Wednesday, March 07, 2007

By John I think He's Got It!


We've all been scratching our blue balls wondering what Casey brings to any deal. Now that John McKee has pointed it out it is so obvious:
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John McKee said...
Casey does have one skill, committing fraud to get cash back at closing.

I just think it's kind of interesting that a partner would enlist Casey's help to look at a house that the seller would be willing to sell for $2,000,000 for a quick close (Read, significantly lower than the listed price) that they say would appraise for $2,500,000 and bring along a mortgage broker.

A house with sellers eager to close quickly at a price much lower than the listed price and the price it will appraise at. An expert at committing mortgage fraud for cash back at closing. Mortgage broker.

hmmm....
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Casey brings three things; a personal reputation that can't be further degraded, an ability and willingness to commit mortgage fraud and connections to unethical industry people willing to help. Money man G, Casey and some mortgage broker yet to be named each clear $100,000 and Casey takes a fall no harder than what he's facing now.

42 comments:

Katie said...

First?!

And what better cover than a lonely cashier at Jamba Juice! Oh, that Nigel is soooooooooooooo clever (NOT).

Rob Dawg said...

"Nigel?" Who said Nigel? I said a mortgage broker to be named later. Haven't you been reading? Nigel is an ethical practioner with the highest moral standards. Just ask him. Just don't try to ask him if he anything to do with the Utah wrap.

gordo said...

I have this recurring fantasy that the new money partner, G, is really HOMEY working undercover. That would explain why we haven't heard from him in awhile.

gordo said...

I have this recurring fantasy that the new money partner, G, is really HOMEY working undercover. That would explain why we haven't heard from him in awhile.

rot26 said...

new post,

#129 on C's Utah thread

Mozatta said...

I am sure that is what they are thinking. Here is what I am thinking

A)Casey has no credit. This "buyer" better have good credit

B) They will have to go stated. Obviously anyone associated with Casey does not bring in steady income, let alone enough to support a 2M loan. With that being said, 100% stated is hard to come by, no matter how good CS' connections are.

C) Lenders are cracking down hard on Stated purchases. a 2M stated purchase will surely go through multiple "checks" Their game better be tight. This isn't the same industry that CS bought his 8 homes in. Especially when you are dealing with a 2M purchase

D) You know that this house has a "fraud" alert attached to it. By Casey posting a pic of this house, it has already raised red flags. Anyone looking at this house will need to be air-tight

E) 100K? What is CS gonna do with 100K? It doesn't put a dent in his debt. Where is he going to store this 100K? How is he going to deposit it? Will he store it at his house? Surely, someone will find out that this schmuck has the $$$ and they will collect their part of it.

As great as it sounds to old Tinkle Berries, there is no way this is pulled off. Any lender will double and triple check this. No way this deal gets passed through.

Anonymous said...

I couldn't agree more. It's just about the only way that KC can get some cash and live the good life. Can only hope that the cash back comes in the form of a check that goes into a bank account. And someone has a lien against that account.

Yeah, I can always dream. Wish I had Beyonce as my girlfriend too!

Rob Dawg said...

c equals fraud,
Casey just doesn't get it yet does he?

rot26 said...

@Rob

he likes em 'cheery' doesn't he?

Anonymous said...

If Nigel has KC's email why does he post that he got the resume in the public forum?

Something is off with these two. I just don't get it.

Anonymous said...

Why is it that Nigel can't answer a question without some asinine conceited response?

Why does anybody believe that guy?

Anonymous said...

On the always interesting subject of poor lending practices, there's a nice review of the effect of the tighter BK laws on credit card offers over at DailyKos:

http://www.dailykos.com/storyonly/2007/3/7/131433/6645

This sort of thing probably helped push our darling little snowflake into some of that unsecured debt.

lawnmower man said...

For all Nigel's self-promoting faults, consider this: he has actually got Casey closer to considering a J-O-B than any of us ever managed. Good on him.

(Maybe we can convince Casey to put his resume up on Google Docs?)

Rob Dawg said...

1. Employer receives Dandelion's Resume.
2. Employer googles Casey Serin.
3. Employer runs credit check/background check.
4. Employer puts results up in lunchroom.
5. Hilarity ensues.

I don't even suggest he get a job at this point. Sure, I believe he should have a job but I know he cannot possibly face the reality of the jobs he is still able to hold. Can't handle money, can't handle responsibility, can't handle self initiative, can't handle positions of public trust, can't handle physical labor. Thus he's only good for flipping burgers or elective office.

Anonymous said...

I can't get over how low minimum wage is in Utah. Youch. No wonder you get surly teens and impossible-to-decipher accents through the drive-throughs.

Katie said...

Sorry, Rob Dawg, I guess in the excitement of being "first" I forgot that Nigel upholds the highest of ethical standards and practices and is a man of integrity.

I promise to be more attentive in the future. Mea culpa...

lurker said...

Casey is not buying the 2 million dollar house. He said there wasn't enough money in it. What Casey is buying are the 9 houses that his money person owns in Florida and California. He will be using mortgages written by his new money man and getting enough cash back to pay off his wife's credit cards and live the high life for another year.

Rob Dawg said...

anon 11:44,
Think about it. You grow up only a few hundred miles away from Las Vegas and/or San Francisco and a few more hours to Los Angeles and the PacNorWest. You are young, you are ambitious and you feel out of the loop. The min wage bit is relative to the local economy, the surly is because these are those "Left Behind."

Katie said...

@Rob Dawg

You present an interesting sceneario. Casey at a fast food joint. Casey and a cash drawer...

Anonymous said...

Here's the con. And it's laid right out in the open. Using the case of the Utah trip - House for sale for
$X , simultaneously contract to buy the house and sell it for a profit (i.e> $X +$25,000-150,000, or whatever you choose)in
a short time - as little as hours if it is executed precisely. We have heard stories of "unwitting" straw purchasers being used in this scheme, but in this case KC could serve as a willing buyer just to get share of profit proceeds, and then just default the loan. He's done this already. Looks like he used his wife as the second buyer of the prop.

Anonymous said...

Mozatta,

What does Casey getting his hands on 100k have to do with his debt? He's never going to pay a dime...or rather filthy penny.

His proceeds could be deposited like Rep. Jefferson (D-LA)....a new meaning to cold cash.

http://www.cnn.com/2006/POLITICS/05/21/jefferson.search/index.html

Rob Dawg said...

Here's the scam:

Casey -thinks- he's doing just another cashback at close just like all the others for which he's never seen any consequences. He agrees to "buy" for $2m and then "sell" for $2.3m a few hours later.

Everything goes fine in the morning. He buys, and closes and goes to Macaroni Grille and then Motel 6 for a sweet protein injection. Waking up from a refreshing nap he discovers that his money man is not answering his phone and Nigel's 330i is no longered parked right behind Casey's big trunked 300m. It's all good. After a quick nap and JJ he'll just finish fixin' up the place and sell it himself and keep all the profits.

Anonymous said...

I think there can't be any real possiblity he'd lay it all out. I believe he may want us to believe that's the case. I really honestly believe the whole trip was a photo troll.

BUT, on the off chance I am wrong on this, then he is being played like a piano, and is being made as the fall guy since he's already marked for financial death as it were.

Maybe Casey sees $100K in his pocket as sweet release from the hell he lives in for at least a few months (We know how fast he can run through it!)

At least he'll be able to drag it out at least temporarily considering he's "In lender avoid mode".

lurker said...

12:24 @Anon - Casey is being played like a piano. He knows it and doesn't care because he is going to pass his losses onto a lender.

I also would not be suprised if he sees a way to pay off all of his unsecured debt. He has made comments about showing up the haters when he makes good on everything. The deal will occur after the last of his houses has been foreclosed so he has only the unsecured debt to worry about. The deal does involve him buying multiple houses each with cash back. The person setting up the deal (Money Man G) will make his money selling his overpriced houses. The loans will probably go to Caseys new corporation with a Mortgage broker deliberately not doing due diligence

lurker said...

P.S. Casey will go to prison when Homey shows how the dots connect

Ogg the Caveman said...

@ Mozatta:

D) You know that this house has a "fraud" alert attached to it. By Casey posting a pic of this house, it has already raised red flags. Anyone looking at this house will need to be air-tight

Don't be so sure. As infamous as Snowflake is in our corner of the blogotubes, not everyone in the mortgage industry has heard of him. I think we tend to overestimate how much he's exposed himself. Despite the blog and the newspaper articles, it doesn't sound like he's risen to the level of common industry gossip yet.

That said, he's completely screwed if any lender does their homework.

aaron said...

I say if he gets the loan the lender deserves it at this point with the recent events in subprime market. it only takes 2 seconds to type his name into google.

Precious Roy said...

Lots of talk about new frauds and schemes ...

Augh! Why isn't Snowflake in jail yet?!?!

Mozatta said...

Well, I'm pretty confident that Tulip Lips will get time behind bars. I've spoken with one of the biggest mortgage fraud lawyers/investigator who informed me that he knew very well of Mr. Serin's situation.

lurker said...

I suspect Casey will not go to prison for the liar loans he took out. It was a fairly common practice to use them and the banks are not thrilled about prosecuting people for them.

Casey's pattern is such that he will continue to commit fraud and it for some future fraud attempt that he will go to jail

Anonymous said...

..snnnnnooooooorree....

what? whaazzat? someone say sumthin? nevermind...


....sssssssnooooorrreee......

Stephanie J. said...

Speculathon!

Casey Fannnnn said...

re:
--Speculathon--

The doctor keeps them in the refrigerator.

Cotton Swaby said...

Casey was in the Scotsman Guide. You can bet a lot of the industry read that article.

Anonymous said...

That was a while ago, wasn't it?

Stephanie J. said...

@Casey Fannnn
Yes, in the freezer. Or sometimes, in the trunk of their cars... I call it the "jack".

::makes ratcheting noise::

Stephanie J. said...

I must make a confession. I fell off the wagon today and made a scathing post on IAFF today...

He probably won't post it anyway, but I couldn't resist.

Jade said...

anybody seen his new post? Um. He basically just told the FBI to bring it.

Nicole said...

I found this sort of interesting (lets see if I can actually get the hyperlink working)

http://thereforum.blogspot.com/2007/03/mortgage-fraud-why-lenders-need-to-know.html

Nicole said...

Well, it almost worked. Copy and paste, people. I just got home from working a 14 hour day and have better things to do than figure that out - like sleep.

T said...

Stephanie J. said...
I must make a confession. I fell off the wagon today and made a scathing post on IAFF today...


Sometimes relapse is part of recovery, Steph. One day at a time, girl... one day at a time.

Nadia Belemi said...

@ Stephanie J

Not to worry, dear. You failed forward.


...running very quickly...