Sunday, July 29, 2007

Mortgage Fraud Podcast a Success!

My first attempt at running an online talk show / live podcast / talkcast (whatever you want to call it) went pretty smooth.

I talked for 2 hours with Jerome Mayne, an ex mortgage fraud convict who is now an expert, author and speaker on fraudulent behavior. We also took some interesting live questions at the end. Jerome had a lot of good things to say about mortgage fraud and my situation. Click the links below for the audio:

* Listen online via streaming audio
* Download MP3 file (Right click and “save”, 47 MB)
* Download via iTunes and put on your iPod

Mortgage Fraud Podcast Transcript:

* 00:00 My introduction and recap of his flipping houses story, and why I’m blogging
* 13:44 Jerome’s story about going to jail for mortgage fraud and his current career as an author, speaker and expert on mortgage fraud
* 31:10 My real estate investing seminar experience
* 35:50 Where I learned about “creative” financing
* 39:24 Jerome: a typical real estate transaction for dummies
* 46:05 Structuring my no-money down deals and working with loan officers
* 52:58 Stated income loans
* 57:48 Owner occupied vs. investment property
* 60:50 Cash back at close
* 70:40 Did I commit mortgage fraud?
* 71:29 Is it fraud if there are no damages to lender?
* 74:30 Will I get prosecuted and go to jail? Should I continue blogging?
* 77:15 I felt it was wrong but I didn’t think it was a crime
* 78:28 Jerome: that’s not an excuse, you should go to jail
* 79:55 How can I make it right?
* 80:40 Jerome: turn yourself in to the FBI
* 81:53 What is the likelyhood of getting prosecuted because of my blog?
* 83:45 Jerome’s experience in prison: soap, bubba, white-colar, loneliness
* 88:08 Restitution, repaying the money, bankruptcy and fraud
* 89:48 Jerome: “at least you’re admitting to mortgage fraud
* 90:27 Attempting to take questions
* 91:15 Johannes of Vigilant Investor: “Do you plan to continue buying houses?”
* 92:56 Attempting to take some more questions
* 94:22 I’m asking Jerome: “would you flip houses and how would you do it right?”
* 97:15 Un-muting all callers for more mortgage fraud questions
* 97:32 Johannes of Vigilant Investor on how this is a bad time to buy, the severity of the housing bubble, loose lending, prevalent mortgage fraud
* 104:15 Steven on community property and my wife’s liability
* 105:43 Steven: “Direct question, Did You Commit Fraud?”
* 106:20 Steven: “blog readers are frustrated with you because…”
* 107:30 Daniel: “How is the negativity on the blog affecting you?”
* 108:58 Steven: “How are you making it right?”
* 109:20 Steven: “How much are you making on Google ads”
* 110:04 Steven: “What is your title with savvy Chris?”
* 110:30 Steven: “Why haven’t you thrown-in the towel and filed bankruptcy yet?”
* 112:07 Steven “What’s your favorite entree at The Macoroni Grill”
* 113:35 Phillip from Houston ask Johannes about dollar value and housing bubble
* 115:03 Phillip: “What’s in the contract with PrLinkBiz”
* 115:56 Back to Jerome for a few last words about the mortgage fraud podcast
* 117:53 The end of the mortgage fraud podcast

Live Podcast with Ex Mortgage Fraud Convict Jerome Mayne
Utah House Unwrapped Back to Foreclosure
142 Comments

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Happy Mind
December 7th, 2006 at 12:07 am

Hey Casey congrats on the success of your first podcast and hopefully the first of many more. Glad you were able to offer some great insight and information on the topic.

Ed

http://www.happy-mind.blogspot.com
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Anon
December 7th, 2006 at 12:27 am

Keep up the great work Casey, I love this blog!

http://www.myebid.com/cgi-bin/.....ingID=2920

http://www.myebid.com/cgi-bin/.....ingID=2979
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wikifortune.com
December 7th, 2006 at 12:37 am

Congratulations on your podcast interview.

I clicked on your adsense btw

Anyways, Mr. Serin,
back to reality.

I think you need to face bankrtupcy as bankcruptcy may be the only GOOD way out of this whole mess.

You are only getting into more debt, and there is absolutely NO WAY you are going to get out of this mess without filing for bankrtupcy unless you miraculously win state lottery or make millions of successful “sweet deals”.

Think about what I said while drinking your Jamba Juice.

my 2 cents

Peace
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Abigail
December 7th, 2006 at 12:54 am

Wow, I just got done listening. Thanks for the transcript with the times Casey, I was able to fast-forward to the parts I wanted to listen to.

And to the callers that asked the hard-hitting questions, thank you! Very well done.
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laughing my a$$ off
December 7th, 2006 at 1:18 am

jsut curious. Why is the dpwnload from here 10 mb larger than the on from the other website ? ? Did you add something or increase the quality somehow ? I’d just prefer not to listen to two versions of the same ‘cast, so I’d like to knowwich version is the good one.
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wikifortune.com
December 7th, 2006 at 2:07 am

Anon,
those are great T-shirts!

I’ll be sure to wear one if I ever get into $2.2 million dollars in debt.
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Sputnik the Cat
December 7th, 2006 at 2:11 am

I was going to listen, but the “podcast” was right in the middle of my nap-time. Maybe I’ll listen to the archive.

aaaackkk!

So, Mr. R.E. Mogul - this blog and website are all just to maximise your 15 minutes, right? You can’t actually believe there’s still some way outta your mess…right? You never listen to the advice here, refuse to BK, think you’re gonna save wifey’s credit…aaack!!

Thhppttt!!

Where’s my cat food?

S_t_C
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will
December 7th, 2006 at 3:35 am

Casey,

That fraud guy seemed pissed. I think he is going to push prosecuters to go after you. He may go to the FBI with the interview. He got you to admit to alot on tape, I am telling you that was more like an interigation than an interview. It was really like cross examination. Listening to those questions, asked like that I think he may already be working with prosecutors.
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Billy Jack
December 7th, 2006 at 4:21 am

Casey, you are a twit.

Do you have a job yet????

Have you filled out any employment applications????

Do you have a lawyer????

Has your wife left you????

Are you listening????

I wont fell sorry for you when you go to prison. I see 10-15 years for fraud, bad credit until you die and divorce in your future if you dont get it together now.

Belive me when I say, you are not built for prison.

You need to get your affairs in order before the sh#@ storm hits the fan!!!!!

Thanks for your attention.

BJ
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Gen Y'ers and Casey
December 7th, 2006 at 5:05 am

Apparently Casey isn’t the only one with this “entreprenual” outlook, just the only one to fail so enormously.

http://www.usatoday.com/news/n.....eurs_x.htm

Well, now I gotta go explain to my 13 year the difference between taking a chance at being your own boss and getting rich quick schemes, taking calculated risks and being a greedy dumbass, educating yourself about your field of interest and throwing money away to scammers, ah hell, I guess I better just make her read this blog. “See honey, here’s what NOT to do”

Hope everyone has a good day and enjoys the article.
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Buzz Saw
December 7th, 2006 at 5:44 am

Upsy daisy sweet pea! You’re burning daylight. I think I saw some television cameras down at the state capitol. If you hurry you might be able to get some more publicity.
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BAA
December 7th, 2006 at 6:30 am

Casey,

I have been reading for awhile, and this is my first post. Along with other reasons why (distraction from solving the problem), this blog is a TERRIBLE idea for your civil liability. The reason many people are not sued for fraud in federal court is because of a legal rule requiring the plaintiff to file the case with “particularity,” e.g. how you committed the fraud in detail. You, through this blog, are providing your lenders with the gut wrenching minutia of how you committed fraud, which could be easily used against you.
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Casey Serin
December 7th, 2006 at 6:43 am

Good morning! It feels great to be an early riser! This morning the disciplie is starting to slip a little. I was fighting the battle for a couple of mintues in my mind. But then I thought of having to be accountable on this blog and how this was my own idea. That turned the tide.

The cable modem is down AGAIN and my cell phone internet access is giving me problems. I finally got it going so I can make my good-morning post here.

The mortgage fraud Podcast was pretty good. But what was the big deal about me admitting to doing mortgage fraud? I already said “Yes I lied on those loans” in one of the earlier posts.

The only thing is that I didn’t think this was a criminal offense back when I was doing the loans. I thought it might be unethical and just gray-area type of thing but A CRIME?? If I knew I was commiting a crime I would have never done that.

I’m glad I talked to Jerome and made this podcast. Hopefully this will be an example to others of what NOT to do.
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Wait a Minute
December 7th, 2006 at 6:50 am

“The mortgage fraud Podcast was pretty good. But what was the big deal about me admitting to doing mortgage fraud? I already said “Yes I lied on those loans” in one of the earlier posts.

The only thing is that I didn’t think this was a criminal offense back when I was doing the loans. I thought it might be unethical and just gray-area type of thing but A CRIME?? If I knew I was commiting a crime I would have never done that. ”

What at twit. Nice trolling for reposnses to get the hit count higher. The phony, ” I’m so naive” crap is OLD.

And YES, you are going to jail. Practice holding your sphincter closed for extended periods of time.
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star
December 7th, 2006 at 6:52 am

Casey, how did you not know it wasn’t a criminal offense? It says right on the application! Right where you sign.

Although it wouldn’t surprise me that you never read what you’re signing, I somewhat doubt that in this case.

Regardless, ignorance of the law isn’t a valid defense.
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Dan Riba
December 7th, 2006 at 6:58 am

disingenuous

Main Entry: dis·in·gen·u·ous
Pronunciation: “dis-in-’jen-y&-w&s, -yü-&s-
Function: adjective

1. Not straightforward or candid; insincere or calculating: “an ambitious, disingenuous, philistine, and hypocritical operator, who … exemplified … the most disagreeable traits of his time” David Cannadine.
2. Pretending to be unaware or unsophisticated; faux-naïf.

- dis·in·gen·u·ous·ly adverb
- dis·in·gen·u·ous·ness noun
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Rob P
December 7th, 2006 at 7:03 am

Your infectious enthusiasm and optimism is wearing off on me!

I was up at 5:30 this morning! Big meeting today in Sacramento! My objective today is to attract success.

Mr. Nervousness, you don’t scare me. Mr. Spectre-of-Client-Loosing (ahem) it on the Stand, take a back seat! Out of my way, Mr. State Tax Agency! You can’t stop me now!
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The Original Blah
December 7th, 2006 at 7:08 am

“The only thing is that I didn’t think this was a criminal offense back when I was doing the loans.”

Can you read?

On those forms where you sign, usually there is a little blurb about how you swear this information to be correct under penalty of law. Unfortunately I don’t have the exact verbage, but I know it’s there.
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Kasey
December 7th, 2006 at 7:15 am

You didn’t know it was a crime? Are you really that stupid? My 5-year old nephew knows it’s against the law to steal. That’s what you did, stole money. How could you not know that committing mortgage fraud was illegal? B.S.

www.mypropermortgage.blogspot.com
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John M
December 7th, 2006 at 7:19 am

1. Stop lying about waking up early. We don’t believe your story about the cable modem.

2. On the loan documents you have to attest that all the information is factual and it explains that it is a criminal offenses to lie.

3. It doesn’t matter if you thought it was a crime, it was a crime. Ignorance of the law is absolutely no excuse for breaking it, especially when you signed documents stating that the information was factual and that it was in-fact illegal to provide fraudulent information

4. You admitting verbally that you committed fraud is a big deal because that is a slam dunk piece of evidence against you that will be used when you are prosecuted for mortgage fraud. Plus most of us just wanted to hear the words come out of your mouth.
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Kevin
December 7th, 2006 at 7:22 am

Casey - you write:
“The only thing is that I didn’t think this was a criminal offense back when I was doing the loans. I thought it might be unethical and just gray-area type of thing but A CRIME?? If I knew I was commiting a crime I would have never done that.”

How in the world do you think that getting money from a lender by providing false information is NOT a crime? Don’t you think if it wasn’t a crime, that would open up the gates & then everyone would lie & get money? Where would that leave us, as far as the financial security of this nation? Have you thought ANYTHING through?
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John M
December 7th, 2006 at 7:23 am

“Hopefully this will be an example to others of what NOT to do.”

You mean, don’t lie on legal documents? Don’t commit mortgage fraud? We all already know not to do that, we learned it in kindergarden along with “don’t cheat”, “don’t steal” and “don’t hurt others”.
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Buzz Saw
December 7th, 2006 at 7:23 am

Ignorance of the law is no excuse.
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Rob P
December 7th, 2006 at 7:23 am

I’m ready to attract success today. But I’m not able to visualize it yet.

What is the role of visualization in attracting success?
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Me likah de alfredo
December 7th, 2006 at 7:25 am

I admit it, I only listened to the podcast to see what your favorite Macaroni Grill dish is. I was expecting something with a little more flair than macaroni and marinara though. The transcript is a good idea though, I probably wouldn’t have listened at all without it. Somehow I get the feeling that “turn yourself in to the FBI” wasn’t the answer you were looking for at that one part. (Hee hee hee)

I’m also going to chime in and say that I too would like to know the details on your google ads and prlinkbiz contract, if you can post them.

Speaking of Prlinkbiz, has everybody seen the “Prlinkbiz Gone Wild” slideshow on her myspace page? HAWT!!!!

http://www.myspace.com/prlinkbiz
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digerati
December 7th, 2006 at 7:29 am

Podcast was long! Thanks for the transcript.

Any transaction with a bank over $10,000 is disclosed automatically to the government. Of coruse lying on financial records is a crime. Most people probably don’t get prosecuted because it never matters. But when someone defaults and the bank gets screwed you bet they’ll do something.

Successful Personal Finance.com
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DMan
December 7th, 2006 at 7:30 am

“The only thing is that I didn’t think this was a criminal offense back when I was doing the loans. I thought it might be unethical and just gray-area type of thing but A CRIME?? If I knew I was commiting a crime I would have never done that. ”

If you look at the forms you signed you’ll probably see a line that says that if any information you give is misleading or false you could face legal prosecution. If I were you I’d just get a lawyer and face the music. Often times in these cases courts go easier on those who don’t appear to be trying to get away with it.

While my sympathy for your financial situation itself might be in short supply, I do hope you don’t face prison as I have the feeling you truly didn’t mean to do anything illegal.
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ynethree
December 7th, 2006 at 7:36 am

Just wondering,

What’s with the hardon that yneone has for prlinkbiz?

Is she a fat babushka with a wart on her nose swilling the last drops of cheap vodka through a straw.

Why didn’t these slavic subhumans stay put in the old Soviet Union and try their scams on their miserable countymen?

Is YNEONE A GALIN A BUBBLE OR WHAT?
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Chase Gochnauer
December 7th, 2006 at 7:41 am

Hey Casey,
What you have done is done on a daily basis across the country. It has become so commonplace sometimes that it’s locally known and no one complains and everyone participates. I’ve seen personal property included in mortgage loans, all the cash back to rehab the property, money back for their 5-10% down, it happens every day.

As far as bankruptcy, that isn’t a necessity as you could probably let the properties go with no deficiency judgement. They could 1099 you for their loss but you are so upside down financially that you should be able to get an accountant to erase those for you as the rule(I’m not an accountant) is that if you are upside down equal to or more to the amount of the 1099 at the time of the foreclosure, you aren’t liable for the tax reprocussions.

The only benefit a bankruptcy would serve would be to help you erase the credit card debt. That you might be able to pay off with lots of hard work and time.

I work locally in Iowa short selling home for listing and retail sales. If you are interested in doing short sales on your properties let me know and I can help and work with a local RE agent in the area. :)

Chase
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Aelfscine
December 7th, 2006 at 7:47 am

Well, do bear in mind that YOUR opinion of what’s a crime isn’t going to be the issue…
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SidFinster
December 7th, 2006 at 7:55 am

@Casey: when you say your podcast is a “success”, how do you define “success”?
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fraudcaster
December 7th, 2006 at 8:08 am

Did you pay your cable bill?
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Jack
December 7th, 2006 at 8:09 am

lieing to obtain large sums of money is an offense. I wonder who raised you when you say such things Casey. you are so much into God you say. what does the Bible say about cheating? *g* I wonder.
if one thing is proven by this blog, is that ethics really need to be taught apparantly, and these teachings are neccessary for any business where one can harm others.
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Orange county foreclosure
December 7th, 2006 at 8:17 am

links from Technorati Original post: Mortgage Fraud Podcast a Success! by at Google Blog Search: real estate residential foreclosure Blog tag: Orange county foreclosure Technorati tag: Orange county foreclosure
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Anonymous
December 7th, 2006 at 8:25 am

Here’s a suggestion for the future:

2 hours is too long for anyone to listen to at a stretch, even with your index.

So why not exploit it. Break it into 10 minute pieces. You’ll get 12 blog posts instead of 1.

That means several times the traffic!
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You have NO options
December 7th, 2006 at 8:27 am

News for you Casey! We don’t need your example of what NOT to do in terms of lying on the loans and manipulating cash back to leave the various banks on the hook. Normal, honest people already know not to do those kinds of things. We learned about telling the truth in about 2nd grade.

Why do you start every morning post with “… it feels great to be an early riser!”? Is this yet more of your I’ll follow the BS Gurus into the pits of hell attitude? If you have to keep saying it to try to convince yourself of something, it’s NOT TRUE!

Why don’t you go visit an elementary school, see if the kids there can teach you something, since obviously the Gurus aren’t helping and you are ignoring your wife and all the advice on your blog.
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skitzo
December 7th, 2006 at 8:27 am

Casey,

When you go to jail for mortgage fraud, can i have your wife, and stereo?

Love,

skitzo
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I know how you can make some money
December 7th, 2006 at 8:30 am

For the record, Stephen was the one who asked about the PRlinkbiz contract.
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Jules
December 7th, 2006 at 8:35 am

Yawn. What a toolbag. I realize this is all calculated insouciance on your part, intended to fan the flames and generate higher traffic, but it’s pretty boring. No more visits from me.
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Billy Jack
December 7th, 2006 at 8:48 am

Casey…

You signed paper work “swearing ” that you were not lying.

It uses words like”to the best of my knowledge” and such.

There is nothing gray about it, you lied and there is no way to weasel out of it.

You should run for congress….

Please remember, “A MAN IS ONLY AS GOOD AS HIS WORD”.

Hope you are listening.

BJ
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Gen Yr's etc
December 7th, 2006 at 8:52 am

Yeah, I read the article at USA 2day. Not much more than a fluff piece of young people’ shopes and dreams. I like the first guy with $1.5MM in venture capital. What that means, is enough people liked his idea to place a total of $1.5MM of their money in his business. In return they expect results. In exchange for their money, they now have ownership of the lad’s entrepreneurial efforts.

Now he has to make the monkey dance.

Next up, the tattoo guy. Thought to myself, “Hmmm. interesting. Probably more upside potential to do R&D on tattoo REMOVAL devices, but what the heck. To each his own.” So I googled ‘Mantis Machines’. Arrgh! bad name. It seems some outfit already makes mantis machines for diggin in your garden. When I Googled it I stopped after 100 entries all related to this happy little gardening implement. So I Googled “Mantis Machines Tattoo”. Viola! There it was.

One problem, when I went to look t their product photos, each one had a little counter under it. The biggest number of views as 30. Maybe after they down their Jamba Juices they’ll go get some.

I didn’t see any stories of the Y’ers that made enough money to provide a living.

Ahh to be young and have access to credit.

I have a new concept for Casey. It is so sweet I can’t beleive I didn’t come up with it till now… Here we go:

Capitalize on the Gen Y quest for lifestyle, coolness, ambiance and brand awareness along with a way to get maximum disposable income from said clientell. A triad. Yes! a TRIAD! UNder one roof, a three-peat winner.

Elegant doors open into a trendy yet cool lobby. Hip music (no, not rap) playing softly, but not too softly. Make it a WiFi hotspot as well while we’re at it. OK, off to the left, the first nutrient station: Juice bar. Not just any juice, Odwalla. The unpasteurized kind. Center nutrition station: Smoothies. Jamba Juice smoothies. Strawberry special. Now, the kicker, th eone that completely balances the concept. For the heartier fare, the third Nutrition Station: Taco Bell (would you like a sample of out southwest scallion burrito with fire-roasted free-range organic indiginous peoples salsa?

Saaaaaaaaaaaweeeeeet!
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StingyFinance
December 7th, 2006 at 8:54 am

Casey, the MP3 only provided 37 minutes of the postcast. Do you plan on providing the full mp3? I’m interested to see the answers to some of those questions that you outlined.

Joe
http://www.StingyFinance.com
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EL TORO ENERGY
December 7th, 2006 at 9:01 am

Your days away from a losing everything, any news on selling your houses or making money?

I like the bacon cooking idea I read a while back, You could make a couple hundred grand in one afternoon. What’s a little insurance fraud, mixed in with some HUGE portions of mortgage and bank fraud.

Just think of how much free time you will have in prison, you can nap all day long with your new buddy bubba.

www.ELToroEnergy.com banned in Europe !!
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arizonadude
December 7th, 2006 at 9:17 am

Hey Bird Dogger,

R u working on the design of the new casey serin bobblehead? Cmon, have some fun with it dude. Don’t forget my 10% of the proceeds. You should patent that bad boy befroe someone else does. How is the job going? R u makeing any money? Is you new boss cool? I think you need a raise.
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Catch me if you can
December 7th, 2006 at 9:22 am

Dude, you are making this so very easy for a prosecutor. You could have always blamed your foolishness for the loans on your guru’s or the lenders or whomever, someone might buy it. But now, even after being advised by so many people, including this expert of mortgage fraud, to pack it up, declare bankruptcy, and start you life over, you are going to continue to try to recover your little house flipping adventure. “Ladies and gentlemen of the jury. Not only did Mr. Serin willingly and knowingly commit mortgage fraud on multiple occasions to live a lavish lifestyle beyond the means of many in this room. But, after realizing the game was up and being advised by many people to quit and being advised that his activities were in fact illegal, he continued to borrow money from credit agencies he must have known he would never be able to repay.”
On an ealrlier post you said something to the effect of: in the future you will be smarter. So by that do you mean in the future you are going to again willingly commit mortgage fraud to start the ball rolling again? Because, just off the top of my head, I cannot think of any honest way banks are going to lend money for a house to a guy with no real income and a credit history in the toilet unless he again commits fraud.
As a tax paying “Sucker” with an honest job whos taxes will be contributing to bailing out not just you, but legions of your kind whome have enriched themselves at the expense of the taxpayers (through artificially increased property taxes and the tidal wave of mortgage defaults about to happen), I an truely looking forward to your final post where you tell us how the police and FBI arrested you, took control of your files and porperties, and threw your butt in jail.
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Happy Mind
December 7th, 2006 at 9:22 am

Hey Rob P, you ask, “What is the role of visualization in attracting success?” From a psychology point of view visualization plays an important role in the way we behave towards anything. For example, visualization success creates a motivation within you to work harder, smarter on your goals to attract success. It has been said in research studies that visualization success, or day dreaming plays an important role in the way we work towards achievement, so as an advice and psychology student I would strongly recommend to visualize your succes and the steps you have to take to get there. Remember that you are what you show to others, so if you show success and security, thats what you will receive.

Ed

http://www.happy-mind.blogspot.com
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sean-sisb
December 7th, 2006 at 10:01 am

Of course you were committing a crime with those liar’s loans, dummy.
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Granite Counter Flop
December 7th, 2006 at 10:04 am

He’s admitting this crap because this whole thing is a sham. He’s a seller who over bought and cooked up a marketing scheme to try to sell his houses. I believe he owns them all, but the rest of this blog is bullsh*t.
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Joey Bobo
December 7th, 2006 at 10:17 am

I think one thing going for you is that some lenders lent $2.2 million to a 24 year old immigrant without doing any background checks.

If I was an investor in those companies, I would sue the hell out of them for obviously being co-conspiritors in your fraud. Do you think that’s why they haven’t made a federal case out of it yet?

By the great, great podcast. I didn’t know my mean comments hurt so much, especially the ones that don’t get through your moderation. I won’t keep suggesting you do what I suggested for money anymore. It was a joke.

I hope you come out of this a better person in the end.
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Easy Living
December 7th, 2006 at 10:33 am

Others have already asked, but I will too:

TalkCast (not Podcast) was a “success” - in what sense was it a success? How many people listened to it live? (Yeah - like he’ll EVER answer that question, right?!)

What’s the problem with your cable modem? Are you sure it’s the modem - i.e. how do you know the cable modem itself is not working?)? Could it be the cable service? Or, have you not paid the bill?
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The Stubborn Capitalist » Archives » IAmFacingForeclosure.com Update
December 7th, 2006 at 10:46 am

[…] There is a new podcast up over at IAmFacingForeclosure.com. I think Casey did a great job at addressing many of the issues he is facing. Unfortunately, his situation looks grim. His guest speaker, Jerome Mayne, is an ex mortgage fraud convict. Mayne’s assessment of Casey’s situation was supportive, but not entirely positive. […]
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SCapitalist
December 7th, 2006 at 10:55 am

The situation is looking grim… I have a habit of rooting for the underdog… and you are no exception. But seriously, you need some divine intervention at this point. I would suggest going for EXTRA long runs in the morning to give yourself even more time to connect with “Your Maker”. I have enjoyed reading your blog. It stands as a good testament of what NOT to do in real estate. At least your misery will stand to educate others… As always, I wish the the best and hope you can pull something off soon.
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More Advice Ignored
December 7th, 2006 at 11:01 am

Memo to Casey:

Shut down this site, shut your mouth, and lawyer up with what little borrowed money you have left. You are your own worst enemy and you have learned NOTHING. Instead of digging your way out of your financial hole you are digging your way into your prison cell.
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Hi...I'm Dolph DeRoos
December 7th, 2006 at 11:03 am

Oh God, Casey you are such a new age-y twit. Early riser, please stop that. You post later and later every day.

Now if you buy my tape I will truly make you rich since you are the type of suck…errrrr….customer I LOVE working with.
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fraudcaster
December 7th, 2006 at 11:37 am

Certification: I/We certify that the information provided in this application is true and correct as of the date set forth opposite my/our signature(s) on this application and acknowledge my/our understanding that any intentional or negligent misrepresentation(s) of the information contained in this application may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq. and liability for monetary damages to the Lender, its agents, successors or assigns, insurers and any other person who may suffer any loss due to reliance upon any misrepresentation which I/We have made on this application.
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Crashlander
December 7th, 2006 at 11:41 am

He’s not going to EVER hear from the law. The FBI is pathetic about white collar crime unless the public is fleeced and they file complaints. Or a mortgage company files one (casey is small time wont even get noticed despite blog)

I bet its probably like sexual harrasment - if you are cute, its not harrassment, its ‘flirting’. lucky casey. If he were fat/bald the chick at countrywide sitting on his hardship letter laughing at this post would turn him in but he’s not. Remember she has 400 letters and they all are the same liar loans.

Here is a non sobering fact direct from FBI.

http://www.fbi.gov/page2/dec05/chartsandgraphs.pdf

170 convictions in 2005. I bet they were all massive players with multiparty schemes. 300 million people and only 170 convictions, wow.
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Mike
December 7th, 2006 at 11:42 am

Dimwit, time to stop patting yourself on the back about being an early riser. I get up at 5:35 everyday as do millions of other (average) people. No big deal but at least I do it to go to a paying job.

What exactly is so bad about bankruptcy? You’ll do it and live on cash for the next few years like millions of (average) people do. Plenty of people pay cash (or check) for rent, crappy used cars and jamba juice.
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Mark
December 7th, 2006 at 11:48 am

Hi Casey

You did an excellent job doing that live podcast with Jerome Mayne. It has a lot of useful information and I’m sure it will help a lot of people. I hope with time before it’ll be too late you can come up with enough revenue sources that will eventually help you greatly to get out of the financial hole that you dug for yourself. One possible revenue source that has a lot of potential to solve all of your financial problems is investing in Tax Deeds. With Tax Deeds, anyone can buy houses at 50%-90% discount. That’s why it’s completely possible to make money with them even in the down Real Estate Market that we are currently in. Tax Deeds also have a lot less risk than many other investments in Real Estate that can bring high returns on your money because of this huge discount. I hope you will seriously consider this kind of Real Estate investment.

PS: As a frequent visitor of www.ask-a-chick.com I hope that at the end you will succeed. If you need any more advice or support you are more than welcome to revisit this website. Good luck and may God help you at the end! Never forget that no matter how hard it gets, with God’s power and His help anything is possible in this world! That’s why never give up!
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Mortgage foreclosure
December 7th, 2006 at 12:05 pm

links from Technorati Original post: Mortgage Fraud Podcast a Success! by at Google Blog Search: mortgage foreclosure
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Alex
December 7th, 2006 at 12:09 pm

Casey,

In your podcast, you publicly admitted and recorded your crimes (again).

It was a very bad idea for yourself.

Seriously, stop everything now, and immediately go consult with an attorney. Now!
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Billy Jack
December 7th, 2006 at 12:14 pm

Casey is rude.

Casey is deaf.

He never responds to my comments.

I am trying to lead you to the promised land, young man.

Walking with Billy Jack is like walking with God.
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hyperlexic
December 7th, 2006 at 12:15 pm

Jesus Christ, Casey. You basically just confessed to a load of conspiracy charges. You obviously have NEVER spoken to a lawyer about your situation.
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George Castanza
December 7th, 2006 at 12:21 pm

“Was that wrong? I gotta tell you if I knew that was wrong I would have never done that” I’m going to have to plead ignorance”

You are a moron
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Vague Guru
December 7th, 2006 at 12:33 pm

Casey, thanks for the podcast. Looks like you got some good advice from the Fraudman. My favorite part was:

Casey: “How can I make it right?”

Fraudman: “Gather all your documents, go down to the local FBI office and tell them you committed fraud”

Casey:

What a brilliant idea, finally some advice from an expert and not a hater. Now that you “know” you committed a crime, what better way to show that you want to make things right.

What a great opportunity for you to come clean to the criminal justice system, your government and your maker. Win-Win-Win.

I am excited for you Casey, I think this is a great opportunity to show those haters that you can “walk the walk” and not just “talk the talk”. And as soon as you get out of prison you can get start “paying back every dirty cent”.
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BT98
December 7th, 2006 at 12:39 pm

Casey,

After listening you podcast, I have to say “love your show babe”. It’s good and does clear a lot of my doubts and confirmed the truthfulness of this blog and I am sorry that I doubted your story and now I feel sorry for you and really want to help you if I can. I don’t want to see you in jail, never have. But I don’t like your want to get rich quick and easy attitude. Unless you change your attitude you are not gonna suceed in life. You had too much dose of positive thinking, motivational speech, not enough realistic and cautious attitudes. You really need to think hard about how you get where you are and trace back the steps and unlearn some harmful teachings and reconnect yourself with common sense. It’s very hard to do. Right now you are hold on and hoping to see miracles. Miracles do happen but not according to our schedule. In the mean time, you have to take steps (even babe steps) towards the right direction of fixing your financial challengies.

Have a job is the right step. You wife should also get a job. Foreclose all the houses and take a bk way out. To more time wasted is more interest accrued and more money loss for you and your bank.

If you ever in front of judge, dress nicely, admit your wrong, and promise you won’t do it again (on that note, you should serious consider real estate is not your thing and give up on it completely, that’s just my suggestion, may or may not help your case) beg for mercy, ask for a lot a community service, promise to blog and set up websites against mortgage freud and other freud. Last but not least, pray a lot every day for forgiveness. Maybe, just maybe the judge will pass lighter sentense. You should probably beg the prosecutor to make a deal and rat out all your mortgage broker friends just to save your own skin too, just my 2 cents, take it a grain of salt.

Good luck,
BT
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Dont enhale the Serin Gas
December 7th, 2006 at 1:11 pm

No updates or nothin today, what gives? Chris gothca doin some real work? I miss Sputnick, here kitty kitty
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Why this interview?
December 7th, 2006 at 1:14 pm

I just listened to part of your podcast. Amazing, utterly amazing. Have you always been this self-destructive?

Casey, with a convicted felon telling you that yes, you too are a criminal and should turn yourself into the FBI, how does this affect your plans? By this point in your mortgage fraud career, you have to be more than a minor blip on the law enforcement radar screen. Make no doubt about it, they are watching.

Man, oh man. You have provided such blatantly clear and compelling evidence of criminal guilt that it would amaze me if they did not prosecute you. Well, I think the feds really have no choice; with all you have done, you simply can’t be ignored by the legal system. Some prosecutor will delight in using you to make a name for him/herself. You as a person are relatively insignificant, but what you represent as a fraudster is quite large.

I think you about to get much more notoriety than you ever imagined you would…
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john
December 7th, 2006 at 1:17 pm

Casey –

You should really really really (I mean really) contact a criminal defense attorney before you talk to any authorities. Even if you committed fraud, the prosecution has to prove its case. But don’t do anything further without a criminal defense attorney.

And then you need to talk to someone about Jesus (I can help with that one).

Seriously, no sarcasm here.
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BFI
December 7th, 2006 at 1:34 pm

We’re collecting all the evidences on this website, all infomrations are in our harddrive now. We’re waiting for 2 more pieces of informations then we’ll handcuff this guy for good.
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lnerra
December 7th, 2006 at 1:39 pm

Tim,

Welcome back… I have always enjoyed reading your posts along with Jobu, Nigel, T-white, big cheese,WhinneyOne, Walt152 (whatever happened to him?), Sputnik the Cat, and so many others. As I was saying, I have been following this blog for a while and this is my third post, my second one got deleted.. At first, I did feel bad for Casey and was going to offer some advise but I had nothing to offer since hundreds of smart, intelligent, successful people before me had given advise to Casey but he ignored all of them.

As of today, I have come to this blog for comments of other blogers, which I find really informative and entertaining. I really don’t care what is going to happen to Casey.

I wish there were more blogers like YNEONE, who refuses to see that Casey is a knucklehead, so Casey could drift further from reality. I finally understand why YNEONE is so negative towards everyone on this blog except for Casey… She is hoping, wishing, and/or praying pretty hard that Casey is going to succeed in his RE career, which everyone knows that it’s not gonna to happen, so she can be his concubine.
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dumb da dum dumb
December 7th, 2006 at 1:41 pm

casey do you realize that it seems that even if your supposedly waking up at 6am PST, us working stiffs on the East Coast are sitting in our slave quarters (cubicles) at our indentured servitudude (job) location, so i think you spend all day reading through posts and we dont get any updates until about noon and periodically through out the day.

i cant see how you can really be “working” for richdad or chris in any real capacity…

so what happened to richdad & richson anyway…

the 4K loan was cosigned by who and where and on what terms???
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will
December 7th, 2006 at 1:47 pm

Casey,

In answer to your question, If I already admitted lying on the blog what difference does it make that I confessed to Jerome?

1) An audio recording made by someone willing to testify against you (Jerome) is much easier to get admitted into evidence than your blog, which you could claim you did not write or wrote for entertainiment,

2) Such a recording will have more of an effect with a jury than just the written words “I lied on my application”,

3) Plus Jerome got you to go into much more details about what you knew and when, which makes it harder for you to change you story once you are on trial. If I was a lawyer on this case this is exactly what I would ask you,

4) Jerome also asked who else knew what you were doing and when, suggesting they might be trying to get evidence against the brokers involved,

5) notice he gets you to confirm thing you have said, he really gets the details nailed down, this also suggests he is making a record to use against you,

6) he also seemed to have made a list, he says not to miss anything you discussed talking about, I think he was also using the list to make sure he got you complete confession on record and asked about you accomplices

This whole interview just smacked of someone trying to create a record for use in court. Also notice how careful he was with his words, like suggesting you go to the FBI and emphatically explaining you had committed a crime, I think he was thinking of how this would play in court. I think you are screwed. The whole time I was listening I got a sinking feeling that the police where involved.
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Horatio
December 7th, 2006 at 2:25 pm

Casey, I won’t be listening to your “podcast”…. I read enough in your blog. Casey, How about an update on what you’ve done since last month to get the ball rolling on moving the houses… Seems to me, that either the banks are stuck with them or the banks will be stuck with you.

Let’s get moving… all this “getting up early to run postings” does little to solve your real problems, that being, renting or selling these houses. Imagine if you’d had them rented for the last 5 months… how much money could you have collected in rent… $2,000 per house… maybe. $50,000 to $80,000 in the bank supposing you didn’t pay the mortgages. At least, you could run the Mexico for a while to avoid the authorities…. HAHA!

Sounds to me like the ship is sinking… FAST!

Some bloggers making some real dough:
www.changequest.blogspot.com
www.onecoinatatime.blogspot.com
www.foundmoneyjar.blogspot.com
www.changepot.blogspot.com

H
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yay another thief chimes in
December 7th, 2006 at 3:51 pm

I started to listen to the interview last night but got bored and went to bed….this morning I picked up where I left off.

Some Notable things I heard:

1. Jerome mayne was sad and felt it was unfair that he got caught.
2. Jerome mayne would not have pleaded guilty if he didnt run out of money for attorneys.
3. Jerome mayne is a thief that has no morals.
4. Jerome mayne is only doing public speaking because he is a 1 trick pony and that is the only thing people will pay him for.
5. Jerome mayne has provided no recourse to the borrowers (buyers) of the fraud he profited off of.
6. Further proof that Jerome mayne is a low down dirtbag is that he never went to the authorities regarding the shady loans the real estate investors brought to him with dummy pay stubs.
7. The authorities had to come to him 4 years later..further proof that he is a scumbag that is only in it for the money and felt that he shouldnt have to pay.
8. Jerome mayne only quit his job with the rei’s to avoid questions and prosecution when his boss started asking questions. (by his own admission)
9. The way he told casey to go and turn himself in to the fbi was laughable at best. He is just pissed off that he got caught.
10. Casey serin is exactly like Jerome mayne in regards to 1-9 listed above.

You are both thieves and dirtbags…the only difference is he got caught and your about to get caught.
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AdviseYou
December 7th, 2006 at 4:24 pm

Casey–

I think you’re admirable coming clean in front of the world, and despite the fact that I don’t agree with what you’ve done, I don’t think for a minute that you’re the only one doing it. And frankly, I think the banks and mortgage companies are inviting people to commit fraud by not taking the kind of reasonable steps I would take if I were lending money to someone.

But what people are telling you is right… overstating income and taking owner mortgages for investment property isn’t kosher. And broadcasting your guilt won’t look real good if you’re in court.

Why not try not to get there by paying back those loans? Instead of another get-rich scheme trying to make money off of a down market or giving highly risky loans to unqualified borrowers, why not roll up your sleeves, make those houses shine and rent them for every dollar you can get! I don’t think you’ll break even (you paid waaaay too much for some of those properties) but you might come close enough.

Good luck.
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Whiney One
December 7th, 2006 at 4:33 pm

You didn’t post my earlier comment. Why do you allow YNEONE to slam me and then don’t allow me to respond ?

I thought the highlights of last nights interview were:

1) Casey admits to committing fraud
2) Jerome tells Casey that the best way to come clean is to turn himself over to the FBI
3) Jerome tells Casey that Casey should go to jail

I swear, you could have heard a pin drop. Really took the wind out of Sercasey’s sail.

I think YNEONE = Casey’s wife for sure
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rick
December 7th, 2006 at 4:44 pm

“Mayne’s career path resembles that of Frank Abagnale, a former master forger who is author and subject of the hit movie Catch Me If You Can. Abagnale wrote millions of dollars in bad checks, went to jail and then was invited to work for the FBI helping catch fellow forgers. He recently spoke to mortgage industry professionals about check fraud and identity theft prevention techniques to industry professionals at a recent conference by the Mortgage Bankers Association.”

I hope he wasn’t gathering evidence.
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Stupid too
December 7th, 2006 at 4:57 pm

To Nigel, Unbelievable, & Mr. Flipper;

Thank you guys for your advice. I wanted to update you on my situation.

First house, we are signing a lease option tomorrow on one house. We were waiting for some other people to see if they wanted the house. The renter is doing the repairs himself for a reduced rent. His rent will not fully pay for the mortgage but we can swing the other part until he buys. He is also paying the full asking price so when he does buy we will make a little bit of money (7k).

The second house, the buyer is having a hard time getting the loan approved. I do not know if we will sell it but I am trying to be hopeful.

Third house, the renter stopped paying rent about two months ago. So we are sending a certified letter than we are going to do a detainer warrant. It would take a lot of cash to fly there for court but I found a lawyer to show up on my behalf for cheap (200.00). The good thing is that this house does not need any work, we put 25k into when we bought it 5 years ago. It is worth 90k and we only owe 46k. So woo hoo. If we can get the tenant out, we use use the money we make on the sale to finish the other house.

Fourth house, the tenants decided not move in Feb!! This is great news because they are the only tenants who pay on time EVERY month.

Things are finally starting to look up. We are going lean on x-mas and plan to keep the mortgages up until the houses sell. Things are still very tight with regards to finances but we are managing.

Cheers,
Stupid too
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Me
December 7th, 2006 at 5:22 pm

Well, just in case you really don’t know…

the traffic engine is far too crude. If I can identify it, others can. I wrote up a list of its flaws on my website with accompanying documentation. It’s probably not illegal but…

I wouldn’t count on a long-term income stream.

I am pleased that my new traffic analysis worked. It’s all theory, I had no empirical evidence and your site gave me significant insight into Internet evolution and structure.
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Unbelievable
December 7th, 2006 at 5:27 pm

Casey

Everything you need right now is on this website !

http://sacramento.fbi.gov/
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Carl Fox
December 7th, 2006 at 5:32 pm

-

Tell the truth, give the money back that you can, declare bankruptcy, and do your time. All things considered in this cockamamie world you’ll be shooting par…

Maybe that’s the price, Casey, maybe so. It’s gonna be rough on you but maybe in some screwed up way, that’s the best thing that can happen to you…stop trading for the quick buck and go produce something with your life, CREATE, don’t live off the buying and selling of others.

carl.fox@bluestar.com
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CK
December 7th, 2006 at 5:57 pm

Casey,

You have to be stupid, or this has to be fake. Admitting you commited fraud on the blog and on podcasts is only something an idiot would do or something someone who is elaborately trying to sensationalize a story and create ratings. I cannot believe that someone who would value freedom at the least would be posting and doing this everyday with the purpose of wanting to fix it etc. Like the other felon said, a crime is still a crime and if you really did what you say you did, you should be running from the authorities. Instead, you dangle this blog and these podcasts in front of everyone….why? Because this is made up and you have nothing to worry about?

I am asking that everyone reading this blog immediately email the fbi at http://www.fbi.gov and alert them to this fraud. If this is really fraud then you will be arrested, if it is a joke then the blogs and all the google ads are over….in the end, I don’t see how either makes you a winner in life.

I don’t have much respect for that felon you talked to either…if he is truly a changed person and realizes right and wrong, he should be contacting the FBI. Once a crook, always a crook. Period.
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Easy Living
December 7th, 2006 at 6:04 pm

Casey - What one actionable and measurable task are you going to execute as a result of your conversation with Jerome?
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Easy Living
December 7th, 2006 at 6:12 pm

Oh, and btw, PLEASE, PLEASE stop the morning “early riser” posts - they are truly cringe inducing!

Serious story and a good analogy - my 4 year-old grandson last night for the first time ever slept thru the night w/o a diaper/pullup. Woke up this morning dry - so very proud of himself! Milestone for a 4 year-old!

It’s not unusual or noteworthy or praiseworthy for a 24 year old adult to get out of bed early in the morning on a regular basis. Move on to the next gimmick, please.
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Time Will Tell (proud hater)
December 7th, 2006 at 6:27 pm

Did you pay your cable bill?

Nah, that was disconnected months ago! It’s his neighbor’s. He hits it with a tin can wifi antenna.

I’m sorry, but is I was in your shoes, I’d do without cable and cell phone internet access. I wonder what other amenities you feel are still necessary?
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Phil
December 7th, 2006 at 6:35 pm

Casey, I’m an anesthesiology resident and active real estate investor. Don’t be too hard on yourself because you’ll get out of this. Hmm…I actually just now thought of an excellent way that may actually have about a 60-70% chance of working…

Anyways, real estate investing still works, but it depends in what city you buy. I was able to double my net worth in a little over 6-8 months, and now my properties are paying almost half my residents salary. After you have the right city with the proper market, you have to find the right properties with proper sales and rental comps. But, I do not believe in flipping. I believe in purchasing below market price properties and renting them out to obtain the cash flow and tax benefits. You can see exactly what we do here in Houston at:

www.gcproperties1.com

If I were you, I wouldn’t invest in real estate because your interest rates will be too high now that you have a foreclosure and possible bankruptcy also. The techniques we use as active real estate investors aren’t flipping or get righ quick schemes, but they are build-equity-and-cash-flow-reletively-fast. But you need decent credit to make your properties cash flow. When you get out of this mess, you can do what we do in an appropriate market, and hopefully have more success.

Good luck,
Phillip
www.gcproperties1.com
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Time Will Tell (friendly stranger with excellent advice)
December 7th, 2006 at 6:44 pm

You obviously have NEVER spoken to a lawyer about your situation.

With Casey you can never tell. When he first posted I recall the uproar about admitting fraud on this blog. Any lawyer worth his salt would have told Casey to shut it down.

But, and I need the audience to help with this answer: when Casey is given good advice does he listen?

What was that? I CAN”T HEAR YOU!

That’s what I though you’d say.
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JLIN
December 7th, 2006 at 7:03 pm

“The whole time I was listening I got a sinking feeling that the police where involved.”

Uh-oh, genius. How come I didn’t think of that.

Casey, time to think outside of the box. Bubba is for real, Jerome lied.
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Kevin
December 7th, 2006 at 7:05 pm

Hi Casey,

You mentioned on your blog that you were able to sell (”flip”) your first condo for a $33,000 profit. However, you mentioned on the show that the buyer required you to buy his property.

Were you able to sell that second property for a profit? It seems to me that your first “profitable” flip may not have actually been profitable after all. Could it be that the individual that bought your condo actually stuck you with a much worse property?

If you take both properties into account, did you actually lose money on that original condo flip?

–Kevin
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Time Will Tell (movie mogul)
December 7th, 2006 at 7:05 pm

So here is the angle on the Jerome thing:

Jerome is working for the FBI as an informant (I think sputnik is one too, but that’s another story). They want him to get the real goods on Casey.

Jerome is pissed that he went to jail and Casey didn’t.

BUT…Jerome is also working with HBO on a made for TV movie. You know the story line bad guy goes good and helps cops capure the new bad guy, the evil mortgage fraudster Casey Serin. He goes on to spin his own tale of good and bad, repentance and greed. In the end Jerome looks lke a hero, and poor Casey a mean-spirited theif.

The ‘Casey Serin Story’ gets told, but from the wrong angle. Casey is villified, and Jerome made into a hero. And Prlinkbitch gets nada.

The Casey Serin motto:

“Admission against interest”

The Casey Serin mission statement:

“Mistakes: It could be that the purpose of your life is only to serve as a warning to others.

http://despair.com/mis24×30prin.html
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T.White
December 7th, 2006 at 7:10 pm

Characters: Prisoner…Casey (C)
Visitor…Yneone (Y)

Scene: A minimum security facility at an (as yet) unknown location. A prisoner is directed to the seating area by a prison guard. He sits, a woman sits opposite, facing him, separated by wire inlaid glass. They both lift their black telephones to talk:

C:Hey, babe.
Y: Oh, honey, are you o.k? How are you holding up? Did the warden remove that horrid man from your cell? My gosh, I still have nightmares thinking about what he did to you…
C:Yeah babe, Bubba’s in the hole. My new celly is better.He’s
kinda weird, though. He thinks he’s a cat.
Y:Thanks for that tidbit.
C:Don’t mention it. Any word on the (looks from side to side) prlinkbiz beeatch?
Y:(whispering) The hitman wants half up front.
C:( ” ) Did you tell him once the advance from the publisher comes through he’ll get his money?
Y:He said he’s read your blog and he agrees with 99% of the readers when they say that you’re not to be trusted.
C:I knew he was a ‘hater’!
Y:How is the hunger strike going?
C:I’m almost there. It’s been twenty three hours, now; only one more to go. I am planning a sleep strike next. At lights out tonight I will begin, and I will sleep all night and all day. When the warden gets wind that “ol’ early riser” is still in bed at exercise time he’ll know I’m serious, this time.
Y:Thanks for that tidbit.
C:I’m also mentoring one of the guards. We’re gonna start rehabbing some of the dingy cells; fresh prison gray paint, replacing the stainless steel sinks and toilet with porcelain.Can you imagine? It’s like bizzaro world in here!
We’re hoping to get some cigarettes back at closing and flip our way up to cell block D.
Y:You can do it Casey.Keep your chin up.Things are going your way.I believe in you.

(..edited..)
Creative but lets keep it somewhat clean on this blog.

Yneone is not my wife. It’s funny you guys keep thinking that.
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Kevin
December 7th, 2006 at 7:10 pm

Casey,

You also mentioned on the blog that your wife was the one that original saw the late night guru programs and pointed you to them.

Do you feel that this makes her somewhat responsible for your situation? She knew your penchant for entrepreneurial (ad)ventures. Isn’t that kind of like giving a crack addict a hit of meth?

–Kevin
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WTF
December 7th, 2006 at 7:27 pm

I see you are deleting multiple posts again that come too close to the truth. Casey, you continue to try and keep this charade going, by media whoring yourself out without regard to the outcome, feigning ignorance, trolling, plagiarism, scamming, lying, Jerry Springer like posts, grasping at every straw that comes to your attention. I am convinced that you truly believe you can somehow slither your way out of this mess.

If nothing else has sunk in to that melon of a head of yours, then try and concentrate REAL hard for the next thirty seconds, OK?

Mayne, last night, less than 24 hours ago, with full knowledge of your history, told you to your FACE that you commited crimes- multiple crimes. He told you to turn yourself into the FBI. He told you that you are going to jail.

Re-read that last paragraph until you understand and grasp the severity of its meaning.

It is time to get your affairs in order- NOW. I listened to the podcast. Mayne played you like a fiddle boy. In your usual tunnel vision mentality, your only focus was getting more exposure, more traffic, more ad revenue. What you can’t or won’t see is that you just sealed your fate. He nailed down detail after detail, and get you to not only incriminate yourseld, but most likely your wife as well. In my opinion, the interview was a quasi deposition, and was deliberate. You are now on “record”, not on a blog, but in your own voice, admitting to fraud and conspiracy to commit fraud. Think about it Casey, you had a CONVICTED FELON tell you that you commited crimes and to surrender to the FBI. If you think HE grilled you, wait until the lawyers get a hold of you and Mrs. Serin. Rarely does the guilty provide the prosecution with such a gold mine of self-incriminating evidence.

Like the gazillion of others that have told you so, I am not going to waste my time offering you advice on how to deal with this. You won’t listen anyway.

I agree the Podcast was a success, for the prosecution.

P.S. You can’t be this dumb, can you?
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Early Riser
December 7th, 2006 at 7:45 pm

This is quite comical. I love you man…

You talk of being productive. I recently sold my business and took six months off. I was productive and never had time for blogs. Bloggers with rare exception have more time to talk about things than doing them. Not the mark of successful people who are actually successful. As opposed to “successful” in the podcast sense of the word.

I am forming another company using a small percentage of the profits from my previous sale. I have capital, the result of 10 years of sweat equity. I could retire at 30 like all you Teriyaki-san morons want to but retirement is boring to productive people. As opposed to those who think productive is working without pay or profit.

Today I arranged for broadband at the office, went through a few resumes the headhunter provided and schmoozed a vendor to deduct $1800 off some equipment. And throw in 3-day express gratis. Like the Donald sez… the day I can’t spend 10 cents on a call to save a few bucks I’ll pack ip up and go home. Buy low, sell high. Habits of highly successful people.

For me this was a slow day but still, scads beyond the business Casey day. I’ll have my new enterprise up and running and you’ll still be in default.

But you serve a purpose. Reminding me what to watch out for with new hires!
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Justin
December 7th, 2006 at 7:52 pm

You obviously didn’t think things through. But, you already know that.

Screw the “gurus” — take their advice with a grain of salt. Get organized. Keep a clear head — you’re all over the place.

I haven’t seen this suggested: Master Real Estate Course (http://success.org/re/). Maybe you should check that out. A much more methodical approach to real estate investing.
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Ben Franklin, rolling over
December 7th, 2006 at 8:04 pm

“Early to bed, early to rise, makes a man healthy, wealthy, and wise.”

Damn, there goes another bit of folk wisdom shot to hell. Casey, are you now trying to destroy the American psyche along with our lending system?
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Rob P
December 7th, 2006 at 8:09 pm

@Happy Mind

Welcome to the fray. I would like to think that your response was tongue in cheek, but you offered up a few phrases from which I could infer that you genuinely believed you were adding to the store of knowledge.

As one great American observed: “How curious your last [entry] was! Well-intended, concise, containing all the elements that would appear to make up what passes among certain reference groups as a communicative effect, yet tinged throughout by what Jean-Paul Sartre is so fond of referring to as ‘nothingness’”. (Woody Allen, the Gossage-Vardebedian Papers)(unlike our blog host, I do credit my sources).

But when you state that: “as an advice and psychology student, I….”, do you mean to say that you, an individual, are an “advice”? What exactly do you mean? Is it simply that you suffer from Serinitis, the (apparently highly contagious) inability to spell correctly?

I’ll cut to the proverbial chase: is “visualizing success” the same as “attracting success?” Or, are the two concepts merely related, somehow, i.e. fraternal twins as opposed to identical twins? And who gives a rat’s pink behind?

Time for a Jamba Juice. Ommmmmmm.

And finally, is art the mirror of life, or what? (explain, for bonus credit)(OK, the Woodmeister, again)
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Vague Guru
December 7th, 2006 at 8:21 pm

Reading between the lines:

Early Riser - Casey gets up (late), posts his early riser message, and rewards himself with a nap until noon. What ever happened to the 3 mile runs?

$50k Unsecured Loan – Casey thinks he can get a $50k advance from a book publisher for his story, possible but unlikely. If PRlinzbiz actually owns the rights, this is even more unlikely, but of course Casey would “really want” to tell the publishers about this problem but somehow forgets.

$4k Co-Signer Loan – Casey talks someone (???) into believing he will get $4k from the blog/Adsense this month. Entirely possible, the problem is if repays the loan he is broke again and deeper in the hole.

Casey’s wife should start posting – She already has. Yneone is Casey’s wife, who else would buy his lies and give a sh*t at this point. Seriously, this blog is their future and their only asset, there is no way in hell she is not reading this and responding.

Yneone’s (Casey’s wife) CPA career is ruined – Four years and still in a JC, she was never going to be a CPA.
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Dave
December 7th, 2006 at 8:35 pm

Kevin wrote: “You mentioned on your blog that you were able to sell (”flip”) your first condo for a $33,000 profit. However, you mentioned on the show that the buyer required you to buy his property.”

Bingo! I thought the same thing. Is this true Casey? It would of course mean that you’ve never created value, never made a good deal, and have been living completely on borrowed money for a year. Now you are on borrowed time.

And BTW, I’m a lover not a hater.
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Vague Guru
December 7th, 2006 at 8:38 pm

Wow how strange, the cable modem only works from noon till 3:00 AM.
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BFI Agent Mulder
December 7th, 2006 at 8:47 pm

Uh oh! Watch out Casey! BFI has all your infomrations! Sounds pretty bad (I think).
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Vague Guru
December 7th, 2006 at 8:52 pm

Kevin ~ “You mentioned on your blog that you were able to sell (”flip”) your first condo for a $33,000 profit. However, you mentioned on the show that the buyer required you to buy his property.
Were you able to sell that second property for a profit? It seems to me that your first “profitable” flip may not have actually been profitable after all. Could it be that the individual that bought your condo actually stuck you with a much worse property?
If you take both properties into account, did you actually lose money on that original condo flip?”
Kevin, I noticed the same thing. Of course in Casey’s world cashflow = profit. So if you get $30k in cash in exchange for $50k in debt you just made $30k.
Win-Win, Sweet Deal.
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GoogleAdsenseTerms
December 7th, 2006 at 8:59 pm

https://www.google.com/adsense/terms

From Section 7

However, You may accurately disclose the amount of Google’s gross payments to You pursuant to the Program.

So spill the beans Casey. How much do you earn on this site via Adsense. You have no qualms sharing you are 2.2 million in debt and it’s funny that you willingingly committed fraud to get it, but when it comes to sharing your Adsense, you hem and haw.

You were quicker to post your bank account, show everyone where you worked to the extent you could be tracked down and had to remove both those posts, but are shy about your Ad earnings? If it was so little you would’ve told already. The fact that you have so many ads and consistently have money coming in, says you make quite a pretty penny. Way more than just enough to cover your hosting costs.
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Nigel Swaby
December 7th, 2006 at 9:01 pm

Casey,

I got a chance to listen to your podcast today (now that it is a podcast). It was pretty good, especially considering you guys were pretty much winging it. The sound quality was really good too. You should definitely do more of these, but probably limit them to an hour.

It was really interesting to hear the “callers” questions and attitudes become a little nicer now that they were talking to a “real person” instead of an “Internet character.” It’s also good to see people are starting to believe your story is real now.

I wanted to touch on a couple subjects brought up in the interview that didn’t seem to get resolved well.

The first would be the question of stated income loans. I wrote a post about these home loans a couple months ago that explains the reason they exist and how they can be used responsibly.

The second issue is the cash back at closing. Like Jerome explained very well on the podcast, lenders hate having their loans secured by homes that are worth less than disclosed. There are circumstances where a borrower can get cash back at closing, but the lender always knows about it and there is a higher rate involved.

Borrowers can get small amounts cash back at closing - usually less than $2000 - without paying a higher rate. Banks will make “cash out” refinances as well, but never for purchases.

There are what are called 107% and 125% loans for purchases. Usually the 107% is for “borrowed down payments” and closing costs, while 125% are for debt reduction or rehab. These loans also require higher credit scores.

Legitimate deals can also be struck with the seller to get repair money, but those repairs typically have to be done before closing and the home inspector needs to sign off on the repairs to the lender.

There is no legitimate way to receive cash back at closing without the lender knowing.

I hope this clarifies things for people who had questions about these topics.

Take care Casey.

Nigel
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Jam Master J
December 7th, 2006 at 9:11 pm

T.White-
Ha ha, love it! Thanks for that tidbit.

Smiling.
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Vague Guru
December 7th, 2006 at 9:15 pm

Casey ~ “Yneone is not my wife. It’s funny you guys keep thinking that.”

Well if she’s not your wife how did PRLinkBiz get her email address?

Either she’s your wife or you gave her the email address. Which is it?

If she is not your wife, who is she?

Your Mom? Your Sister? Your Sister-in-law?

Of course you will ignore this question as always, so until proven otherwise she is your wife. QED.
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HungryBear
December 7th, 2006 at 9:17 pm

Casey,

In regard to the mortage felon’s comments, I think if you took copies of all your paperwork down to the FBI office and confessed to mortage fraud, not a lot would happen. They would consider you low priority. They would probably just call the local cops and have you taken to the psyche ward for an evaluation, then let you go. Nonetheless, it would take some serious cajones for you to go through with that - could be a major publicity stunt for your blog!
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Bitz
December 7th, 2006 at 9:24 pm

Stupid too

Glad to hear things are starting to turn around for you. Stay “lean” and keep looking for solutions like you have been. Get those deadbeats out of house #2 quick or it won’t be worth 90k anymore… but it sounds like you’re getting that done. Great work.
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Big Cheese
December 7th, 2006 at 10:06 pm

The podcast was very nice- well done Casey on making interesting and fairly professional. Although Jerome could use a lesson on speaking into the microphone.

Jerome also sounds a bit like Kevin Spacey in addition to his looks. I think Kevin has a sure shot at this role when this becomes a movie.

During the podcast my favorite part was when Jerome was talking about ‘Earnest money’ when doing a deal and mentioned that most people put down $5000 or so in the interest of a legimate buyer and seller. He asked Casey how much he put down and the answer was:

“Huh. I don’t know. 10 bucks maybe?”

I spit water up on my keyboard when I heard that. Somehow Jerome kept it together.

Casey, this is beyond surreal.

-Big Cheese
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Lou Minatti
December 7th, 2006 at 10:08 pm

Casey,

Thanks for the podcast. It was very good. Unfortunately, I agree with Jerome. I think at this point the best way you can make amends (of a sort) is to go down to the Sacramento FBI office with your files and talk to an agent. The wheels of justice turn slowly, but they will get around to you. But Jerome has turned his criminal past into a (I assume) lucrative career. Face the music and you may be able to restart your life at 30. You do have the gift of gab and self-promotion, and I think you’d be good as a Jerome Junior.
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Big Cheese
December 7th, 2006 at 10:09 pm

One more thing Casey.

A lawyer once told me that the wheels of justice turn very slowly but grind very finely. It took a long time to come after Jerome but they did.

Be very worried about this my friend and look to have an escape strategy if it comes to that. And for heaven’s sake don’t blog about this publicly.

Big Cheese
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Crashlander
December 7th, 2006 at 10:21 pm

TURN YOURSELF INTO THE FBI! They won’t do anything and if they do it will make him famous. Its probably like trying to turn youself in for speeding - they won’t even have a form or a process to handle him. He won’t even be able to find anyone to talk to on the phone. This is the federal gov after all. But it will be a great video!!!

Casey could be the first guy ever to turn himself in for this!! He’ll be fffffaaaammmouuuuus. BOOK RIGHTS will be in the millions.

Ring Ring: ” FBI, how can I help you?”
Casey:” Hello good day, I would like turn myself in for committing mortgage fraud”.

FBI:” Please call this this number xx x x xx x”
Ring Ring: (repeat above 15 times)
..
.
.
.
5 hours later no progress

.
..
your tax $ at work.
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Lou Minatti: Casey Serin is going to prison
December 7th, 2006 at 10:42 pm

Kramer auto Pingback[…] You may have heard Casey Serin’s podcast. If not, I recommend it if you have the time. It is amazing to hear a 24-year-old guy finally come to the realization that he’s facing years in a federal prison for (alleged) fraud.The evidence is clearly presented in his blog. He flat-out admits to committing mortgage fraud during his podcast. In his words from the podcast, he figured that “everybody’s doing it, it can’t be that bad.” Casey keeps saying he wants to pay the lenders back, which is clearly impossible considering he owes approximately $2.2 million to the banks, plus over $100,000 to credit card companies. Casey says he wants to make sure his wife’s credit is unblemished, but I think she has bigger problems than a rotten credit score. For someone studying to be a CPA, was she clueless about what she was co-signing for?There are tens of thousands of Casey’s out there who have made housing unaffordable for hard-working honest people. Unlike some, I’m not gleeful about a 24-year-old going to federal prison, but it’s time we as a society started punishing those who rip us off. And frankly, Casey doesn’t sound all that contrite - to me it sounds like he’s more upset with himself for getting caught than for engaging in the alleged fraud. (That’s what it should be labeled as - until he is tried and convicted, it is alleged fraud.)Jerome Mayne, the guy Casey was interviewing during the podcast, said that the best way Casey could show he wanted to make good was to go down to the Sacramento FBI office with his files and tell the agents what he’s been up to. That would save taxpayer dollars since the FBI agents wouldn’t have to work as hard researching the case. If the FBI isn’t looking into Casey right now, they will be soon. He may as well make it easier for them since the outcome will be the same. And perhaps Casey could be a good witness for federal prosecutors when they go after Casey’s enablers. Despite $2.2 million in fraud, Casey’s at the bottom of the fraud ladder. The mortgage brokers, appraisers and “get rich quick in real estate” seminar shysters are the ones who deserve the most time. Casey needs to squeal like a pig.The wheels of justice turn slowly, but they will get to him. My only question at this point is will Casey podcast his arrest and blog during his trial? I hope so! But I suspect that his attorney will tell him otherwise. […]
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idiot
December 7th, 2006 at 11:34 pm

dude, you should totally be pitching ad campaigns to Jamba Juice, Maccaroni Grill and Starfucks.

Macaroni Grill could christen plain macaroni with maranara sauce “the Casey special”: “Why make it at home for $2.99 when you can blow fifteen bucks worth of credit on it?”

Jamba Juice could run an ad with you trying to make a smoothie in a blender and fucking it up and spilling all over yourself, then cut to a sceen with you, still covered in the fruit juice of your own failure, buying a “real” smothie at Jamba.

Starfucks could help you record a spoken word inspirational album full of semi-biblical feel-good advice, in five-minute long tracks, and call it “Coffe with Casey” - they could promote the idea of starting the day extra early with an eight dollar coffe and your words of wisdom on the car stereo during the morning commute.

Think about it.
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Casey Serin
December 7th, 2006 at 11:39 pm

Man… I wonder about this whole turning myself in to the FBI thing. I haven’t thought of it before. (When Jerome said that it caught me by surprise actually).

I see what Jerome is trying to say though. Here I am saying all this stuff about “taking personal responsibility” but so far I have just admitted it and not taken the next step.

I thought investigating it, admitting to it, and trying to find a way to pay back all the money is enough. Do I really need to turn myself in?

I mean if they do catch me, I will probably just plea guilty, that’s what I’m doing on the blog already. Is turning myself in the smartest thing to do right now?

Say if I was an alien from another planet and I just came to earth not understanding the laws of the land (go with me on this). Lets say I was to rob a bank because everybody else is doing it and it seems like a normal way to make money. Then I realize it is actually a crime. I realize it was wrong and I want to make it right. Wouldn’t I just return the money quietly and never do it again? Lesson learned, right?
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Nigel Swaby
December 7th, 2006 at 11:56 pm

Ok, last post tonight.

Casey,

If you listened to Jerome, that was the only thing he could tell you if he wanted to maintain any credibility in his profession. If you ask someone else, they’ll tell you something different. You’ve received advice from 1000s of people on the blog and not one has suggested you turn yourself in.

Yes, you committed loan fraud. Yes, blogging about it was a horrible idea in terms of protecting yourself. Should you go to the FBI? I don’t think so. Should you prepare yourself that you may be investigated? Definitely.

Now, never speak of this again.

Nigel
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yneone
December 7th, 2006 at 11:59 pm

I was thinking about whether to respond to some of the stuff on here. After thinking it through..I’ve decided, “what the hell”.

First and foremost, Casey know that while there are many hateful things being said about you right now via this blog, know that there are people who do care about you and are hoping for a positive outcome.

I’ve probably been your biggest supporter (here) because on some level, I can relate to you and your situation . Mostly, I’m remembering what it was like to be your age (24 is still young) and not having any real direction in life. By His grace, I did find my way but it wasnt easy and I made monumental mistakes. I weathered the storm though and came out stronger because of my mistakes - You will too.

Some people on here find it hard to believe that someone like me could possibly care about another human being without ever meeting or knowing that person. One minute, i’m some groupie, and the next I’m your wife. Wrong on both counts. I am a happily married woman. And actually, both me and my husband have been following this blog for months. He’s just as intrigued with this whole situation as I am. Casey, “Jordan” that would be my husbands name, admires your ambition and drive. You took the initiative and followed your dream albeit not without mistakes but you did follow your heart. You are to be commended for that.

I’ve never been one to go along with the status quo and I do believe that YOU Casey are deserving of a second chance. You’ve given so much of yourself to this blog. You are a walking target for some here to vent their frustration, but you’ve handled it all exceptionally well. Reading every single blog, responding to email, and just giving of yourself on so many levels. Honestly, I couldnt do it…but in the process, you have raised an awareness. You’ve brought many smart and talented people to this blog. Personally, I’ve learned so much about real estate (here). I’m sure there are others who feel the same way as I do.

The Podcast (or whatever we’re calling it these days) was another example of you opening yourself up to the world. I have mixed feelings about the dialogue though you already know that. Many people here have decided your fate because of it. Casey, some of these people couldnt walk a mile in your shoes. Yet here they sit blogging allday telling you what you should do. Be grateful for their opinions, but remember they can’t even begin to understand what it feels like to be you right now. Okay….

Now excuse me while I go see the “peep show” i’ve been hearing about. I understand there’s a certain “loose” entrepreneur flaunting her goods for the world to see - FREE OF CHARGE! I have to see it to believe it. Women of the world, unite (yeah right).

Casey, hang-tough.
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jilly
December 8th, 2006 at 1:05 am

Is this a confession Casey? Are you an Alien?

If you really want high traffic you should call Art Bell. You could tell him that you didn’t know because on planet Zigor it’s perfectly legal.

I’m not kidding his listeners will eat it up and your site will explode with traffic.

Let the listeners know that you’re the only supplier of shadow people repellent and they can only get it on your site. Millions of hits within 4 hours. Awesome!

Sigh… another great idea - totally ignored.
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dean
December 8th, 2006 at 1:23 am

Man I’ve read this whole blog and it just never stops amazing me what a man will go through just to get away from his wife!
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Miguel
December 8th, 2006 at 2:15 am

“Say if I was an alien from another planet and I just came to earth not understanding the laws of the land (go with me on this). Lets say I was to rob a bank because everybody else is doing it and it seems like a normal way to make money. Then I realize it is actually a crime. I realize it was wrong and I want to make it right. Wouldn’t I just return the money quietly and never do it again? Lesson learned, right? ”

Casey, Casey, Casey…

…words fail me.

Assuming you’re not trolling for comic effect, you really are the most extraordinarily naive individual I think I’ve ever come across. Seriously, my three-year-old son has more street smarts than you. How on earth you thought you were equipped to be a player in a cut-throat business I’ve no idea, though I suppose that’s a by-product of the same naivete.

Let’s just spell it out:

1. Ignorance of the law is no excuse.
2. “Everybody’s doing it” is no excuse.
3. Having committed the crime, offering to put things right MIGHT sway a judge into being more sympathetic when it comes to sentencing (though this will depend on whether he’s convinced it’s sincere and, more importantly, on whether words are matched by deeds), but it will NOT cancel out the original act, and it will NOT absolve you from punishment.

And why should it?
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Tim, from Monterey Bay area
December 8th, 2006 at 2:17 am

“Man… I wonder about this whole turning myself in to the FBI thing. I haven’t thought of it before. (When Jerome said that it caught me by surprise actually).”

This is silly. Think about it. Suppose you show up at some regional FBI office, not having heard there is any kind of arrest warrant outstanding, anything at all, and say “I’ve committed mortgage fraud and I’m here to turn myself in.”

The woman at the front desk will think you’re joking and tell you that joking with the FBI is a serious matter. Then she’ll call her supervisor, maybe, and he’ll come out to the front office, get the gist of your visit, and tell you:

“Don’t call us, we’ll call you.”

Even if you discover you are being formally investigated, it will be months before the machinery reaches the point where some kind of indictment will occur. Only then will you and your lawyers need to make an appearance, possibly you will be booked into custody (and the released on your own recognizance, generally, though the prosecutors/ADAs may request bail/bond).

In any case, this is handled by the prosecution arm of the government, which will be one or more of the Federal courts (probably). The FBI is not responsible for prosecution!

I’m scratching my head, wondering how you could be so _disconnected_ from how American jurisprudence works. Even someone watching a few episodes of “Law and Order” and that type of show ought to pick up the basics. (Not watching t.v. is all well and good, sort of, but this is a case where you deeply need to absorb more of the American culture and mores if you are to operate here in America.)

Many of us urged you months ago to consult with qualified lawyers. You even said you were planning to, “first thing next week” (this was back in October). We never heard any more of this, except some cockamamie thing about how the “lawyer” you allegedly consulted thought the “house raffle” idea was “interesting.” This flunked the smell test, as any lawyer who even got his J.D. from the back of a Wheaties box is going to know that private raffles of houses are basically impossible to arrange in any of the 50 states, especially in Californa. And he’s going to know that even if they could be done, the mechanics of setting up a valid raffle ticket system (no fraud, verfied accounting, etc.) are not something a person with no cash can arrange in the few months you have before foreclosure.

You wander off on hare-brained schemes that are second cousin to scams, then spin your wheels speculating on whether they’ll work. Weeks pass. Time is wasted.

I’ve said it too many times. You need to:

1. Spend a few hours doing a very complete summary of your finances on each of your properties: the late payments, the taxes owed (soon), the bare minimum maintenance arrangements (such as keeping vacant houses heated when winter arrives), and any other fees.

I have said you ought to do an Excel spreadsheet, listing each of your 4-5 properties, with some rows for each successive month. The idea is to see a snapshot of your dire financial situation…also something useful to show your bankruptcy lawyer.

2. Have your accounting student wife do this. She should be doing this already. (You said she handles the finances, but I see no evidence that she is the one calling the banks, talking to loan officers, etc. If you mean “she enters the receipts for Jamba Juice and plane tickets into Microsoft Money,” then you have have confused “trivial accounting” with “handling the finances.)

3. When you see that you are unavoidably about $400K underwater (or upside down, the metaphor others like to use instead of underwater), and that your underwater depth is increasing unavoidably by about $25-40K per month, then maybe you will grasp that none of your minor efforts (like the $3K per month job with Rich Friend Chris) can possibly save you and the collision you have ahead of you in the next few months.

4. When you see this, then you will see the need to have a lawyer advise you on the most urgent things you need to do.

5. Several times you have seemed oblivious to the legal and financial world and how it works. The default by your “wrap” buyers in Utah is just an example….such wraps are, by their nature, dangerous (in the sense that defaults and fraud are common). Now you are discovering what it’s like to be defaulted on. (Your credulous point about how you thought they were “qualified buyers” is not worth commenting on.)

6. Worry about liquidating these properties. Fast. Soon.

7. Whether the Feds, Fannie Mae, the FBI, etc. are investigating you is admittedly worrisome (it would be to me–I’d have no problem getting up at 6 A.M. for the simple reason that I’d likely be up all night worrying about the hammer about to fall). But your priority must be to try to behave legally, as best you can given the fraud you’ve already committed, and dispose of these properties you clearly cannot afford to keep.

8. Stop thinking in terms of miracles, or “sweet deals,” or how you can potentially make $1000 per hour by “bird-dogging.” (I don’t think you have particular skills in this, as shown by the present situation. Maybe you have skills in other areas. Time for you to get out of real estate.)

Stop conning yourself, and your wife and family and friends, with fantasies about sweet deals. The plain fact is utterly clear: no conceivable “deal” that you can find can make a dent in your $400K underwater amount. Even the $30K you say you made by flipping your condo (*) would have to be REPEATED _every_ month to get you out of the roughly $30K per month it takes to service your existing debts!

(* And as some have noted, there’s some oddness with the $30K flipping profit, given that you apparently had to buy your buyer’s old property, if what people are reading in your property docs is true. If so, you may have been screwed on even your one big profitable venture.)

The point is this: you do not have the earning power at this time, either in Web page design or in “helping Chris out,” or in finding “sweet deals” on your own, to possibly dig yourself out of the deep hole you are in.

You are effectively insolvent. Face it, and consult qualifed lawyers. If you cannot afford one, maybe there are pro bono services, or clinics, or bankruptcy services operated by California for those who are insolvent.

Face it, Casey, you are financially wiped out. Busted.

Others like to speculate on how you can move on with your life, blah blah. Maybe. My focus is on the hard numbers, not giving you moral support–or the kind of cheap condemnation some of the “haters” give you.

The cold numbers are what they are: you are busted flat.

Time to deal with it.

–Tim, the one from the Monterey Bay region
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Coyote Investor
December 8th, 2006 at 2:22 am

So, there you have it, “just return the money quietly”.
Problem solved.
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Marc
December 8th, 2006 at 3:16 am

Criminal law states first and foremost that no one can ignore it or claim ignorance of the rules.

Ignorance being no defense, a crime was commited as judged by society. What is being judged are actions, regardless of intent or state of mind. The later can only mitigate a sentence but a sentence there will be if you plea guilty.
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Big Cheese
December 8th, 2006 at 4:00 am

Casey,

The alien analogy is really over the top. Even if you are in a foreign country and break the law that is no excuse against facing the consequence of your action.

I think turning yourself in isn’t a bad idea after some consideration. You will probably get off with a slap on the wrist and get some major publicity for this. It would be like hitting the media whoring jackpot.

As a big bonus, you would gain a lot more credibility from many ‘haters’ who have now seen you put your money where your mouth is on the topic of making your lenders whole.

Really consider this Casey, it could be a great strategy.

-Big Cheese
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Mike
December 8th, 2006 at 5:32 am

Dumbass, everyone is not robbing banks or commiting mortgage fraud. A few unethical people that want to get rich fast are.

Everyone is not borrowing money from whomever will give it to them so that they don’t need to work. A few lazy dreamers are.

More accurately, everyone is going to work at real jobs that pay. Why aren’t you doing that?
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OMFG
December 8th, 2006 at 5:34 am

“Lets say I was to rob a bank because everybody else is doing it and it seems like a normal way to make money. Then I realize it is actually a crime. I realize it was wrong and I want to make it right. Wouldn’t I just return the money quietly and never do it again? Lesson learned, right? ”

That has to be the funniest thing I have ever seen on this blog yet. My 5 year old grandson knows better. Who writes your material?

That comment will be good for at least another 50 comments. You learn well grasshopper. You don’t really think anyone thinks you are’nt just driving up the traffic with troll comments like that, are you?
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JTR
December 8th, 2006 at 6:03 am

Casey,

Talk to a lawyer. NOW! There are concepts like “mens rea” and “actus reus” and “criminal negligence” that you really should have explained to you.

Here’s a teaser: The general rule under U.S. law is that “ignorance of the law or a mistake of law is no defense to criminal prosecution.” See Cheek v. United States, 498 U.S. 192 (1991). There are exceptions to this rule which are sometimes referred to as “specific intent” crimes. For example, in the case of tax evasion under 26 U.S.C. § 7201 the defendant must be shown to have a specific intent to violate an actually known legal duty.

I’m afraid you’ve drifting so far out to sea you can’t see the shoreline any longer, and have truly lost your bearings.

Get help before some nice man in a suit says something about having an attorney appointed for you.
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samk
December 8th, 2006 at 6:26 am

“I realize it was wrong and I want to make it right. Wouldn’t I just return the money quietly and never do it again? Lesson learned, right?”

That’s the kind of break I give my children. You’re not a child, Casey. You’re an adult. Adults are expected to be able to recognize right and wrong.

When you go out to play with the big boys you play by their rules. If you don’t know the rules you shouldn’t be playing the game. I am sure the lenders didn’t tell you to commit fraud, so which guru said it would be okay?
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Lou Minatti
December 8th, 2006 at 6:32 am

“I mean if they do catch me, I will probably just plea guilty, that’s what I’m doing on the blog already. Is turning myself in the smartest thing to do right now?”

No “if they do catch me,” Casey. They will catch you. I promise you, Casey, they will catch you.

There was an old guy on Usenet a few years ago who was crazy. He would file phony liens (i.e., “Each time you use my name on Usenet you will agree to pay me $25,000… you didn’t pay me, here’s a copy of the lien I have filed”) on people he didn’t like. It took almost 2 years before the State of Oregon got around to arresting him. This is a case I am personally acquainted with since I was almost one of his victims.

But they finally got around to arresting and convicting him.
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Dan Riba
December 8th, 2006 at 6:51 am

Say if I was an alien from another planet and I just came to earth not understanding the laws of the land. Lets say I was to rob a bank because everybody else is doing it and it seems like a normal way to make money. Then I realize it is actually a crime. Wouldn’t I just return the money quietly and never do it again? Lesson learned, right?

You would be so hosed if you did that. Didn’t you see MAN WHO FELL TO EARTH, starring David Bowie? Authorities would X-ray your head, blinding you, and steal all your inventions. Are you trying to tell us you’re an alien? Will that increase blog traffic?
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CM SE
December 8th, 2006 at 7:00 am

Say if I was an alien from another planet and I just came to earth not understanding the laws of the land (go with me on this). Lets say I was to rob a bank because everybody else is doing it and it seems like a normal way to make money. Then I realize it is actually a crime. I realize it was wrong and I want to make it right. Wouldn’t I just return the money quietly and never do it again? Lesson learned, right?

Uhhhh, no. Ignorance of the law is no excuse. In other words: do the crime, do the time.

You might get a lesser sentence if you were actually ignorant of the law, but you weren’t. Despite your protests to the contrary, I fully believe that you knew exactly what you were doing and just hoped (prayed) you didn’t get caught.

You know lying is wrong, even if you didn’t know that it was a criminal offense. As many have pointed out to you, however, it CLEARLY states on EVERY loan application that lying on that application is a criminal offense.

I suppose you could claim the defense that you don’t understand English or don’t read it well. You’ve pretty much shot yourself in the foot there, though, with this blog.

Just own your responsibility and start making amends. Pay back what you owe. Get a freakin’ job and for Heaven’s sake, STOP blogging about how early you rise. That just pisses off those of us who do.
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Big Cheese
December 8th, 2006 at 7:13 am

I saw the website for prlinkbiz

http://www.myspace.com/prlinkbiz

Maybe I’ve been living in Asia too long and am used to the small size of people here… nevertheless, she is a big girl (or grrrl). No wonder 3000+sq ft houses are so popular in Phoenix.

-Big Cheese
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John M
December 8th, 2006 at 7:41 am

Casey: You don’t have a leg to stand on to claim ignorance of the law when the loan documents state that providing inaccurate information is a criminal and civil offense. How can you possibly feel that you can claim ignorance of the law when you signed a statement explaining the law and that you understood it?
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chucklet
December 8th, 2006 at 7:44 am

“Lets say I was to rob a bank because everybody else is doing it and it seems like a normal way to make money.”

Good God. Did you mother never give you the “If everyone else was to jump off a building…” speech? Just in case, here it is (modified slightly to fit your analogy):

Lets say I’m on top off the Empire State Building and everyone is jumping off. It seems like a normal way to get down, so I follow them. Halfway down I realize that it’s gonna hurt when I land, and I wish I hadn’t jumped.

Doesn’t this seem like something a 5 year old should be able to grasp?

I’m not a hater, but I’m getting there. Just do something, ANYTHING, subtantive to make me think you’re actually gaining some maturity from all of this. Right now, I don’t think you’ve learned a damn thing.
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Big Cheese
December 8th, 2006 at 8:39 am

Hmmm,

Now I am thinking that any prosecution wouldn’t bother Casey as long as he keeps updating his blog and keeping it interesting every day.

Of course once you stop you are in trouble.

Big Cheese
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Great Idea!
December 8th, 2006 at 9:10 am

Actually, this is a brilliant idea. I think if Casey can prove he’s an alien from another planet, he has a very good chance of getting out of this whole mess.
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Willyboy
December 8th, 2006 at 7:08 pm

Casey,

reality time:

America is a country of laws and a country of law breakers, moral relativists each and every one. Very few of us are squeaky clean and most of us would have reason to worry if the government shined it spotlight on us. Many seemingly upright people that have never been arrested have done things far worse than many people currently in prison.

A lot of crimes are committed everyday. Only a small proportion result in arrests. The people who are arrested are usually guilty, but nevertheless put on the best defense they can afford. This is because nobody wants to give up their freedom or end up in a worse position then they are already in.

So don’t volunteer to go to prison, you idiot.

The time for suggestions is over. Just listen and do what your told. (You can thank me later.)

1. Shut the blog down now.

2. Don’t “turn yourself in”

3. Get to a good BK attorney and follows his recommendations.

With a little luck, 3 months from now, past readers will remember you but hopefully won’t quite remember your name.
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Josh
December 9th, 2006 at 2:23 am

Ha, I totally understand you, “whatever you wanna call it”

I prefer “(online) talk show” because it can mean anything, from recorded to broadcasted to tape. I don’t like to use ‘radio’ (prefixed with ‘internet’) because it implies radio frequency, an insult to people on real radio stations. I don’t like podcast because it’s just a hip fad word meaning not much more than mp3 download.

Ironically, ‘podcast’ (canned) has started to take us back from live webcast/Shoutcast.
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geno petro
December 9th, 2006 at 6:27 am

Hey Casey, I linked your Pdcast to a few different places I contribute on. The readership (listenership ) should be fairly outreaching–not that you need it! I wish you continued luck.

Geno

http://genopetroche.blogspot.c.....vises.html
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Turn Your Self In
December 9th, 2006 at 11:01 am

Casey,

Will you turn yourself in for the FRAUD you have admitted to doing as Jerome suggest you do?

Since you want to do “RIGHT”, will you turn yourself in?
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Chicago’s Home Weblog: How to buy a Loft, Condo, House; Search Chicago Real Estate; Buyer, Seller Links and Help in Chicago
December 9th, 2006 at 12:11 pm

Kramer auto Pingback[…] The only person I’ve read about with more intrigue of late than Casey Seron, I’m Facing Foreclosure.com, is Jerome Mayne. Mr Mayne is a nationally recognized author and keynote speaker but is even more celebrated as a felony convicted ex-convict who’s criminal drug of choice was mortgage fraud. I’m linking you to a very engaging two hour Mortgage Fraud Podcast. I know this podcast thing is old hat for a lot of you (its been mainstream for what…ten minutes?) but to me it is almost ‘other worldly.’ (and I’ll share my own thoughts on why a little further down the page)Grab a cup of coffee, put on some comfortable lounge wear and listen in amazement how the young California kid Seron, and the seasoned ex-professional Mayne, interact in this inventive new arena of podcasting. The download process is a little ’steppy’ but is well worth the experience, not only for the content (a little bone chilling I’d imagine, for anyone playing close to the ethical fence) but for the podcast medium itself.I’ve referenced Casey Seron previously and many of you know the whole story of how he got buried financially in the foreclosure market. And it just seems to be getting worse for the kid asbail-out mortgages begin to unwrap and the walls of his real estate world continue to close in, and as he even fears imprisonment himself.And this Mayne guy…very smooth. And the comments from the audience on the blog pages? They range from sympathetic to relentless and his site has hundreds of them posted.Now, if someone would have told me in 1984 (ironic year) when I accepted my first professional sales position that one day my phone would be cordless and in my pocket always, that this thing that looked like a souped up IBM Selectric connected to something that resembled a thin television screen but only the size of a large notebook with no cords would be how I communicated interactively with the world, that all the music and talk shows I would ever need to listen to would fit on something the size of a credit card, and that I’d be married two more times…If someone tried to sell me on that whole scenario I would have been hard pressed to bite my tongue much less not take a swing!Anyway, whether its the riveting story line, the podcast experience itself or both, do yourself a favor and kick back this weekend and listen for an hour or two. Oh, and also think twice before pre-qualifying one of your clients on ’stated income.’ Yikes!photo by nu-risk services […]
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Tim, from Monterey Bay area
December 9th, 2006 at 12:34 pm

The “hairball” in Utah may be what brings this house of cards down.

But first, yet another proposal that Casey should do something dumb:

“Will you turn yourself in for the FRAUD you have admitted to doing as Jerome suggest you do?”

Again, this is a silly line of reasoning. Absent any charges, any warrants, nobody is ever obligated or advised to simply start volunteering to having committed crimes. Nor are they penalized for _not_ “having come forward sooner.”

(Granted, sometimes white collar criminals approach a lawyer, who carefully considers their case, and then “makes a proffer” with investigators, hoping to “structure a deal” well in advance of any charges being filed. This is a rarified situation, though, requiring very competent lawyers. And it’s a far cry from just showing up at some police department or FBI field office and saying “I’m a criminal. Arrest me.”)

Turn himself into which agency? For which specific charges? Is there a warrant outstanding for his arrest? (There may be in a year or so, as the machinery grinds, but almost certainly not now. And since they know where to find him, if he has not been contacted, there is no arrest warrant.)

As I said, were Casey to “turn himself in” the gals at the front desk would just give him blank looks.

As to why Casey has not yet been charged, there are multiple good reasons, which I’ve summarized before. Here we go again:

1. Investigations take time. The Hatch case (”Survivor” guy, now in prison) took several years to unfold. Jerome Mayne’s case also took time.

2. Many of the frauds (I don’t have to say “alleged frauds” because I am not his judge/jury and I know fraud when I see it, and Casey has himself acknowledged that his deals were fraudulent, shady, dishonest, etc.) have not yet fully played out. That is, if Casey is interrupted right now, with an arrest and no-bail situation (for instance), he could justifiably claim that some of the defaults “could have been” avoided. The charges will get stronger once the defaults and foreclosures have actually happened.

3. Case load. Investigators have a lot of these fraud cases developing right now. While I think it’s 95% certain that the sheer publicity of Casey’s case (!) has already caused them to “start a file” on him, it’ll take many more months of collecting documents, blog entries, video interviews (which are evidence), before they will feel confident enough to proceed with indictments.

4. Meanwhile, Casey is giving more interviews, confessing to fraud in various ways, and is, basically, hanging himself.

5. Most importantly, we have as yet seen no evidence that the _victims_ of his frauds have _yet_ formally complained. While investigators from FNMA and other lending agencies, plus perhaps the “wire fraud” investigators (FBI, others) may be tracking Casey’s case, the lack of formal complaints (”we was robbed!”) from Countrywide and other lenders makes prosecution harder.

The Utah snafu may actually turn out to be the “trigger,” though. Title companies are very picky about fraud which triggers their title insurance departments to pay out claims. As others have noted, if the realtors and title company can produce signed papers saying Casey had permission from the first and second note lenders to “wrap” the house, when he did not, then the fur will begin to fly (sorry, Sputnik!). This whole “hairball” could be what brings the whole house of cards down.

–Tim from Monterey
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JLIN
December 9th, 2006 at 12:36 pm

Maybe it’s time to change the housing status on the right panel?
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Free Advice
December 9th, 2006 at 4:19 pm

Most importantly, we have as yet seen no evidence that the _victims_ of his frauds have _yet_ formally complained. While investigators from FNMA and other lending agencies, plus perhaps the “wire fraud” investigators (FBI, others) may be tracking Casey’s case, the lack of formal complaints (”we was robbed!”) from Countrywide and other lenders makes prosecution harder.

Tim:

First, FNMA may not have purchased any of these loans. It may have been FHLMC, GNMA, or some other entity entirely.

And while any private company can have “investigators,” (FNMA included), they don’t have any legal authority.

As for FNMA, with about $300 billion+ in loans outstanding, I doubt they’re spending much effort on Casey.

If they have noticed a specific source of poorly performing loans (a specific retail lender), they might raise a ruckus. If so, however, that specific lender has way more to worry about than Casey’s 100K share of it.

The Utah snafu may actually turn out to be the “trigger,” though. Title companies are very picky about fraud which triggers their title insurance departments to pay out claims. As others have noted, if the realtors and title company can produce signed papers saying Casey had permission from the first and second note lenders to “wrap” the house, when he did not, then the fur will begin to fly (sorry, Sputnik!). This whole “hairball” could be what brings the whole house of cards down.

Not necessarily so. This may be a very unique mortgage, but if it contains the typical “due-on-sale” clause, that doesn’t mean you need permission from anyone. You’re free to transfer title to anyone you wish — as long as you pay your original lender when *the lender* trigger the due on sale clause.

For example, if I sell you my house, my current loan is due. But there’s no way I have to ask my lender for their permission first.

Further, there’s no title insurance issue. Your lender (or you, if you have an owner’s policy), insures you against *past* defects in title … as in “Oh, plat 56, lot 18? Hell, *I* own that! See, I have a deed recorded in 1935!”

If the Utah lender goes to their title insurance company saying, “Hey! Casey sold our collateral after we lent him money!” the title insurance company is going to say, “Oh, that’s too bad. Here’s a free calendar.”

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