this month.
February 17th, 2007 at 6:46 pm
So let me get this straight, because EVERYBODY is doing it why should you get called on the carpet for it right? Well scooter, millions of people smoke pot but that doesn’t keep tensof thousands, if not more, of people from going to jail and out of the courts. Johnny Law needs an example and who better than some egotistical little smeghead who just loves putting his smarmy little face out for all to see. The tired excuse of “everyone else is doing it so it must be okay” pretty much plays out by the time you hit high school. And are you honestly gonna say that EVERYONE was lying about owner occupancy? There’s a really easy rule in life that I guess you never learned, if it doesn’t feel right it might be better not to do it.
February 17th, 2007 at 6:47 pm
WTF!!… because prison is too harsh a punishment. I didn’t have criminal intent to defraud anybody. I used “liar loans” naively thinkings “It’s all good”. Leverage is a beautiful thing but not so good when mis-used. I misused it and being broke and dealing with financial stress is bad enough punishment. How would YOU feel in my shoes?
February 17th, 2007 at 6:53 pm
I did not lie on my application for my home.
Neither did my fiancee for hers.
You lied. Regardless of your intention, under a court of law it will not matter. Intention will only, possibly, affect the sentencing or punishment, it will not affect a verdict of guilty or innocent,
February 17th, 2007 at 6:54 pm
@ Casey #76 I call BS
I am NOT in your shoes and I will NEVER be in your shoes.
However, if I had committed fraud like YOU DID, I would expect to serve some prison time and I would expect that I would be made to pay every DIRTY penny back to the people/institutions that I defrauded.
February 17th, 2007 at 6:54 pm
@ 76. Casey Serin
February 17th, 2007 at 6:47 pm
“WTF!!… because prison is too harsh a punishment. ”
Unfortunately, you are not the one who gets to decide whether or not prison is too harsh a punishment, Casey.
Are you aware that after several petty theft arrests, people are sent to prison? Imagine being an unemployed father stealing food to feed your kids and you keep getting busted. Eventually, you go to prison. This is the way our criminal justice system works.
In a similar way, you fraudulently obtained 8 (possibly more) liar loans with the intent to make a quick buck. The bottom line is that you committed a crime. Surely you realize this?
Criminal intent only mildly enters the equation during the sentencing phase.
February 17th, 2007 at 6:54 pm
Let’s see, I live in the Sacramento area. I saved money from my job for 18 months by cutting expenses, not a lot, but enough to save. I’ve purchased two homes in the last 4 years.
I’ve obtained loans using full docs. No stated income. A 3/1 loan on the first house and a 7/1 loan on the second house.
February 17th, 2007 at 6:56 pm
Answer this
How many of those homes did you say you were going to live in?
Secondly, would YOU lend to someone with a credit score as low as yours, who is 2.2 million in debt, and has no cashflow? No business I know of would
February 17th, 2007 at 6:57 pm
You haven’t answered
@ Casey #70
Is the escrow company currently forwarding payments to the correct mortage company ? Are you SURE that none of the payments were sent to you ?
February 17th, 2007 at 7:01 pm
CS- “I even kept paying on this loans much longer then I should have (by borrowing more to pay existing properties).”
Hillarious. You just don’t get it. I guess you should get a medal or something for paying on your loans with more borrowed money.
You don’t even see this as real money. Had you actually earned the money that you were “investing” I assure you that you would have behaved much differently.
CS- “I’m learning my lessons. Do you see me taking out any more liar loans?”
I think we all agree that the sole reason you are not taking out these loans anymore is because they are no longer available to you. You didn’t stop using them because you discovered you were breaking the law, you stopped when the lenders called BS and refused to give you more money (which it would appear you were aware would happen due to the rapidity of your transactions). At that point, you simply stopped paying on any of your obligations.
Please tell us specifically which lessons you are learning. I fail to see any evidence of your expanded knowledge, particularly when you seem intent on exploring “Corporate Credit” and 100 unit apartment complexes in your current financial situation.
February 17th, 2007 at 7:19 pm
Casey,
Since we’re having a little hater reunion here tonight,
1. I stated my income accurately on my mortgage app.
2. Thanks for answering my questions
6. From the Sidelines
February 17th, 2007 at 1:28 pm Hey Casey,
What’s happening in Utah?
Are you getting calls from Cashcall?
February 17th, 2007 at 7:23 pm
I just hate the fact the morgages companies who honest people try to make a living at are getting screwed because of what you did. You don’t know but maybe someone lost a job or the morgage companies take a large hit because of your recklessness.
I hope that a good bk on your record will limit your loan getting ability because it really hurts honest working people.
I have 4 duplexs in sac and make 250k a year- I put 20% down on each place between 97-2002. I stopped buying because I would need to start putting down ridiculous amounts of money to break even on a rental property.
I am interested in bigger apt. buildings as well- I hope what you are looking for is not in sac because they are so over priced-
out of state looks good.
Sacramento will stabalize in 5 years or so and apt. investing will be logical again - till then it will be poor margins and negative equity- especially for you since you have no down payment to put in.
Unless you have a good idea to get in without money- if you do could you enlighten me- I know you know some tricks.
February 17th, 2007 at 7:30 pm
Casey, anyone with a basic understanding of addition and subtraction would NEVER end up in your shoes. Your lack of arithmetic aptitude is what got you into this mess in the first place. You’ve never been able to figure out where the $30K went. It’s like the missing dollar paradigm. Then you simply kept trying to dig your way out of the hole.
Do you deserve sympathy? No. If you weren’t 1) greedy, 2) shortsighted, and 3) unmeticulous, you never would have gotten into this mess.
February 17th, 2007 at 7:42 pm
Hey Casey, I bought my home with a stated income home after putting 30% down. But I’m allowed to do that, since I’m in sales and my income does vary month to month or year to year. Oh yeah, I also put 20% down on an investment property and stated that it would be non owner occupied, thus incurring a higher interest rate. Incredibly enough, my loan officer wouldn’t allow me to say it was going to be owner occupied. She had no desire to put her a** on the line for a commission.
Regarding the posted pixs above, they’re great. And I’ve already seen them on another website. While I cannot tell you would actually put them together, I do know it was not you. I also know that you should not be copying and posting things that are not yours, without first getting the correct authorization. Yes, I know that everybody does it. That doesn’t make it right. Why can’t you and the rest of your generation understand that everything is NOT free to use/copy as you like?
February 17th, 2007 at 7:47 pm
Hey Casey,
You really have to stop being naive. Why do you keep saying you want to pay back those loans ? How on earth are you going to pay back those loans ?
Do you really think the FBI will allow you to purchase a 100 unit apartment building ?
Did you read the Wall Street Journal last week ( Thurs or Wed ) about a Florida Real Estate investor. He’s in jail now!!
It’s pretty obvious to me what you need to do. You have to draw a line under all that debt and somehow get it discharged - ie. probably bankruptcy.
Have you asked somebody what difference do additional foreclosures make on your credit report if you already have one ?
You seem intent on doing a short sale instead of foreclosure. How does this benefit you ?
When Donald Trump was in debt in the early 90’s do you think he gave a hoot about paying the banks back ?
By the way - this is a great market for real estate investors…..there are so many foreclosures here in Dallas. The Banks are selling them off so cheap !!
Casey - tell me the formula for NOI ? ( I want to see if your a real estate investor or not. You keep telling me you are - if you are, what is the formula for NOI ? )
Loads O Money
February 17th, 2007 at 7:51 pm
@Casey 64
I bought my house with completely accurate income information. Completely. 30 year fixed. So much for your silly challenge.
@ Casey elsewhere
You deserve to do prison time. You defrauded the banks. It’s typical of this society, though, that you try to place the blame on them, for not policing things adequately during the boom times.
It’s not all good, sweet thang.
February 17th, 2007 at 7:57 pm
Robert Cote is full of himself and really needs to
Extract his head from his a–. All those haters don’t know
S–t either. Casey, you are a much larger person than those
Childish haters. Those haters think what you did with
Other peoples money was wrong. But, they just jealous
More power to you.
February 17th, 2007 at 7:57 pm
I think you are confusing the word HATE for CONTEMPT.
Casey, make NO mistake…YOU ARE A CRIMINAL. Speeding is not a felony. The comparison is not even a logical one.
Not ONLY did you take LIAR LOANS 8 TIMES, but you got cash back at most deals. Did the BANK know about this cash back, Mr. Honesty? AND you did not occupy ANY of your homes, even though you took loans designed for owners who RESIDE in their homes. AND you told every bank that you were going to reside in your homes. The reason the banks charge more for homes that are, as you say “investment” property, is because of the higher risk of loss. AND you timed the applications so you could do several loans at the same time. Your innocent routine makes me sick. You are not 12, Casey. You KNEW the way you took these loans were WRONG in SO MANY WAYS. Your “liar loans” were just an appetizer. You served up a main course and dessert to complete your crime. You deserve to be punished. You will not “get it” until you are. And that is really sad.
I do not hate you at all, Casey. I am proud to live in a country that welcomes people like you and your family. I am pissed off because my husband and I jumped through HOOPS to get our home on a fixed 30-year mortgage, and we did not lie about ANYTHING on our loan. I have daughters in college that are having to incur debt to get an education because of people like YOU who abuse, twist, and turn the rules. YOUR DEFAULTS MAKE IT HARD ON THE ORDINARY PERSON WHO WANTS TO SIMPLY PURCHASE A HOME TO LIVE IN. I work hard for my family, and you sit around and make excuses why you cannot make one or two phone calls, take naps, and practically DARE ANYONE to call you on it. That is what makes me angry at you. (Notice I did not say HATE)
You can call it anything you want. At 24, your excuses will not help you in court. YOU decided to give out all this information about yourself. Your family is affected by what YOU do, Casey. YOU put yourself out here. Crying about the “haters” really makes you look stupid. And I do not think you are stupid, Casey. I think you make bad decisions on an hourly basis. I also think you are VERY LAZY. Laziness is a habit, Casey. You need to work on that.
If my son-in-law lived in my house, I GUARANTEE you he would not be sleeping until Noon and napping. (Be hard to sleep with my FOOT up his a** ) This is not HATE…it is TRUTH!!!!!
I think the biggest lies you tell are to yourself, son.
Think about that.
February 17th, 2007 at 8:02 pm
Funny…Tinsel was my security word…
What a hilarious series of photos…
Not going to change the fact that you’ll have bad credit and debt for a long time…but hey life goes on after prison.
Gotta say, you’ll looking kinda cute.
Frank in San Francisco…that’s a clue!
February 17th, 2007 at 8:05 pm
Have you totally lost your mind? You need to go back and reread some of your own posts, Casey. You’re contradicting yourself.
February 17th, 2007 at 8:10 pm
>because prison is too harsh a punishment.
So Casey, what do you think is an appropriate punishment for felony fraud that results in hundreds of thousands of dollars in losses to numerous banks
February 17th, 2007 at 8:12 pm
#48. Robert…
“The old woman who is sent to a nursing home because she cannot afford the taxes in the house down the street from one of your purchases. The other old woman who cuts her heart medicine pill in half because her Countrywide dividend was suspended due to non-performing loans. The local school district that cancels the low cost lunch program beause of state cuts due to surprising property tax delinquencies. ”
Not to be one to defend Casey’s actions, but you seem to have some deep anger about the world that you’re taking out on Casey. Do you actually know a senior citizen who’s invested in Countrywide and had to reduce her medicine intake, or is this an imaginary situation from your head that you are blaming Casey for?
At the MOST, there’ll be a $2 million bad debt (most likely 10-30% of that) from Casey. There are 300 million people in the US, so that works out to be less than a penny a person. The Iraq war is going to cost thousands of dollars a person - perhaps you should go rail against George W. Bush about that instead. Trust me, he’s costing you a lot more money than Casey ever will.
People are telling Casey to go see a mental professional… with this kind of deep rooted anger maybe you should do so as well.
February 17th, 2007 at 8:17 pm
“All I wanted to do was make an honest buck in real estate.”
What do you consider a “dishonest buck” then, Casey? Seems to me what you’ve been doing has been pretty dishonest…
February 17th, 2007 at 8:18 pm
Casey post #51 — ‘I’m still trying to find a way to pay all these loans back or as much of it as I can. Getting a 15/hr job is not the answer. How are you gonna catchup all those past due balances. Lenders don’t let you make partial minimum payments. Well, I’ll correct that, they DO but that’s not going to stop the collection process. And me paying a few dollars toward the debt is not going to make any difference. I should save that money for living expenses and seed capital for making big deals to help me REALLY pay off those loans. Take a look at my spreadsheet and give me a plan. That’s right, it ain’t as easy as people think. ‘
I don’t think I’ve seen anyone say that it would be easy Casey. Many have said it would be very difficult. You’re right in thinking that getting a $15 hour job is not the answer. But it is a start. And when you write about saving money for seed capital, I am left to wonder what else is up your sleeve.
I’m also lost in trying to figure out how you or anyone else, could F*CK over so many different companies and people to the tune of $2 million+ and still be able to continue on as if nothing has happened and believe there’s no need to pay anyone back anything. Everyone that is due money from you should be applying liens to anything and everything of yours that they can. That includes your tip jar with paypal, any income from sponsered links and anything and everything else that could be of value. Hell, maybe one of these companies will get pissed off at you and figure out how to shut down this blog and any future attempts at blogging.
February 17th, 2007 at 8:32 pm
Quite frankly Casey i did take a stated income loan and was honest - thats why ive had no problems with it
February 17th, 2007 at 8:52 pm
“Exotic mortgages are for experienced investors who know what they’re doing.”
When exotic mortgages appear in the marketplace experienced investors run for the exits. When lenders won’t any longer give exotic mortgages to anybody, experienced investors see it as a sign it may be safe to get back in the water.
Casey, what is your IQ, and what did you score on your math SAT? You do need a certain level of inteligence to make money in RE.
February 17th, 2007 at 8:56 pm
So your punishment for stealing all the money (cash back at closing undisclosed to the lender) is the horror of being broke and stressed? Wow, what an easy justice system you think you deserve.
I purchased my home for cash also, no mortgage, no lies.
Fraud is fraud, you did it knowingly, there ABSOLUTELY was intent to mislead the lender into making a loan he would not do were all the facts known to him. You absolutely do deserve prison time.
February 17th, 2007 at 8:57 pm
“they are OVERSTATING because banks let you do that (they are happy since they charges you a higher rate)”
Which is why the mother of all housing crashes has begun…
February 17th, 2007 at 9:07 pm
http://voiceofsandiego.org/art.....osures.txt
Check out that chart. Its totally unreal. If that incline were a mountain, it would be Everest. And the worst part is - you are not even at base camp yet.
February 17th, 2007 at 9:08 pm
All I wanted to do was make an honest buck in real estate. No criminal intent at all.
An honest buck?
Even setting aside the “liar loans,” which you claim EVERYONE was doing (and by the way, just because they were doing “stated income loans” doesn’t mean they were all actually lying on them)….
On all those mortgage applications, wasnt’ there a spot where you said “I intend to live in this house as my first or primary residence” (words to that effect), and that it was the ONLY mortgage you were currently applying for?
You LIED about your intent for the houses, you LIED about how much money you were trying to borrow, you timed all your loans so that the credit checks wouldn’t pick each other up….
What kind of “honest buck” did you think you’d make, doing all that? Even if you thought lying about income was okay, why was the rest of it okay?
And where did all that “honest” money go? Trips to Hawaii? More real estate courses? Wasn’t the cash back supposed to get turned back into improvements on the houses and carrying the mortgages — not trips to Hawaii and expensive real estate seminars. Spending it on personal luxuries rather than on the business you purport to be building was one of the most dishonest things of all.
“Honest buck?”
You have no honor, Mr. Serin. No honor at all.
February 17th, 2007 at 9:14 pm
Keep it up!
You’re an inspiration for many.
February 17th, 2007 at 9:19 pm
76. Casey Serin
February 17th, 2007 at 6:47 pm WTF!!… because prison is too harsh a punishment. I didn’t have criminal intent to defraud anybody. I used “liar loans” naively thinkings “It’s all good”. Leverage is a beautiful thing but not so good when mis-used. I misused it and being broke and dealing with financial stress is bad enough punishment. How would YOU feel in my shoes?
No Sunshine,
You are broke and dealing with financial stress because you are to lazy to get a job.
Anyone whom you have done lending business with is going broke and dealing with financial stress because they lent to a young man that knowingly lied on mortgage application by lying about his income, lying about his intent to live in the homes, and lying about the number of loans he was taking out concurrently. OH and he did this, not just once like he claims all the other homebuyers out there have done, but eight times. Thats 24 lies with the INTENT to defraud money from his lenders. My goodness, I almost forgot, he also lied about illegal cashback at closing and went through a third party to conceal the illegal cashback at closing.
I am glad you feel as though you paid back more on the mortgages than you felt you needed to. Please provide us with the name of the attorney friend that told you this was alright.
Last point Giligan, what you and this blog really needs is an intern, like Kramer had on Seinfeld. (Kramerica Inc.-Caseyland USA Inc.)
Your intern can open your mail, make your calls, organize your receipts and go get your Jamba Juice. Its the way to go, Sam Luccia(sp) and the Mengalo(sp) brothers on Flip that House have interns and they don’t even have to pay them.
By Wednesday/Thursday, we’d like to see some pics of you conducting the interview of your new intern.
February 17th, 2007 at 10:13 pm
Casey, the idea that “real investors know how to use exotic loans correctly” is a misnomer. Speaking of which, it is because of people like you that you can kiss 100% financed and stated income loan programs goodbye. Thanks a lot for ruining it for everyone.
February 17th, 2007 at 10:15 pm
Casey,
On Commet 50
The law does not take ‘intent’ into your actions. Two very good examples:
(1) If you siphon money out of a company, play the ponies and win and then put then money back (pocketing the winnings) you still committed Embezzlement.
(2) If you steal from a bank and give it to an orphanage, you still stole.
The law does not allow you to benefit from the proceeds of illegal activities. The catch here is this: The fine print on the back of your loans state that you are aware of the legal ramifications and responsibilities you entered into with those loans. Also the loan contract stated what disclosures you should have made during the application process. Since you admitted that you had to move fast to get all 8 mortgages approved before the banks started catching wind of the other mortgages you were applying for says you had some idea that the banks were at least going to decline your loans (At the least) if they found out you were going for 8 simultaneous loans.
You will also notice that the State and Feds are slowly but surely reeling in the people that commited mortgage fraud, both on the side of the bank and the people who took out the loans. State Attorney Generals love hauling in white collar crime because the mob likes seeing conceited office execs and scam artists get their own personnel perp walk.
February 17th, 2007 at 10:41 pm
Too funny. Gilligan was funny enough then it just kept going.
February 17th, 2007 at 10:54 pm
“I didn’t have criminal intent to defraud anybody.”
Yes, you did. A lie is a lie is a lie. Simply using a liar loan means you had the intent to defraud. That is, in and of itself, fraudulent.
“Everybody’s doing it” isn’t a defense. It sure doesn’t work when you get pulled over for speeding.
“With the crazy prices that’s the only way to buy homes.”
If lying is the only way YOU can buy a home, then you can’t afford one in that area and shouldn’t have tried to buy one — much less five or six, or whatever it was.
“Wrong or not, that’s the game and everybody up the chain is aware of it.”
The fact that a lot of other people are also liars who are defrauding financial institutions is no defense and no excuse.
It’s all wrong. Wrong, wrong, wrong. You had the intent. You knew what you were doing.
You just hoped you’d get away with it. You’re one of those people who thinks it isn’t a crime unless you get caught.
Sociopath.
February 17th, 2007 at 11:05 pm
“WTF!!… because prison is too harsh a punishment. I didn’t have criminal intent to defraud anybody. I used “liar loans” naively thinkings “It’s all good”. Leverage is a beautiful thing but not so good when mis-used. I misused it and being broke and dealing with financial stress is bad enough punishment. How would YOU feel in my shoes? ”
Casey, please read my following words:
You might feel that prison is too harsh of a punishment, but the law and potential prosecutors do not care how you feel. If you lied on a loan application you broke the law. It’s fraud. If you fill out a credit card application and exaggerate your earnings, that is fraud as well.
You not only committed fraud once, but many, many times.
Potential prosecutors are not going to care if you have had “tough time” and were under a lot of “financial stress”. They will be interested in a case with a lot of publically available evidence that is easy to solve and close.
You used liar’s loans because “everyone was doing it”. That doesn’t make it acceptable. Everybody goes faster than 65, but guess who gets the ticket? You. What would a cop say to an excuse that says “everyone is doing it?”. He would tell you that you were exceeding the speed limit regardless of what everyone else was doing.
Whether or not anybody investigates you will be due to probability. You have avoided filing bankruptcy for this long because *you know* that it opens doors for a criminal investigation. You’ve known this for a long time. If you were honest with your loan applications, a guy like you would have filed for bankruptcy months ago. The avoidance of bankruptcy due to a supposed belief in a financial resurrection and protecting credit ratings is a rationalization.
February 17th, 2007 at 11:31 pm
I was doing things that were inline with what all the other real estate investors are/were doing. Nobody around me thought it was a big deal. Even my real estate lawyer friend didn’t think this was a big deal. It’s like prirating CDs or speeding on the freeway.
Did your real estate lawyer friend happen to give you this advice in the course of advising you how to set up your…err…investment strategy? Maybe you can nail him for malpractice to the tune of $2.2 million. Then you can pay back every dirty penny to the lenders. Of course his malpractice insurer is out the $$, but that’s what he was paying the premiums for.
BTW, Larchmont is getting sold at the courthouse steps on 2/26 @ 9:30:00 AM; Muncy is set for its foreclosure sale on 2/26 @ 12:00:00 PM. Looks like you can get a twofer in that day and still be back home in time to make some more connections.
February 17th, 2007 at 11:41 pm
Casey,
You full of s*** !
The justification of doing the thing you do has no validity…and don’t compare it to being on the highway because I don’t need $250k to drive on the freeway and tickets don’t cost that much.
When you told lenders that you would occupy all your houses, your lied! Straight up lied with the intention of never setting your feet on the properties! Hell, you have a hard time making it to Modesto while living in Sac!
You lied 8 times! 8 times! Some Christian you are! Easy money got the best of you and we have to pay for it! Not you, but the hard working people who invest in the banks!
February 17th, 2007 at 11:44 pm
Dude, ignorance of the law doesn’t make you immune to it!
And as someone who frequents Cote’s unmoderated blog, I must say that the swirling hell you envision through lack of moderation has yet to happen over there. But people do swear over there, it’s true. Gotta protect all those 8-year-olds that are surfing the net to read about mortgage fraud. Can’t have their education on short sales ruined by seeing the f-word.
As for the futility of paying back your loans with a job, you’re quite right, you won’t be repaying your loan of TWO BILLION DOLLARS while working a regular 9 to 5. So the solution if you can’t pay back ALL the money is to repay NONE of the money? Just DROP the whole matter entirely? Bear in mind that you don’t owe a gigantic lump sum, you owe a bunch of little sums. Each and every one of those lenders is going to see a different scenario. Rather than seeing a man who owes countless people an unpayable amount of money, Cashcall sees a man who owes them ten thousand dollars. (plus interest. Lots of interest) Point is, you could pay them back. You could make $30,000 a year and put food on your table and pay back Cashcall their entire balance. you could pay them back. The fact that you’d have to do this 30 times over for it to actually work doesn’t matter to these people. In each lender’s mind, you could do the work needed to repay them.
Dang, at least pay someone. Don’t screw everyone. And you wonder why people think you should go to prison…
February 17th, 2007 at 11:49 pm
Casey,
I too have an ethical problem with your continued use of the phrase “honest buck.” You weren’t honest from the moment you inflated your income.
Also, correct me if I’m wrong, but didn’t you finance all of the loans as owner-occupied, when in fact you occupied none of them?
You mentioned speeding and pirating CD’s and how few people think that’s illegal. WTF? To make a statement like that further proves your naiveity. Your REAL excuse here is that everybody else is doing it, and YOU shouldn’t be doing it.
Finally, you asked why if the liar loans practice was so bad, why banks let people get away with it. Because they were making money, duh. But now it’s time to pay the piper — banks are already noticing an increase in foreclosures on their subprime paper. The subprimes are foreclosing because they can’t unload their property at a profit any more. IMHO, the whole thing was a house of cards, a ponzi scheme. There isn’t any new money to pump into the ball game, so the house of cards is falling.
February 18th, 2007 at 12:04 am
casey, just because other people are doing the wrong thing, it doesn’t make it okay for you to do it. it’s still the wrong thing.
you have absolutely no sense of morality or of reaping and sowing.
stop claiming to be a christian and stop talking about God. you’re not. the very things that come out of your mouth is the complete opposite of what is written in the Bible.
grow up and take responsibility of your actions. you deserve to go to prison. you’re a menace to society. it’s way better for the rest of us when you’re off the streets… and without access to any money.
February 18th, 2007 at 12:17 am
How to die a little inside:
1) Read Tennessee Williams’ The Glass Menagerie
2) Replace every instance of ‘a gentleman caller’ with ‘a sweet deal.’
3) Read boy wonder’s “I’m gonna buy an apartment complex!!!’ posts.
Casey… seriously. Read this play, and pay close attention to Amanda Wingfield, the faded Southern Belle that waits for her imaginary gentleman caller. She’s you.
Read Death of a Salesman and look at Willy Loman’s final scene, driving off to his doom in search of that last big, hopeless sale. He’s you.
These sad, pathetic people were totally incapable of change after their big dream failed. They couldn’t reconcile the reality of their loss with the perfection of their dream.
You’re living their lives right now, and these people are exaggerated caricatures! Your inability to feel remorse, to change, to even recognize your failure for what it is makes you pitiable more than anything else.
February 18th, 2007 at 12:37 am
Casey,
Robert’s post hits the nail on the head. You have harmed our society greatly. What makes things worse is you don’t acknowledge the harm you have done, instead you keep saying things like “it’s all good”. Our society functions only because the majority of people act honestly and ethically. When the majority stop doing this, then our society becomes nothing more than a banana republic. When everyone steals, lies, and cheats, then the foundation of the nation cracks and all hell breaks loose.
I think you would gain a lot of respect if you have a post listing out the harm you have done to the various people in our society starting with your friends and family, then to the other various groups of people such as taxpayers, neighbors next to your forclosed homes, people who have investments or savings in banks, people who can’t afford to buy homes due to the high prices because of your speculation, people who will be paying higher interest rates due to the losses on your fraudulent loans, people who can’t get loans due to the higher credit restrictions because of your fraudulent loans, people who recently bought homes and are now underwater, etc, etc, etc.
I don’t think you can acknowledge the harm you have done, because that requires you to have ethics and morals. Somehow, for some reason, you never developed the foundation for these, and now society is paying the price. If you truly have ethics and morals, you won’t need to prove it by talking about God, tithing, church, and being a good Christian. The things that prove it are not talk, but actions. Your actions, and actions alone speak to whether you are truly an ethical and moral being.
chopper
February 18th, 2007 at 12:53 am
I’m just like you. I have no job and borrow money for a living.
I wonder how long it will last.
However, it kind of sucks because banks are now denying me and they are on to my plan.
Don’t want to go to work because I’m lazy. Going to keep applying for more loans though and see if someone gives me one. I’m anti-job as well.
Just kidding. Casey, I make $15,000 per month from my job. If I thought like you I’d be broke and homeless.
February 18th, 2007 at 1:09 am
Our Hero writes (and I use the term loosely — or perhaps that should be “losely”):
[P]rison is too harsh a punishment. I didn’t have criminal intent to defraud anybody.
I’m not sure what makes “criminal intent to defraud” different from “intent to defraud” but by your own admission it is clear that you intentionally misrepresented yourself and outrighted lied — that is, fradulently reported — your income on multiple mortgage applications.
You also outright lied about your intent to occupy the properties.
You misrepresented the amount of equity you would have in the properties when you took cash back from the sellers.
Casey Serin, you have done something deceitful at every single step of the way in your supposed career as a “real estate investor” and in hindsight you now try to justify it as something that “everyone” is/was doing. No, not everyone — just a few hucksters like yourself. The only thing that exceeds your complete lack of ethical behavior is your own stupidity, and in combination these two things have put you in the situation you’re in.
Now you seem to think that you ought to be able to work out (sweet) deals with your lenders to forgive some of the money you owe them because you were “inexperienced” and “new at making (sweet) deals”. Well, what if instead of looking at hundreds of thousands in losses you had made a couple hundred grand in profits? Would you decide to give those back to the lenders/sellers/buyers because you had, after all, used dishonesty as a key ingredient to earn the money?
[D]ealing with financial stress is bad enough punishment.
No, it’s not. For a while I thought you were just an obnoxious kid with too big a mouth and too small a brain. I disliked you from the first time I heard about you, but I did think that perhaps you would in due time learn your lesson and that you didn’t deserve to be punished. Now, after having watched you go six months — HALF A YEAR — without doing a single redeeming thing, without taking a single step that has amounted to ANYTHING — I am fully convinced that you’re just a clueless con artist who deserves jail time.
How would YOU feel in my shoes?
Thank God I don’t have to worry about that.
February 18th, 2007 at 1:22 am
Casey,
Why don’t you post the other picture of photoshop “The Apprentice” spoof with you, RK & G? That one is really funny as well?
-Big Cheese.
February 18th, 2007 at 2:48 am
Casey, comparing yourself to the average Joe in California who has to exaggerate his income to buy his family a home is an artful bit of sophistry, but it won’t fly.
You weren’t just exaggerating your income; you invented an income when you had none. You weren’t buying a home to live in; you were speculating on multiple properties, living in none, and lying to your lenders as to the purpose of the loan. And you did this simultaneously on multiple properties in multiple states so that lenders would not see existing loans on your credit record.
You did not stretch the truth a little to make ends meet; you shattered the truth. And you did it in a premeditated and knowing manner. You are not the innocent victim here; you are the perpetrator. You committed fraud and you know it.
It’s nice that your site traffic is unaffected, but as posters to Robert’s site have noticed, you are getting a lot of visits from law enforcement agencies and lenders. Does this not concern you at all?
As for your fantasies of buying apartment buildings: give it up already. You are indulging yourself in a belief that you still can be a successful investor, that you can still dig yourself out of the hole if you just find the right sweet deal.
The reality is: you’re played out. You cannot double down again. You have no assets left; you have no credit left; you have no credibility left. Your track record of finding good deals has been disastrous. You lack organization. You procrastinate. You get distracted. You ignore reality in favor of fantasy.
It was asked before, but again: why would anyone lend to you? You have shown no capability to repay any of your debts. Why would anyone invest in you? You have shown no capability to generate any return; you have lost money hand over fist. So again, what do you bring to the table?
Oh, right: connections. Well, that hasn’t worked out so well for you either, has it? You’ve blown every relationship that’s magically fallen into your lap. Local Rich Dad? History. (We haven’t heard from Dustin in a while either, have we?) East Coast Mentor? You blew it. Kiyosaki laughed at you. No Limits Ladies tried to take you. The “university” found you so toxic that they forbade you to name them. Your unprofessional behaviour had Amy drop you like a stone. The trial sponsorship from Duane LeGate didn’t work out. (Why? He said the deal-killer would be if you lied to him. Did you lie to him?) Chris has faded out of the scene. (Is he still paying you? What’s his connection to the “university”?) Hell, even Nigel Swaby, who has long been sympathetic and supportive of you, has run out of patience.
Good things are not coming. There are no opportunities left. Oh, I’m sure you get a lot of email. But this is the vultures circling. Because one thing you have proved for sure: you’re the ideal mark. You are highly impulsive and highly suggestible. You will follow any fad: personality analysis, wheatgrass, fasting, veganism-with-the-occasional-burger; you will pay through the nose to follow any guru; you will happily sign legally-binding documents without even reading them, let alone having an attorney read them. They all saw you coming. They took you. And they have taken everything you have. You’re played out.
So maybe it’s time you listened to the haters. Maybe it’s time you realized: real estate is not for you. You’re no good at it. You tried; you failed. Give it up.
February 18th, 2007 at 5:39 am
Casey,
Please don’t start talking about $2 Billion deals unless you are going to tell next post it was just a way to troll.
You think you can jump into The Donald’s league overnight?
That is beyond delusional.
-Big Cheese
February 18th, 2007 at 6:12 am
Hey Casey,
Remember when you posted that the lenders were unaware of your cash back at closing?
THAT IS ALSO ILLEGAL
February 18th, 2007 at 6:14 am
please correct me if i am wrong but i think casey is in much bigger trouble than anyone have thought. if by the law he is guilty of 8 mortgage fraud counts which each is punishable by up to 10 years than he would have to go to prison for maximum time of 80 years. and since he bought the houses in several states is it not a federal crime?
February 18th, 2007 at 6:39 am
“The ability to laugh at myself gets me through the day.”
Pretty soon, your ability to fashion spoons into weapons will be the thing that gets you through the day.
February 18th, 2007 at 7:06 am
To compare to traffic enforcement:
Some cities and states have had so much trouble with speeders and red light runners that these cities have installed automated traffic cameras. While you may not get pulled over and ticketed immediately, you still get the ticket at the end of the month, and are still expected to deal with it.
February 18th, 2007 at 7:28 am
What a troll you are
How many were 100% truthful on their application?…
Uh, me, I told the truth for my (1), yes, one home loan. I am not a conniving weasel like all the folks in California. Lie, cheat, and steal Calis, and you will deserve the society you end up with. I am so glad the $hit is about to hit the fan, you-all so richly deserve it.
February 18th, 2007 at 7:31 am
What a drama queen you are, soon all the houses will be gone (3 this month) and the “promissory note” balloons will be due. How will you distract yourself from from reality then?
Oh and BTW stop selling our email addresses to spammers.
February 18th, 2007 at 7:33 am
Casey,
On Comment 78
An important point in the law is: Being ignorant of the law does not make you immune to it.
Translated: When you broke the law, whether or not you knew you were breaking the law, you still broke the law.
On the punishment: While being broke and having to livin gin your parent’s basement for the last 6 months may be a severe punishment for you, the rest of society may not agree.
It’s being looked at like this (follow along):
Crime: Defraud 2.2 million dollars
Casey’s Proposed Punishment: Live in In Law’s Basement until it all blows over.
The State’s Proposed Punishment: 5-10 years in prison per offence (8 offences) of fraud. If the prosecutor is feeling very generous he’ll allow them to run concurrently, which means you serve 5-10 years instead of 40-80 years. My numbers for prison are very rough. If you want particulars, talk to your local State AG.
* * * * *
How would I feel in your shoes? I would never allow myself to have gotten into your position. The best comparison I can think for you is leaping off a cliff with a hang glider kit that has instructions for building it in mid-air. While you can build a hang glider in mid-air, get strapped in and gain control of the hang glider, it will be difficult at best and impossible at worst. And to add to the difficulty you see you are in difficulty and ask for the 20 pound tool belt, try to put that on, screw it up and then are tied up with the tool belt and hang glider. Then someone comes along and offers you a parachute, you say “No I would have to abandon the hang glider and tool belt, I’ll stay with those.” Just remember the ground is coming up real fast. No I would never put myself in that position.
February 18th, 2007 at 7:41 am
This is the last comment I will post to this blog. Another “hater” (in truth, “realist”) gone.
I don’t know why people keep saying Casey has special web skills that he should parlay into something bigger and better. My profession has nothing to do with computers and I set up my own web site that looks and functions every bit as well as his.
What Casey does excel at in a spectacular fasion is being a buffoon and cartoon of ineptitude. The sad thing is that the poor sap is too dense to realize that all the laughter is at his expense.
If he were laughing all the way to the bank it would be one thing, but he’s just sinking ever-deeper towards financial oblivion.
Casey is distracted from that painful truth by the illusion of “success” that this blog represents to him. The result is complete denial of the scope and severity of his problems.
As Casey’s problems grow, the need to deny them grows, and his need for the illusion of “success” via this blog becomes ever greater. As a result, the blog entries are becoming ever more desperate attempts to hold onto a rapidly fading audience.
Soon Casey will be alone with his massive problems and highly troubling character flaws. Denial will no longer be an option. And, in my opinion, the sooner he gets to that point, the better for everyone concerned.
February 18th, 2007 at 7:44 am
Well now that we have all established that Casey committed fraud and should spend some time behind bars I’d like to have this question answered:
@ Casey #70
Is the escrow company currently forwarding payments to the correct mortage company ? Are you SURE that none of the payments were sent to you ?
I’ll keep asking until you answer. Don’t talk in circles, just answer the question in a truthful and straight forward manner.
February 18th, 2007 at 7:45 am
casey get into yoga….make sure to stretch that sphincter muscle too.
February 18th, 2007 at 7:48 am
Casey,
Vinnie and me are working on a little metal sculpture of you on the flowjet. We’re trying to figure out how to incorporate all of the critical elements: blue ball, Jamba Juice, various important pieces of mail, hat, cell phone etc. into a theme bike.
Mikey thinks it should only have one wheel and an engine that never starts. I don’t know about that. It seems too harsh.
Any ideas from the peanut gallery?
PS Dad’s pissed today so stay away from him for a while.
February 18th, 2007 at 8:02 am
On 130 (the Lawn mower man)
The Lawnmower man has it correct. He just forgot to add that at the end of every ponzi scheme is someone holding the bag. In this case it is you, a willingness to jump on late and jump at the bait that was offered without looking (okay, here’s your hang glider, just assemble it in mid air-you’ll do fine).
February 18th, 2007 at 8:04 am
I should have mentioned above on my financial comment:
You are not in a position to be caring about your ‘net worth.’ that isn’t a real concern for you right now. Monthly cash flow is. You need to get a handle on that, and now.
February 18th, 2007 at 8:37 am
People shouldn’t keep questioning your integrity. You have an open blog, if that doesn’t mean something nothing should.
Mistakes of the past should be left right there in the past, because no one can live there. (EVEN if traces will forever be recorded on the internet).
Serin I advice you stop even reading what people are saying here. Unless it’s “I’m willing to buy house a,b,c etc”, otherwise it’s not going to help you get on track.
I did a youtube search for you and see you did some vlogs, you should continue those. They will save time, Just for God’s sake don’t incriminating yourself..anymore.
And as far as getting a job, well I think you shouldn’t be off the clock NOW. Schedule for yourself a 7am-12pm/ 1pm-7pm. During those first hours of the day Make your necessary phone calls be honest respectful and get to the point, in return get the people’s input (you know how it works). During the later hours figure out your plan of action for tomorrow.
Who to talk to? I suppose Anyone you can make into a friend will be a plus, even that homeless guy might know a nugget of info that will get you going.
If you want to schedule 50min on updating your blog go ahead. But you can get by doing a once weekly report. Hell i wont mind.I don’t think it’s any point of stopping it altogether with your sponsor interest.
OK easy for me to say all of this. Heck yeah I’m not in your shoes right now, but sometimes you need to here an outside perspective that’s ON your side.
Peace,
vQ
ps
There are no easy answers, but structure of some sort is what I’m suggesting.
February 18th, 2007 at 8:55 am
aaack!!!
I’m in the song! SWEET!!
thpptttt!!
S_t_C
February 18th, 2007 at 9:37 am
Some people think they are investors…. some people think they are singers…. !! Go figure.
Found this site on the net and it about says it all Casey.. !! LOL
http://www.celeryhart.com/RealCrazy/
Cheers !
February 18th, 2007 at 9:45 am
Some of us stated our income and still make the payments on our houses!
February 18th, 2007 at 9:52 am
Hey Casey,
That “under the radar” picture is great - posts more like those man!
February 18th, 2007 at 9:54 am
LOL at #34!! You hade me laughing out loud.I would like too see this “$2 billion” loan amount max.I wonder if the lender is the Chinese government?
February 18th, 2007 at 10:07 am
OK, can we officially state that Casey Serin is the Kevin Federline of real estate?
Oh wait, K-fed actually made money.
Oops.
February 18th, 2007 at 10:14 am
You have no soul, you attention w**** .
To hear a supposed “Christian” backtrack and lie about something as simple as tithing is utterly disgusting.
Here’s a question for you–do you feel right with your Maker or is He just someone you haul out whenever it’s convenient?
February 18th, 2007 at 10:32 am
“I’m not making excuses.”
Really? Then what are these?
“I just caught up in the frenzy”
“I didn’t know better.”
“I was doing things that were inline with what all the other real estate investors are/were doing.”
“Out of being naive and not knowing all the rules and regulations I signed some “liar loans””
Those sure sound like excuses.
Why all this hate? Because you talk out of both sides of your mouth.
You’re disgusting.
February 18th, 2007 at 10:33 am
“prison is too harsh a punishment.”
That’s actually not going to be up to you. When you are tried for your crimes, your guilt or innocence will be determined by your peers and your sentence will be decided on by a judge.
Your biggest problem right now is that in making yourself such a public spectacle, you’ve decreased the likelihood that a DA or US Attorney will be willing to hand you a “sweet deal” in a plea bargain. If he doesn’t see your prosecution as a means of furthering his political ambitions, at the very least he won’t want to attract criticism by giving you a slap on the wrist.
February 18th, 2007 at 10:35 am
#91 Mr. Flipper
“Things don’t work that way. Notwithstanding, anyone with a brain cell would never invest in a mortgage company that was loaning illegals mortgage money with no verification of their incomes. Those brain-dead shareholders deserve every dollar lost, plus some…just for being so utterly stupid.”
So your argument justifies the fraud. What are saying? That banks and their investors are stupid, greedy and deserve to get their money stolen from them. I relied on banks to lend me money to pay for my college education. I relied on banks to lend me money for my first car. I relied on banks to lend me money for my first home.
Two words for you, “Grow up”.
chopper
February 18th, 2007 at 10:37 am
Oh, and the only way I could afford to buy a home in northern California is to use a “stated income” loan (or liar’s loan). So guess what? I chose to not buy a home and not be a liar like you.
How can you claim to be honest in one sentence and then admit you use liar’s loans in the next??
February 18th, 2007 at 10:43 am
“… being broke and dealing with financial stress is bad enough punishment.”
No, it’s not enough punishment. Your lenders are going to lose hundreds of thousands of dollars because of you, and not just because you were unlucky like catching some catastrophic illness or having your house destroyed by a hurricane.
No, you should go to prison because you did bad things over and over and over and over …
February 18th, 2007 at 11:07 am
The Flowchart was absolutely hilarious. It (and your experiences) would make for an interesting video game. (Casey Serin RPG… hmmm)
Glad to see that you can laugh at yourself… I’m on the fence as to if I’m a hater or not, but your “showing a sense of humor” makes me lean away from the hater side of the fence.
Good Luck!
February 18th, 2007 at 11:10 am
Oh, I see…you are the reason why working families can not afford a house, why children have to live in cramped conditions with no yard in which to play. You ran up the price of housing with fake loans. Ha ha ha very funny.
February 18th, 2007 at 11:15 am
Casey:
If you move fast you may be able to pick up a sweet $2 Billion pool of office buildings from Blackstone.
It looks like the Shorensteins from SF don’t have access to $2 Billion like you so they just bought a little $1.2 Billion portfolio of buildings.
http://tinyurl.com/2a4dkn
Good luck on your sweet deals and congratulations about lining up a $2 Billion line of credit. I bet the Shorensteins are jellous and probably should have gone to more guru seminars rather than wasting time hosting fundraisers for people like the President Clinton and Senators Boxer and Finestein in their home…
February 18th, 2007 at 11:19 am
158. Fred Knott asks: “How can you claim to be honest in one sentence and then admit you use liar’s loans in the next??”
With the price of a crappy Sac home so high the liar loan has become “standard” so it does not count as an actual lie (liars loans are like going 65 mph in a 55 mph zone everyone does it). Take it easy on poor Casey since he will pay off all the loans when he starts on new sweet deals with his $2 Billion line of credit…
February 18th, 2007 at 11:28 am
Casey,
It’s interesting how this post has drawn out the complaints of law breaking. Now before you call me a hater, you have to know you broke the law. Intent has nothing to do with it. Where you broke the law has to do with your intent to occupy and your shotgun approach of applying for multiple properties at the same time.
Your ignorance of the law is no justification. I’ve often wondered how law enforcement will deal with this situation. On the one hand, there are far greater fraudsters out there. But on the other hand, your case is so public that to ignore it would only encourage criminals to follow in your footsteps.
The key to prosecution is what can be proven in court. Stated income loans are not illegal. Starting this blog and admitting to what you’ve done was foolish, but since the “cat is out of the bag” - not you Sputnik - you may as well continue. Maybe your lenders won’t file charges as their underwriting techniques may come under scrutiny. Maybe you’ll be made an example of. Who knows? But you can’t let the ramblings of a few disgruntled Internet commenters get you down.
Prosecution can take years to happen. If I remember correctly there’s a statute of limitations on mortgage fraud of three years. Get a job in the meantime. You’re not going to get $250 checks in the mail every day. If you’re relying on that for income, you’re in horrible shape.
Robert Cote’s post about the implications of your actions are hilarious. If California’s economy is so precarious that three foreclosed houses are going to send old people to nursing homes, deprive poor children of school lunch and make contractor’s children cry on their birthdays, California has much bigger problems than Casey Serin.
One final statement. Forget about multi-unit apartment buildings. You have to take this one step at a time. Your current problem started by skipping steps. You can’t find a renter for one of six houses. How do you think you’ll find dozens of renters each year? Outsourcing? It hasn’t worked so far. Adding more to the picture won’t make it easier. You’ve shown you can’t manage three SFRs in Sacramento. How would you manage 100 unit apartment building in Sacramento? You wouldn’t.
Get a job where you can learn these sorts of things. I’ve found that jobs provide value more than just the paycheck.
Take care,
Nigel
February 18th, 2007 at 11:29 am
EXCELLENT!!! I love this satire post. One thing great about you is that you are able to find humor even in people poking fun at you! You’re a bonafide celebrity with fans and haters that you’ve mentioned. When will the groupies come?
February 18th, 2007 at 11:41 am
“Do you actually know a senior citizen who’s invested in Countrywide and had to reduce her medicine intake, or is this an imaginary situation from your head that you are blaming Casey for?”
I’m not Robert, but anyone who regularly reads the New York Times or Wall Street Journal has seen stories, an influx of them over the last twelve months, about men and women, young and old, working and retired, who’ve lost their savings after investing in mortgage companies that assisted the likes of our not-so intrepid Mr. Serin.
There is one particular article I’m thinking of, which is only available on the Times site to NYT Select subscribers because it originally ran on November 26, 2006, but perhaps it is archived elsewhere on the web. It is called “The High Cost of Too Good to Be True” and was written by Julie Creswell and Vikas Bajaj. The reason it might interest some of you is it is only the tip of the iceberg. There will come a day, sooner rather than later, when stories like this will be all over every newspaper in our country, and on every news magazine that airs on TV. If this blog is still active at that time, the venomous replies it receives will make Casey long for the days he only had to contend with his current crop of “haters.”
Of course there are those of you who might read the article and say, “It is the companies that were corrupt and caused these problems, not Casey.” That simply means you’re related to Casey, as crooked as Casey, or you share his amazing capacity for willful ignorance when it comes to seeing the big picture.
February 18th, 2007 at 11:42 am
All these people preaching to the choir. Yes what Casey did was a crime, we all know this! Can he go to prison for this? YES, will he? Who knows….
People are getting away with worse and getting putting in jail for less. It’s a messed up group to be involved with.
With all the talk about nation record foreclosure and “petty” white collar crime, it would be too expensive to try and go after every person who goes into foreclosure because they lied on some loans….
Who would you rather have in jail, Casey who is only 24 and scared and sorry for what his has done or a murderer who is crazy and not sorry for what he has done….
Its all about staying under the radar for any “would be” real estate investor who has fudged on some loans to try and get ahead.
Do you really think “CASEY’s” goes to jail for what they have done? It makes no sense, do some “CASEY’s” go to jail… The scary answer is yes…
Its a numbers game. Its a matter of who they decide to investigate.
For the most part there must be a number of complaints to get the FBI on your case!
There is no way to tell if “Your” case will get investigated no matter how petty, its a scary waiting game, YOU WILL NEVER KNOW HOW FAR OR CLOSE YOU WERE TO GETTING CAUGHT.
February 18th, 2007 at 11:43 am
Hey Kid;
“HOW MANY people here used stated income loans to buy their house? How many were 100% truthful on their application?
If you have the balls (or ovaries) to admit it, speak up.”
Since you asked, kid, I did not used a stated income loan. My income happens to be documented out the yin-yang, and I have VA…so there it is.
A little trick I learned in my trade is to never Ever EVER lie on a piece of paper where you affix your signature to the line.
It can, (and often does), come back to bite you right on the behind.
So RE prices were outlandish?
I’ve explained to you on earlier threads that YOU and your conduct were a very great part of the conditions that fueled the bubble.
So you “had” to lie on your applications?
That’s crap, ace…and you know it.
You coulda waited… I did.
I watched the RE market in my area overheat for 10 freakin’ years, little hobbit, renting the entire time.
FYI, (since your RE courses obviously never clued you into it), there’s this thing called the Law of Supply and Demand…the MORE of something that is available, the lower the PRICE of that something should be.
So when you can SEE new units of something being made available, by hundreds and thousands, every week, then the per-unit cost should go down.
And if it doesn’t, then something is VERY WRONG, kid.
Best to stay far away from that…stash your dough under the mattress and wait it out.
There’s another Law that your gurus perhaps glossed over: “Charging What the Market Can Bear”.
Peoples’ incomes have not been keeping pace with the increase in housing costs, little hobbit.
You were making 50k a year, at what I assume is a 25% bracket, and in California, no less.
So your net income was what? 35k a year?
And just how did you plan on servicing the debt from the first loan you you incurred, Casey-lad?
Essentially, you “gambled”…on that “future value” thing, and you LOST.
Your mortgage backers should have denied you the loans, frankly, but since they got paid THEIR commissions whether you defaulted or not, what did they really have to lose?
Y’know kid, if you had lied on only ONE loan, and then done everything else you stated…moved into the property, gotten the insurance, made the payments, then I don’t think anybody would have their skivvies all a-twist about it.
I wouldn’t.
But you decided to be mini-Donald Trump, despite having absolutely and utterly NO talent for it whatsoever, and ran right off the edge of the cliff, like Wile E. Coyote , and now you’re waving your little “Help Me!” sign as you plunge earthwards.
So instead of a rope, folks are throwing boulders down after you.
Tough game, being a professional gambler, kid.
February 18th, 2007 at 12:12 pm
FRAUD occurs when all of the following elements exist:
1 an individual makes an untrue representation about an important fact or event;
2 the untrue representation is believed by the victim (the person or organization to whom the representation has been made);
3 the victim relies upon and acts upon the untrue representation;
4 the victim suffers loss of money and/or property as a result of relying upon and acting upon the untrue representation.
When you lied about your income and living in the houses, element 1 was met.
When the banks accepted your statements as true, element 2 was met.
When the banks lent you the money, it did so in reliance on your false statements, thus meeting element 3.
Now that the banks are out of a heap of money because they trusted you, element number 4 is in the bag.
February 18th, 2007 at 12:18 pm
Not that you analogy make much sense, but don’t you get a little angry when you see someone zoom past you on the freeway when you are obeying the limit? Wondering why you just got a ticket for going 5 mph over the limit but that guy is getting away with going much faster. Don’t you hate it when you are stuck in traffic and then see some guy in an expensive car driving on the shoulder because he thinks the law doesn’t apply to him?
That’s what you are doing - you are flaunting the fact that you’re getting away with cheating and looking down at “loosers” that follow the rules.
February 18th, 2007 at 12:23 pm
READ THIS ARTICLE, THIS WAS JUST ONE BANK THAT DID AN INVESTIGATION…
DO YOU REALLY THINK THE FBI HAS TIME TO SORT OUT THROUGH 16,000 LOANS THAT WENT INTO FORECLOSURE BECAUSE OF OVERSTATED INCOME AND FALSE DOCUMENTS…
ITS A NUMBERS GAME, WHO WILL GET POPPED… ABOUT 3% OF THOSE INVESTIGATED. WHO KNOWS…
February 13, 2007
New Study Finds Fraud Linked to Early Loan Default
Earlier this month I wrote about First American Real Estate Solutions’ strategic alliance with CoreLogic Systems. Another company strategically aligned with First American is BasePoint Analytics, a provider of scientific fraud analytics and consulting services. Yesterday, BasePoint released the results of a new study that shows that up to 70 percent of early mortgage payment defaults can be linked to significant misrepresentations on loan applications.
According to BasePoint, loans that contain significant misrepresentations are up to five times more likely to default in the first six months than loans that do not. In all, BasePoint analyzed over 16,000 loans that were confirmed to contain serious misrepresentations and that later led to a default. These misrepresentations included inflated income, overvalued property appraisals, fictitious employer referrals, and falsified tax returns. As one might expect, the study concludes that misrepresentations grossly affect the risk of a real estate loan.
Posted By: Ralph Roberts @ 12:06 am | | Comments (0) | Trackback |
Filed under: Mortgage Fraud, Research
February 18th, 2007 at 12:34 pm
What do you think would happen if more people (buyers, lenders) refused to do this?
Uh. Maybe the crazy prices would go down and people would be able to buy their homes legitimately?
I’m sure you learned in preschool that just because other people are doing something doesn’t make it right and it doesn’t mean you should do it.
Instead of just jumping on the bandwagon, you could have been a true force for good and started a blog that exposed the shady practices of the loan industry and warned people of the fate that will befall them if they lie on their mortgage applications.
You know: PRISON.
February 18th, 2007 at 12:38 pm
I have another question -
What do you DO all day? Seriously. Some days I like to fiddle around and do nothing, but I don’t have that luxury.
When you say you are “working sweet deals” what does that ACTUALLY mean?
And why can’t you find time to call about the Utah money?
February 18th, 2007 at 12:42 pm
Hey Casey -
Why did you ask your “real estate lawyer friend” about doing a liar loan? Was it because you suspected you might be doing something wrong?
For example, I don’t normally ask my lawyer friends “hey do you think it’s ok for me to walk home instead of drive, since I’m feeling a little drunk?”
Usually you don’t check on that kind of stuff unless you think you’re doing something wrong. So I don’t really buy your pleas of ignorance.
February 18th, 2007 at 12:58 pm
Umm.
No, I didn’t lie on a loan to get a house. And since my stated income was too low to get a house, guess what? I didn’t buy a house.
I definitely didn’t buy 8.
I really wonder what you are doing to pay credit card bills. You need to start getting out of this hole now, not just sit around waiting for things to happen and waiting for things to come to you. Take action and take control of your life.
February 18th, 2007 at 1:11 pm
“Having said that, we DID contribute to church and other charitable organization last year”. Not sure how much. That’s what I’m going to find out as I do the 2006 expenses in the next couple of weeks. And yes I DID remember getting a statement from one of those organizations so when I sort my files/receipts I will be able to find it and maybe I can show it to you.”
“Not sure how much.”
That, in a nutshell, is one of the major reasons you’re in as deep as you are. You have no idea what you spend or where you spend it — at home, or in your “Business” dealings.
Knowing where the money goes isn’t something you can hand off to your “team” or an “administrative assistant.” Trust me. The day you don’t know where your money goes and your “team” does, is the day that your “administrative assistant” leaves for a Barbados vacation while your “accountant” shows you his new Lexus and your “loan advisor” shows off pictures of her kid’s Yale graduation.
By the way, the “you” there is hypothetical. I don’t expect the non-hypothetical YOU to ever be bringing in enough cash for your “team” to do any of those things.
Oh, and while we’re at it:
How many were 100% truthful on their application?…
Well, I sure was. 100%. My husband and I submitted multiple pieces of proof of income. We were honest about the source of our down payment. We read every piece of paper we signed and did not check one dishonest box. And as result, I have *one* mortgage for my *one* house at 5.25% for the next 30 years. In a market that hasn’t tanked. For a house that I get to live in. A house that, if I rented it out, would bring in as much or more than my mortgage payment.
February 18th, 2007 at 1:16 pm
“I still need to call and finish trying to get to the bottom of where the missing check went. ”
So in other words in a fraction of the time it took you to post this entry you could have taken care of some *important* business that has a real impact on your life. Casey, you have no sense of priorities! You need to stop screwing around and finish some of these high-priority tasks now. Not “later today” or “tomorrow” or “after I make another post” but right NOW.
February 18th, 2007 at 1:37 pm
# 162
But of course you have sweet deals coming up. Why should such a brilliant talented man such as yourself ever be reduced to a mundane and pedestrian lifestyle. Work?!?!!? NEVER !! ! JOB !?!?!? For loosers ! ! The rest of us mere mortals will one day stand in awe of the wonder and glory that is Casey Serin ! !
Damn, I just puked in my mouth a little over those thoughts!
February 18th, 2007 at 2:10 pm
Casey,
If the Utah wrap and payments are such an easy process.
1)Buyer send check to escrow
2)Escrow send check to my bank
3)I see no money
4)I get statement from escrow showing payments being made
5)I see no money
Then why after over two months ( you reported a problem with the payments on Dec 12, 2006) have you not solved the problem and tracked down that payment. It has been over 60 days. What is the delay and solving this problem?
Will you take up the offer from the blogger who offered to help track this payment down so the honest people who bought your Utah house don’t end up stuck in a preventable nightmare?
Can you understand how people find it difficult to take you seriously about your future investment business, when after 60 days you cannot find a lost payment that involves so few steps.
I can and will track that payment down for you first thing on Tuesday morning if you give me the information. I don’t want to see your Utah buyers get unintentionally screwed over.
February 18th, 2007 at 2:32 pm
@ Casey # 162
No, I haven’t been asking you the same question in a *different* way, I’ve been asking you the same question in the EXACT same way. FINALLY, you have answered it. FINALLY. If you’re tired of me, just imagine how tired the DA is going to make you. He/she will wear you out!
You definitely need to start shopping for a good criminal defense attorney. Better start saving those sweet/dirty pennies, a good attorney won’t be cheap!
Just out of curiosity, what is G’s “major” now?
February 18th, 2007 at 3:24 pm
CASEY…YOU KEEP SAYING GETTING A JOB WONT HELP…AND YOU NEED TO BE “CREATIVE” AND FIND A “DEAL”……..SO TELL US WHT UR “CREATIVE” PLAN IS TO PAY OFF UR LOANS. YOU ONLY HAVE SO LONG TIL THEY ALL FORCLOSE AND YOU HAVE TO DECLARE BANKRUPT AND EACH MONTH YOU HAVE TO PAY CREDIT CARD PAYMENTS. SO WHT ARE YOU “CREATIVE IDEAS?” I BET YOU CANT GIVE 2 REAL IDEAS. WE CANT THINK OF THE BEST IDEA………GET A FULL TIME JOB. YOU GET PAYCHECKS EVERY 2 WEEKS. IF U HAD A JOB, YOUD HAVE A FEW MONTHS OF PAYMENTS ALREADY.
February 18th, 2007 at 3:24 pm
“I’m trying my best to take care of her so she doesn’t have to worry about a thing.”
Sounds nefarious.
February 18th, 2007 at 4:07 pm
I can use one word to describe you and this blog. I pray you go to jail. You and many others. I’m not hating, I just want what’s right to be done. Stuff is messed up in this country and you are only one of the reasons why. You = Jail would be a start.
February 18th, 2007 at 4:10 pm
Casey,
I posted a pretty lengthy comment today but afterward I began reading more on your blog. Is this thing a joke? I find it hard to believe someone would hang themselves out there on Federal fraud charges. If you really did all of the things being touted on this blog - then you’re in a world of trouble.
And to all of you who keep referring to Stated Income loans as Liar Loans - you have a complete misunderstanding of basic loan product. There is a definite place in the market for Stated Income loans. They have been around for decades and are put to use every day by honest borrowers and major lenders across the country. It is when dishonest people abuse a legitimate product that repercussions are felt.
And to #137 - Mort - who states:
“Uh, me, I told the truth for my (1), yes, one home loan. I am not a conniving weasel like all the folks in California. Lie, cheat, and steal Calis, and you will deserve the society you end up with. I am so glad the $hit is about to hit the fan, you-all so richly deserve it.”
Wow. You’ve got some issues pal. I was born and raised in California. I own a successful business. I am happily married with a 15 year old son who does well in school and I can honestly say that while there are ‘conniving weasels’ in every walk of life I don’t know too many of them here in California. My two best friends are teachers. Another is a sales manager for a construction equipment company. Another is in medical sales. Another a jet mechanic. I have have many friends in the lending industry, all of whom are well educated, honest hard-working folks who quite frankly, just like me, don’t know too many, if any, conniving weasels here in California. So, I’m just going to have call BS on your rhetoric and chalk it up to the fact that you simply don’t know what you’re talking about due to some misconceptions you have about people in general. I think mostly, people are good. Do you?
And Mort, one more thing, I’ve owned multiple properties in California and recently acquired seven income properties in Texas through a 1031 Exchange. I’m also looking at property on Maui and potentially a small commercial property in Texas. In each case I have (or will) put substantial down payments into each property thus guaranteeing myself positive cash flows. My bank keeps my personal financial statements, updated and audited, on file for its ongoing use (along with my corporate and personal tax returns). I exercise sound business principles when assessing a possible acquisition and in the management of my business. In addition, I’ve poured my entire adult life into both my family and providing for them through through what most people would consider some pretty mundane hard work.
So be careful Mort about calling all people in CA conniving weasels. You really should apologize for that and we can all move on to ripping Casey Serin a new one - which is really what this blog is about now, isn’t it?
February 18th, 2007 at 4:27 pm
Casey, please look into this medication Havidol.
Havidol.com will give you more information, hope this helps
take care dude
February 18th, 2007 at 4:58 pm
Ignorantia juris non excusat - research it.
February 18th, 2007 at 5:41 pm
why do I get 42 spam mails about real estate every day since I signed up to comment on your blog?
February 18th, 2007 at 6:36 pm
Casey how comes you answered that dillholes questions but not mine? I ask nice questions. And you never answer them. You just only answer the haters questions is that it?
February 18th, 2007 at 7:07 pm
Casey, your analysis of your web traffic is kind of funny… but take a look at the whole year… it looks eerily like the runup and the beginning of the slide back down of housing prices… irony?
http://www.sitemeter.com/?a=st.....m&r=33
February 18th, 2007 at 7:13 pm
Casey,
This weekend, I have been checking out the exurban-nation blog. That dude Robert Cote and his buddies have a serious hard-on for you. Want to put you in jail and throw away the key. I personally don’t think you deserve anything worse than community service and probation, and I doubt you will even get that.
I am curious though, on your other blog you described going to Bruce Norris’s California crash seminar - and then went out and bought overpriced RE in CA. Why? Also, you talk about how your felt that your Dallas deal had a thin margin and just generally sucked, but you did it anyway to “make a good impression” on your hard money guy and the wholesaler in Texas. Why, dude?
February 18th, 2007 at 8:35 pm
Casey,
Have you considered getting a job at Jamba Juice? Seriously, I know it won’t pay enough to matter, but it will allow you to experience the 9-5 routine, which you need. Also, I’m sure you can get free Jamba Juices and Wheatgrass for working there..
P.S. - I need a full size bird dogging with the mailman photo.. That one is priceless…
February 18th, 2007 at 8:54 pm
Using Postfix to Bounce Invalid Recipent Email Before it Reaches <b>…</b> (by Casey Woods) Gopher! (by Casey) Now on Twitter… (by Casey) Ireland Books: Malachy McCourt's History of Ireland (by casey) Casey Serin Satire (by Casey Serin)
February 18th, 2007 at 8:58 pm
The fact that everyone else is commiting fraud does not mean that it is okay to commit fraud.
Consider speeding on the freeway. Lots of people do it. All of them could potentially receive a ticket. Not all of them do. The ones that advertise that they speed (perhaps by driving a fancy sports car) are more likely to get a ticket.
You are advertising that you speed.
I the animosity you receive is create by the difference between your beliefs and actions with the American work ethic. That is: Work hard and get rewarded. There are ways to get around that in America but they often depend on luck or illegal actions. You chose a wealth building method that depends on both.
Slow and steady wins the race.
February 18th, 2007 at 9:07 pm
I should add that my brother has been actively investing in real estate as his primary job for twenty years. He works all of the time — at least 80 hours a week. He is always on call in case someone wants to buy one of his properties he is advertising or wants to sell to him of the properties in response to one of his lead generation campaigns. He has to be supremely organized to keep track of the checks coming in, checks going out, new deals, deals going bad, etc. It is very hard work. Now that he has a few million dollars after twenty years of work he is winding things down and planning to semi-retire in his mid-40s. I say semi-retire because it is going to take years for him to liquidate all of his holdings (some of which are mortgages that he financed to his buyers). He worked hard, worked smart, and was lucky to be in a fantastic real estate market. It isn’t easy. If it were easy, everyone would do it and you wouldn’t make much money at it.
February 18th, 2007 at 9:12 pm
yeah, seriously WTF you’re annoying. Maybe you should read the post 5 times before posting something that way you might actually comprehend something.
February 18th, 2007 at 9:13 pm
@#157. chopper
February 18th, 2007 at 10:35 am
#91 Mr. Flipper
“Things don’t work that way. Notwithstanding, anyone with a brain cell would never invest in a mortgage company that was loaning illegals mortgage money with no verification of their incomes. Those brain-dead shareholders deserve every dollar lost, plus some…just for being so utterly stupid.”
So your argument justifies the fraud. What are [you] saying? That banks and their investors are stupid, greedy and deserve to get their money stolen from them?
—————
Answer: Yep.
February 18th, 2007 at 10:10 pm
@125. Chopper
Outstanding post!
February 18th, 2007 at 10:29 pm
#201 Mr. Flipper
Nice, you’re a real piece of work. Anyways continue on with your flipping or whatever you do.
chopper
February 18th, 2007 at 10:37 pm
Wow i never got anyone that wanted to bet me the $1000.00 that the Utah place get foreclosed. I w3as not kidding. Anyone want to bet? Casey you are so toast, I am loving this mess! Thanks winner!
February 19th, 2007 at 12:02 am
Casey - I am very curious how you are making any rent payments or how you are paying for groceries, etc. What was your monthly income this past month?
Also, when was the last time you made a mortgage payment on any of the homes? Do the finance companies call you every day?
Also please let us know what some of the sweet deals you have lined up are.
February 19th, 2007 at 3:29 am
Casey, you need to be in jail because if you aren’t, you will keep committing fraud.
Remember how you proceeded with your shell corporation scam even after EVERYONE told you it would be illegal. And I don’t mean your CPA - he has no business advising you on that.
You know it’s illegal and you want to do it anyway.
If you don’t go to jail, there will be no stopping you from committing more fraud, making more shady deals, and hurting more people.
February 19th, 2007 at 3:32 am
Casey, why are Duane’s ads still showing up on your site if sponsorship ended on Feb. 15, as you previously claimed?
February 19th, 2007 at 4:15 am
speeding is achieved by general consensus.
conditions and a trooper on the side of the road create or mitigate speed.
a police car can really only pull over the car who recklessly changes lane at high speeds without signalling or who zooms past at 20mph+ faster than the rest of the speeders
casey’s loan fraud was not committed in a mass ceremony like a moonie wedding, casey did not sign under duress because he was holding up the other 9000 lendees in the room…
you are a fraud, a liar and cheater.
i hope you get pulled over because of the publicity
February 19th, 2007 at 5:38 am
Casey,
What is the next S W E E T deal?
Can you give us a hint? I know I’m gonna be real disappointed like when you built up the ‘good things are coming’ for days on your blog and it turned out that all the big deal ended up being was you getting laughed at by RK.
Call me a sucker for punishment. I just want to see you score one genuine SWEET deal. Then I can stop reading this blog.
Earnestly,
-Big Cheese.
February 19th, 2007 at 6:28 am
Hat tip to whoever put the time into that flow chart; that thing is absolutely priceless.
February 19th, 2007 at 7:24 am
Casey went from “All face anything for my mistakes, including the FBI!” to “Why do I even have to go to jail? What did I do to deserve this?”
Looks like he’s cracking under pressure!
February 19th, 2007 at 7:51 am
@CC # 200
And you must be seriously stupid like our little pal Casey.
The only reason I asked him the same question several times is because he would never answer it. His MO is to provide no answer or partial answers and half-truths.
February 19th, 2007 at 8:50 am
The only reason the FFCers went apeshit here when you turned off moderation is because you turned on moderation in the first place. If you just turn off moderation, grow some thick skin, and let the FFCers go nuts for a day or two, they will eventually go away.
February 19th, 2007 at 9:16 am
@184: The Truth
The Day the Haters Got Laid
Yes, it finally happened, all at once in a grand, nation-spanning orgy; every last one of the haters all got laid for the first time in their virginal lives, in one miraculous evening. And the scales fell from our eyes, let me tell you.
We were so wrong! To be infuriated at the thought that someone could rip of banks for millions and get away scot-free is sheer pettiness! To think that we could possibly hold a candle to mighty Casey’s accomplishment of drowning himself in unpayable debt and then trying to weasel out of it - laughable! Thank God for sex, the one pure panacea that dissolves all reason for criticism!
Truly Casey has lived more in his one year of being a real estate failure than the rest of us have in our whole lives.
I hereby present you with the Nobel Prize in… uh… chemistry.
February 19th, 2007 at 9:21 am
Wow, Casey’s essentially using the Utah people as hostages so that people here will do work for him.
“It sure would be a shame if I just sat and did nothing and this honest family lost their house. You wouldn’t want that, would you?”
For being an alleged Christian, you sure don’t care much about the misfortunes of others that are a direct result of your (in)actions. It’s obvious that you’re not acting on Utah because solving the problem doesn’t benefit you at all. You wouldn’t get any additional money if it’s fixed, so why bother?
February 19th, 2007 at 9:29 am
188. Brett Buchanan said: “And to all of you who keep referring to Stated Income loans as Liar Loans - you have a complete misunderstanding of basic loan product. There is a definite place in the market for Stated Income loans. They have been around for decades and are put to use every day by honest borrowers and major lenders across the country. ”
I forgot that there was one guy who got a liar’s loan and didn’t lie. He did not want to drive home and get a pay stub so he just “stated” his income and paid $100 more a month for 30 years (since that was a lot easier than driving a mile home to get the pay stub)…
February 19th, 2007 at 9:33 am
Pootie (190): I can only hope he gets a clue. The problem is, the more of a clue he gets, the less entertaining his website is.
Alan (199): Quite true. Easy jobs don’t pay that much-anybody can work at McDonalds. Its the hard jobs that require day-in day-out time, energy, and commitment, willingness to follow up on everything yourself and deal with every problem yourself instead of attempting to shunt it onto someone else and hope it goes away. I can only assume its a coincidence that your brother is successful and Casey is having little bit of financial difficulty [Apply SARCASM tags as needed].
February 19th, 2007 at 9:37 am
From a 20 year mortgage banking and finance veteran…
I hope anybody reading this understands the true underlying impact of the Casey Serin’s of the world. These frauds, to a measurable degree, cause markets to rise unrealistically and create the very circumstance which we all face right now – an unwinding of the housing credit craze that possessed many parts of the US over the last five to seven years. I will say however that Casey Serin or frauds like him are not the only cause of what is certainly going to be an unprecedented housing market correction in 2007. Other culprits being the unsound lending practices of a Sub-Prime lending industry run amuck and left unchecked and the opportunistic Wall Street liquidity sources behind them, not to mention a culture of financial unaccountability and a drive to keep-up-with-the-Jones’s no matter what the cost, all of these things coupled with the Casey Serin’s of our culture are going to lead Senate Banking and Finance committees (recently convened over the issue of the Sub-Prime lending debacle) to ask how did this all happen?
The real impact will be felt in mortgage companies going out of business, lost jobs, lost homeowner equity, lost confidence in a system that should be designed to protect consumers - not to subject them to undue risk created by an unregulated lending niche where profit and volume, not accountability, are their credo.
Casey, I hope you read this and I hope you take it to heart. It is not meant to be a personal attack but rather a commentary on a sub-culture of unaccountability that exists in the US today and that impacts all of us.
Visit http://lenderimplode.com for details about the unwinding of the Sub-Prime lending market occurring right now.
February 19th, 2007 at 9:39 am
Record and post your CashCall collection calls.
February 19th, 2007 at 9:48 am
That song is great! It’s actually really catchy. I am listening to it at work.
February 19th, 2007 at 10:26 am
“Almost everybody” in California lying on their loan apps and using stated income loans?
I see the following in a New York Times article from 2006:
“In the second half of last year, about 12 percent of all new loans were obtained with reduced or no financial documentation, according to the Mortgage Bankers Association.”
Maybe all 12% were in California? I doubt it, but I know you’ll keep justifying your actions using the “everyone else MUST be doing it!” defense. The people I know aren’t using them, but have in the past when they didn’t have enough income to qualify for the loans they wanted.
February 19th, 2007 at 10:30 am
Interesting just how many people got sucked into the housing mania. Take this ex-bodybuilder Craig Titus for example. He had THREE investment homed in Vegas that were getting foreclosed on.
http://www.titusandryan.com/20...../#comments
“who seems like a together person in the police interview said CT was going to have his houses forclosed upon and CT borrowed 13 grand from him to stop that. So whoever claims that he was loaded should reconsider.”
His houses are probably gone by now, considering he will be in jail for a long time.
(don’t worry its not because he did liar loans). Read his case to get an idea about the typical IQ of the guys investing in the peak of the housing bubble…
http://www.titusandryan.com/
February 19th, 2007 at 10:36 am
To quote you above;
“WTF!!… because prison is too harsh a punishment. I didn’t have criminal intent to defraud anybody. I used “liar loans” naively thinkings “It’s all good”. Leverage is a beautiful thing but not so good when mis-used. I misused it and being broke and dealing with financial stress is bad enough punishment. How would YOU feel in my shoes?”
Casey,
1. I would not have done ONE liar loan with ludicrously inflated income.
2. If I had, I would not have done FOUR or more at about the same time using the same method. That was pretty obviously an attempt to get multiple loans without revealing to the lenders that you were trying to do this.
3. If I had, I would not have bought properties in 4 states, some of which I had never set eyes on.
4. If I had, I would not have gotten cash back at closing to finance the mortgages for a couple of months.
5. If I had, I would not have continued going to ’seminars’ etc and tried to convince friends to lend me more money with guaranteed 25% returns.
6. If I had, I would have sold the properties to shell entities, pocketed the proceeds and left the country.
You committed fraud. And your best defence is that you were too dumb to make a profit out of it.
Frankly, you are probably safer in jail that being allowed out in public alone. Some day you will be walking along a major road and someone will throw a frisbee and shout Catch! And your dying words will be “that truck stopped me catching the Frisbee”.
February 19th, 2007 at 11:07 am
I do not like or agree with what you did but there is a limit [to digging up personal information*].
I think you will have serious trouble for years to come from all this without any help from readers.
By the way..G isn’t bad..she should have no trouble at all hooking up with a new/maybe older guy with cash…lmao
*[ Post edited by Moderator-1 ]
February 19th, 2007 at 12:59 pm
Since the ‘comments are closed’ on your recent thread re prison - you ask:
“WHY do so many of you think I still deserve to go to jail??”
Answer: Because you broke the law, dude. Your rationalization is just like what people say about the illegal aliens in this country. You broke the law, you pay, enough of the “well, everyone else is doing it” crap.
February 19th, 2007 at 1:13 pm
Because you BROKE THE LAW, not once, but 8 times, and refuse TO GET A JOB to show something towards it.
Yes, I realize it won’t go all the way to it, but you could be paying off those credit cards, WHICH IS SOMETHING
If you were doing that, I would not be a “hater”
February 19th, 2007 at 1:19 pm
“WHY do so many of you think I still deserve to go to jail??”
Casey,
Like you, most people in prison think they shouldn’t be there. My answer to you is simple: Your criminal actions have hurt others badly and you deserve hard time for it. If I was on the jury you would get several years.
February 19th, 2007 at 1:36 pm
You have your self nicely backed into a corner now:
If you declare bankrupcty-Fraud investigation.
If you don’t declare and don’t work-collections agencies will come down on you like a ton of bricks (currently it is only being done on a brick at a time basis).
If you don’t declare and do work-5-10 years later you will dig yourself out.
Its not a case of hating on you. It is a case of people spelling out reality and trying to put the fear of god into you so you straighten out and fly right. Instead you keep chasing after the elusive ’sweet deal’ that you don’t seem to be able to catch. I suggest that you knuckle under, get two jobs and start working to pay off your debts. Within a month you will have 5-8 foreclosures on your record and no one will want to touch you.
You have already shown your self not able to handle half a dozen residential properties. How does that demonstrate the ability to manage a larger facility? As a bank manager (or hiring agent for that matter) I would ask, where is your proven track record of successes so I can feel justified that I am not throwing good money after bad?
February 19th, 2007 at 1:50 pm
Casey,
Since comments are closed in the most recent post. Why do I think you deserve to go to jail? Actually, I dont. But I do think you need to go to jail for rehabilitaion and public safety. If you were on this blog documenting cleaning up your mess, I would be ok, the kids trying to turn himself around. But you are not. You really do not show any remore or repentance, nor a desire do make things right. On this blog, it seems you are busy looking for the next big score rather than trying to clean up your mess. Given than, I think that prison is the only thing that will stop you. you need to clean up your mess, do what needs to be done, and take time or a lifetime away from real estate. The fact that you seem to be unwilling to do that and are trying to hit the reset button so you can “play” again, makes me think there is no other option but for your to go to prison so you can eventually wake up.
February 19th, 2007 at 1:53 pm
Casey,
You’ve been trolled hard by Nigel. The accountant with weaponry skills utilized by the Feds that conducts interrogations and drops the bomb on suspected crime ringleaders was completely made up.
Of course you knew this, right? I mean, anybody could see through this, right? It’s one of poorest trolls I’ve ever read.
Tell us you are joking.
TIA.
February 19th, 2007 at 1:57 pm
The metaphor of you crashing your car is apt, but incomplete. It would be more correct to say that you drove your car through the window of a bank (several, in this case) and didn’t have any insurance. Now that your totaled car sits smoking in the middle of the bank’s lobby, you’re trying to sneak out through the hole in the window without paying for any of the damage you caused.
Your callousness in not having insurance is why we’re mad at you and think you should pay restitution. The fact that you think that having your car totaled is somehow punishment enough appalls us. You wrecked a bank and now you won’t do anything to help!
February 19th, 2007 at 2:12 pm
Casey,
I don’t necessarily want to see you go to jail, but I do want to see you get appropriate punishment for what you’ve done. If a prosecutor looks at your case and decides that it’s not worth pursuing, then so be it. But give us a break on the “everybody does it” BS because that’s a major stretch considering how many liar loans you got in such a short time frame. Sure, lots of people use liar loans to get a larger loan than they otherwise could, but they don’t get eight in less than a year. And getting them in a short time frame because you knew that was the only way you get so many easily blows a huge hole through your “hey, everybody does it” defense.
I really don’t want you getting anymore loans whatsoever, corporate or otherwise. You’ve already proven that you can’t be trusted to handle the responsibility. You have shown no aptitude at business. And in the end, somebody gets stuck paying for the half mil of debt you racked up. I think Robert C is being way overdramatic with his “taking medicine from old ladies” examples, but there is truth there. The investors, lenders, consumers, and taxpayers ultimately get stuck holding the bag for you and your kind’s follies. You’re not solely the problem, but you’re definitely a part of it.
And no one is going to believe a word you say until you suck it up and get a job. Of course you can’t make enough to pay back your debt, but not getting a job isn’t going to pay back a dime. You ARE going to have to BK or you’ll be stuck mooching off your relatives for the rest of your life. Suck it up and admit that you really screwed yourself over royally. You did the crime, bite the bullet and do the time. I don’t think you’ll be doing time in jail, but you should certainly be doing the next ten years learning to live like a responsible adult and probably have your wages garnished.
I don’t know how the case would be handled if you are charged with a crime, but if you are, you better hope there’s no jury involved. All the prosecutor would have to do is show them some excerpts from your old blog to convince them that all you’ve been doing is leeching off of the banks for the past year.
February 19th, 2007 at 2:25 pm
Since the ‘comments are closed’ on your recent thread re prison - you ask:
You say your family is being “stocked”. Where is your family being “stocked”? Walmart, Target, or somewhere else? I might want to pick myself up a set.
February 19th, 2007 at 3:07 pm
It’s interesting some of the comments I’m seeing about my story. Some people are saying I made everything up and my friend doesn’t even exist.
Since I started my blog in September, I’ve made well over 100 posts, all carefully thought out and researched. After all, I’m trying to attract clients with it. For me to publicly make up a story that could easily be disproven later on would be a foolish move. I assure you my friend, his credentials and the conversation we had are very real.
I have no vested interest in the outcome of Casey’s story. I care for him as a human being, but I wasn’t a party to any of his real estate transactions. No matter what my friend said it would have made an interesting story and that’s why I decided to write it.
Nevertheless, if he had said Casey would be going to jail, I suppose the “haters” would no longer be questioning his existence or credibility.
February 19th, 2007 at 3:19 pm
Actually Casey never answered the real Utah payments question. Were the missing checks mailed to Casey? would guess that they were and that he cashed them.
That would be sweet! Jamba Juice on teh house!
February 21st, 2007 at 12:21 pm
I’ve been busy and haven’t been by to see how you are doing - pretty hilarious stuff. I am certain you will write a great book about this in the end.
C
February 21st, 2007 at 9:12 pm
i bought 2 houses in cali. for 450,000. and i put 30,000 into it, and sold them for 600,000 each. i made 100,000 on each one. one at a time. the first one sold in 3 months. and the second oe took 4 months. and i never went to a seminar. and i never payed money to learn anything. and i didnt lie aboutt not occupying it. and i didnt do any cash back at closing. i just asked the seller to pay most of the closing and they did. thats it. but i also worked for 2 years before i bought a house, so when i bought my first house, i had 100,000 in my savings so i can hold on to it if it doesnt sell real fast. and i got 100% financing. and didint pay any taxes. i was going to pay taxes at the end of the year. so my monthly payments were alot lower. and my savings gets 5% interest that goes to taxes. so most of the taxes were free. so why would YOU BUY 8 HOUSES IN 8 MONTHS IN DIFFERENT STATES WHEN YOU DONT HAVE MONEY TO HOLD ON TO THEM. thats dumb. now ur in debt and in forclosere. now i can buy a pre forclose house close by and get instant equity. and then sell it for the real value and make 50,000-100,000 in a few months doing nothing but just selling it. ur sad. ill write u when ur in jail.
February 22nd, 2007 at 3:04 pm
Essential Keystrokes, a blog featuring web design and marketing tips. Char’s blog is a daily stop in my feed reader. Squirrels Photographing: This came in via Paris Lemon. Cute because it makes little sense. Casey Serin Satire: A couple of posts ago, I thought it would be fun to start a parody Casey Serin blog. Well, looks like there’s already some material out there. Funny stuff. Cat Cold: Cat on a frozen pond, looking at the fish beneath (thanks Missy). I
March 1st, 2007 at 4:32 am
mortgage market start to collapse in 2006? Then again, Casey Serin wonders aloud why is my credit score so high, since it takes a few months for one’s credit rating to be affected. Despite Casey’s loathing of “haters”, Casey is willing to put up a collection of satire on himself. This is an indication to me that the whole site itself is satire. Even though Casey Serin is constantly mocked and parodied in comments and in other blogs for abuse of the word “sweet”, Jamba Juice product placements, and obsession with
March 4th, 2007 at 6:02 pm
t have to be too complicated. You CAN earn a fortune more easily than this! #4 Smile in the face of adversity and try, try again. As I said earlier, I try to emphasize the positives: the guy is tough, ambitious, can laugh at himself and has a strong spirit. He’s got a genuinely thick hide to be able to take criticism like he’s been doing. How many people can continuously swallow their pride the way this guy does? I have rarely seen anyone who can hold himself together like
March 19th, 2007 at 12:43 am
My First Trustee Sale / Foreclosure Auction Results Foreclosure Auction On Monday I am Facing Foreclosure Fan Mail Attorneys Say Corporate Credit is OK, Need a Plan Why Should I Go To Jail For Mortgage Fraud? Casey Serin Satire - Pictures and Song New Mexico Foreclosure Rescheduled, More Time For Short Sale Good Things Are Coming… View All Entries »