COPs are Certificates Of Participation. Municipalities and other government entities use them as bridge loans to spend money when they know revenue is imminent. The San Fransisco based dBusinessNews has an interesting article on the subject. Recommended reading offering rare insight into the process and way these COPs are evaluated. They do offer a note of caution:
Fitch balances these positive financial results with concern regarding the economic effects of the severe downturn in the residential housing market, which includes high rates of foreclosures, increased voluntary assessed value reductions by the assessor. The probable ancillary effects on the regional economy include reduced construction and real estate employment and declining permit fees and sales and property transfer tax revenues.
Other than that the article is generally upbeat. We'll follw this as it funds in a few weeks. Bets that they end up paying more than projected? Remember, I've talked about COPs before. These are weather birds for the local economic storms on the horizon.
BRINY BREEZES, Fla. The would-be millionaires of Briny Breezes trailer park may have lost their big chance.
A developer who agreed in January to pay $510 million for the waterfront trailer park town canceled the deal Monday because of a dispute with the community, though the company promised to try to work out the differences. ... Ocean Land planned to turn the community of 488 trailers into about 900 multimillion-dollar condo units, a high-end marina and a 300-room luxury hotel. The proposal was scaled back from an earlier version, but Palm Beach County officials and area town leaders remained concerned about such a high-density development coming into the already cluttered coastline. ... Some in the community had bought their homes for as little as $35,000. The deal to sell would make nearly every resident a millionaire. ... Town of Briny Breezes: http://www.brinybreezes.com/
Remember John Devaney from a previous post? Good news. His yacht "Positive Carry" and Aspen Aspen home are for sale.
According to the yacht broker's listing, the yacht has accommodations for 10 passengers in its five staterooms, along with space for a crew of seven. Its amenities include his and her baths in the master suite, and four guest bathrooms with Jacuzzi tubs and showers and cherry wood interior throughout.
It has two 2,250-horsepower engines and a range of 3,500 nautical miles. ... The Aspen Times reported in November that he bought that house, for $16.25 million, and that property includes a 16,000-square-foot main house and carriage house which include 16 bedrooms, 18 full bathrooms, two fireplaces, three kitchens and two caretaker bedrooms with bathrooms.
Perhaps some enterprising reader can make a package deal offer on both?
Here I am waiting to see NASDQ stock American Home Mortgage Investment Corp to see just where the traders would chip it off on the open and disappointment. The cowards have halted trading. And what did these sweeties do that would cause investor anger? They suspended the dividend at 10PM Friday 2 hours before the legal deadline. No doubt it was a long weekend cleaning up the evidence. Now we don't even get the pleasure of expressing displeasure. In premarket trading, the shares lost $2.68, or 25.6 percent, to $7.79. The shares have not traded below $8 since 2001. Watch this space.
The Tampa Tribune reports: They turned the other way when settlement documents appeared peculiar. They didn't object to paying tens of thousands more for homes so other people could collect the money at closing. Altogether, 65 buyers made 303 property transactions over the past five years.
Of those transactions, 160, or 53 percent, resulted in foreclosure. ---- When people talk about real estate always in demenad remember these types of transactions. There was not demand for these properties as homes only investments. Next we'll do the math to show why there might be more than 4 million extra houses right now.
My "Mission to planet Earth" is a failure (forward). The inhabitants are on to me again. Access to lifegiving juices denied. Despite best efforts, none of their houses belonging to us. This Casey Unit intends to file a full report soon. I'll look into it. Requesting immediate escrow. Pick me up, I want to cahback... err... I mean go back to Caseyworld™. Make them stop being so mean mommyship! --- And so it ends. Wimper snivel, point fingers, yadda, yadda. And just like last time the annoying dribble of edted last posts. Pardon while I don't hold my breath.
Okay, What's gonna happen this week. Casey is taking down the blog. For real, no more do overs. Second, he will be going out on a high note. He'll claim any number of victories and declare himself rehabilitated. Promises to return as a success and all that are sure to be included.
It will be all spin and the haterz™ are going to let him spin. Then Aug 3rd when the Caseyworld™ Reality Distortion Field Effect™ is diminished the haterz™ will disseminate the truth.
So sit back and watch the show then the adults will discuss what really happens.
The complicit, sycophantic, toadying Bakersfield Californian has an editorial scheduled to run in Sunday's paper. In it they waffle more than an IHOP. They more than anyone should be issuing mea cuplas over the rapidly unraveling David Crisp, Crisp & Cole, family empires. For years they've been pouring ink into puff pieces and steadfastly refusing to do any real journalism. Juicy bit: "Crisp, who turns 28 this month, is not the only victim..."
But the good part is they are accepting comments. Go to their blog to read their pathetic position and express you opinion of their opinion.
Hairdresser: 2.01: Licensure Requirements (1) Hairdresser/Cosmetologist - Type 1. An Operator - Type 2 who has had a minimum of two years experience as such or who has had a minimum of two years experience as a junior assistant instructor, may apply to the Board for examination and licensure as a hairdresser/cosmetologist - Type 1. The applicant must file an application with the Board accompanied by required fees and may be registered by the Board as a hairdresser/ cosmetologist - Type 1. A hairdresser/cosmetologist - Type 1 may provide cosmetology services unsupervised in a salon for compensation and may supervise operators, manicurists, and aestheticians. The license must be renewed on the date determined by the Board.
(2) Operator - Type 2. A person who has successfully completed a course of at least six months, which course must have included 1000 hours of professional training in a cosmetology school approved by the Board may apply to the Board for examination and licensure as an operator. The applicant must file an application with the Board accompanied by required fees and achieve a passing score on a practical and written examination satisfactory to the Board. ---- RE Agent: 24 hours of approved classes, waived if you have attended a RE class in law school. Sample tests are available onlie for less than $20 and "gauranteed" results courses for $59. ==== N.B. Nice hair, beautiful skin. A RE agent perhaps?
Nope. Not what you think. Like every 2nd summer Friday for more than a decade The Dawg and ever so deserving Dawgette are off to "The Bowl." Spoilt in youth by easy access to kulture I continue that outmoded concept of "The Arts." Tonight even one of my blog heros should be envious;
Rhythm and blues legend Gladys Knight brings the spirit of Las Vegas to the Hollywood Bowl stage on Friday, July 27 and Saturday, July 28, at 8:30 p.m. for two special concerts. Performing selections from her latest album, Before Me, an homage to the great legends of song, Knight headlines "Viva Las Vegas: An Evening with Gladys Knight" with the Los Angeles Philharmonic. Wayne Brady opens the program in his second stint on the Hollywood Bowl stage, performing new arrangements of Sammy Davis, Jr. songs. The evening closes with a Vegas-style finale complete with dazzling showgirls and fireworks.
Knight's extensive career spans more than 40 years beginning in the gospel choir and leading her to seven Grammy wins, and making her the ultimate soul songstress. She was recently seen performing on the top-rated "American Idol" in May, and her latest album, Before Me, was released in the fall of 2006 and includes covers such as "God Bless the Child," "Good Morning Heartache," and "The Man I Love".
Of course my "enemies" should be equally confounded by my lavish praise for transit Route 653 of the LAMTA. Comfort, convienence and cost effectiveness. What's not to like? Aye there's the rub.
Government ultimately has two options; tax something and get less of it. Subsidize something and get more of it. This is a case of the latter; subsidize housing people could not otherwise afford and you get more housing people cannot afford.
The WaPo has the story of the damage one little congresscritter from a safe district can cause. Maxine Waters wants to "help." Hold onto your wallets. Excerpt:
A bill passed by the House this month called the Section 8 Voucher Reform Act contains mostly technical, though helpful, provisions: It changes the formula for how funds are distributed to housing authorities to achieve greater efficiency (last year $1.4 billion in Section 8 vouchers went unused); it allows a family to use a voucher as a down payment on a first-time home purchase; and it simplifies procedures for safety inspections, rent calculations and other aspects of the housing program.
On Tuesday May 22nd, CDS IndexCo, a consortium of dealer banks active in the loan and credit default swap markets, launched in conjunction with Markit the newest arrival to the CDS Index Co family of indices - LCDX.
The index consists of 100 reference entities, referencing 1st lien loans listed on the Markit Syndicated Secured List. 14 banks are making markets, ensuring strong liquidity from the start.
Awesome timing. Now, anybody want to buy a basket of housing backed debt obligations?
Yesterday you spoke to your "sweet wifey" G. Somehow, you failed to let her in on the big secret that you have your blog under contract. As I understand the deal is for less money than I offered over a years time. Now why would you except less unless it was the fact that my deal actually had you paying G, instead of keeping it yourself? You? Tell me NOOO…
Can I remind you of your many posts stating that you wanted to sell the blog and give her 100% of the proceeds to pay off all of the credit cards in her name that you ran up, (most of the time without her knowledge)? While I know in your eyes that was at least a week ago and how can anyone actually expect you to honor your agreements when so much time has passed… I expect it. Your sweet “wifey” expects it, and it is the right thing to do.
So all of the honesty posting you have done lately could be construed as a few things.
1) You are trying to get a settlement with a certain someone that precludes them or anyone (don’t know.. just sayin’) testifying against you with any legal authority.
2) Maybe you think that you can make nice with your “sweet wifey” so that she wont testify against you and all of your admitted (through your blog and tapes) fraudulent ways. This couldn’t be, you wouldn’t use her like that. You have always loved her and have always been there for her and PROBABLY NEVER LEFT HER AND CHEATED ON HER BEFORE (have you?)… whoever would suggest a thing is probably a fool. Are they? Casey? Surely not… Not YOU…
3) Maybe.. just maybe.. you wanted to hide this fact.. after all, YOU’RE IMPORTANT, and there is nothing more important than defending yourself first. After all, you’re Casey… and no one loves Casey like Casey does.. OPPS I mean like America does… I mean, you’ve done nothing wrong.. you meant well.. doesn’t that count for something? There are serious criminals like speeders and such that the law enforcement should worry about.. not some silly guy that got taken advantage of by evil mortgage companies.
4) Maybe you don’t want people to know why you had to cut the cast short the other night.. maybe you don’t want them to know that you don’t have all your files… (speculation only Casey… RIGHT)
5) Maybe you need the money to repay HAMMAR.. After all… you surely didn’t take an immediate cash advance of around 15K from a bank that sounds like WITY and you surely didn’t use an American express card for the balance for frivolous non-business expenses. Whoever is making up these vicious rumors should stop.. and stop now. 6) Maybe.. just maybe you don’t want people to know that you begged for money for an Australian flight 2 ½ days before publicly admitting so… spur of the moment? Of course.. money and opportunity just came to you…
7) Maybe you don’t want people to know that you are sleeping on a parents couch.. using a moms car… all the while playing BIG MONEY MAN…BIG DEAL MAKER… (MOMMY…HELP)
Maybe you don’t want your attorney to know that a certain someone… could be me… has a copy of EVERY file and EVRY RECEIPT you have.. err had… Kinkos ring a bell??? (Just got my shipment.. my shipment of ??? what are these papers??) You know I had all the Hud-1’s… now guess what I have… you got the condensed version… only one box casey>>> Only ONE???
So heres the deal… and its easy… fulfill your promise… do what you said… for once be honest… for once be a man…
And in return… I swear I will try my hardest… TRY MY HARDEST… not to get whatever these papers I have in the hands of D.W.C. or anyone else.
The only thing… I am worried about the haterz… you know how crazy they can be… what if they get whatever these papers are, including some kinda notes payable to you after something called a closing… they could actually point to fraud.. AND THERE AINT NO WAY YOU DID THAT… not you brother…
I worry for you…
BTW, you know my phone number… I would love to say HEY to your new power team of attorneys… especially the criminal defense one… WHAT HIS NAME??? Oh yea… BTW.. did you know that compelling people to go under contract to withhold illegal activity… is well illegal???
I sure hope I hear soon that you did the right thing by G’s debt that you ran up… sure hope I do… and one more thing… if your attorney likes to play ping pong… well its my favorite sport…
Feeble sales, falling home values and a market thwarted by subprime loans fueled a sharp rise in foreclosures and default notices during the second quarter.
In Ventura County, there were 316 trustees' deeds recorded, or the loss of a home to foreclosure, DataQuick Information Systems reported Tuesday. The number of foreclosures was up 754.1 percent from 37 over the same April to June period a year ago.
If I need a Home Depot I have to go either 4, 6, 13, or 15 miles. Yep 4 of them. Target? 4, 6, 9, 11, 16 miles. I have my choice of Costcos and nearly every other "big box" or major reatailer within that same 15 mile radius. Anyone willing to suggest that with consumer exaustion setting in and the housing ATM malfunctioning we can support the commercial RE we already have?
• Received a couple of more job offers, in web / IT type of work. Updating my resume and checking into those.
BS. He's got multiple offers and he's updating his resume?
• Talked with my accountant about domain sale, taxes, etc. • Talked with bankruptcy attorney • Talked with business attorney to see if there is any progress on the lawsuit. • Talked with a corporation attorney about my corporation • Talked with the other defense attorney (I’m starting to love attorneys, expensive but necessary.)
BS. Anybody who can afford an accountant, two marriage counselors and FOUR attorneys has so much money that they don't have Casey's problems.
•Setting up an appointment with two different marriage counselors. Might as well get some professional help. This is just for myself for now, hopefully for BOTH of us one of these days. Who knows. I’ve screwed up enough that I can only work on myself and hope for the best.
Okay, now with this last we see what the Caseyworld£ RDF does. Translating; he read some want ads, intends to hire a raft of attorneys and is unwilling to accept that his marriage is all but over. That last cannot , cannot get any better until Casey gets himself straightened out first. Not simultaneously, first.
This is a to do list not a done list. A CYA post to prove he was turning his life around for whomsoever he is trying to fool this time. No one buys it.
While over in Bloodhoundland™ we have a different story. Careful readers will see the article is from 2006. That's because it was the most cautious of any of the subsequent rah-rah articles they've published. I love "Bloodhound." How can you not admire the band on the Titanic?
Waiting on Things, Don’t Feel Like Blogging… A few things are in limbo right now, so I don’t have anything super important to blog about on this post.
The inexorable wheels of justice are grinding me down.
In the past when I had no major news l would resort to posting a foreclosure-related email or something creative / random that comes to mind, though I usually found a way to keep it on the foreclosure topic one way or another. For this post I don’t feel like being creative for your guys. The blog is closing soon so I don’t need to work so hard. Maybe I’m getting lazy or trying to break a bad habit.
I realize now my blogging efforts have been for naught and the last 10 months have been ill spent.
Some of you don’t realize how much pressure it is to keep 8,000+ daily visitors coming back. Well, I normally don’t think of it as pressure but rather something I just do (for the last 10 months). This is the first time in my life I have an “audience”. My life and the blog have integrated so much that I found myself in the past making certain choices with the perspective of how “blogable” it will be. Always thinking of a new angle!
I only know how to manipulate not produce anything of value.
I’ve poured too much of myself into this thing - both in time and the level of exposure. And I’m now paying the price. It’s quite steep. Don’t get me wrong, I’ve had fun too. And received lots of amazing benefits. But is it worth the hurt and pain that I caused to people around me and to MYSELF?
I've comitted too many crimes and now it hurts. [Note: it has just barely begun to be uncomfortable. The hurt is coming but for Snowflake he cannot imagine worse until it happens. Never could, never will. Remember all his "I never imagined she would..." or "they are bluffing..." commernts?]
And stop bugging me about stuff I promised I was gonna write about, spreadsheets, questions I didn’t answer, etc. And don’t tell me “But you promised!”. I’ve broken so many promises… it’s sad. The guilt. The consequences. I can choose to close my eyes but the effects are still there.
I'm still in work ingnore mode and BTW all that talk of changing was an outright lie to try to heep my empire and marriage.
I need to start telling myself the truth. I’m great at deceiving myself (and others). Telling myself the truth includes admitting that, YES, indeed I left my wife. I’m not talking leaving physically necessarily. Of course bringing the blog back up and leaving to Australia for a month was definitely the last straw, even though I tried to deny it.
But I'll be damned if I admit the haterz™ were right all along on everything.
But I’m talking about attitude. I “left her” in the way I’ve been pursuing MY goals and MY business - leaving her to the side. All the “short cuts” and impulsive decisions didn’t help either. I left a long time ago. Years ago.
I need to justify my lack of remorse by pretending this is something that happened a long time ago.
Perhaps everything that has been happening to me is one BIG slap in the face. A slap in the face to wake me up and open my eyes. I hope I can wake up quickly enough.
Thought Experiments are interesting creatures that have fallen out of favor for some reason. In literature there is an entire genre called speculative fiction. Personal favorites include "What if Charlemagne had not been ambushed in the mountains?" and "What if Alexander had eschewed his ill fated Indian adventure?" The idea was revived for me upon reading "Catch That Zeppelin" by Fritz Leiber who won the Hugo and Nebula awards for Best Short Story presented in 1975. A story that had, until now, escaped me. We can play this game at many points. What if the 2/5 cap gains provision never passed? Greenspan had tightened earlier? On and on. The question I put forth; "What if people stopped considering the investment aspects of homeownership."
Susan Barretta aka Bearmaster at her Beach Bubble Blog has completed a three part series covering the "last time."
She examines the Los Angeles Times archives in order to review the years of Southern California’s last housing downturn, which occurred from 1988 to about 1996. Part One left off in 1989, and Part Two left off in mid-1993.
Mortgage delinquencies hit an eight year high; some market observers warned that the market “still has a long way to go.” By this time, close to 40% of the homes on the market in the San Fernando Valley were foreclosures.
Signaling a true turnaround, later reports described “buyers emerging in droves” even as prices were still falling. Yet realtors warned potential sellers that “this is not a time to overprice your property,” and forecasters were wary of a sustained recovery, noting that they had seen a few false dawns. ----
Slate contributor Witold Rybczynski discusses the quintessential American Ranch House.
The casual, spread-out ranch house (it was also known as the California ranch and the rambler) had enormous appeal and by 1950 accounted for nine out of 10 new houses. In hindsight, the rancher's most striking feature was its diffidence. Low to the ground, it lacked traditional domestic status symbols, such as porticoes and tall gables. Its one extravagance was a large window facing the street—the picture window
Of course no good historical perspective can go without the author abusing the soapbox so here we are treated to chastizment for excess and a healthy dollop of blame heaped upon California's Prop 13. Still a fascinating read on what homeownership used to be like.
[These won't last so they are posted here for archiving purposes.]
207. Casey Serin July 23rd, 2007 at 12:49 pm Man… there is some serious amount of hatin’ happenin’ here. I must of hit a sensitive area for some of you people.
Come on, lets be a little bit more reasonable here. I will take a line straight out of the bible…
Those without sin let them throw the first rock. (or something like that… paraphrasing)
In other words, tell me which one of you have NEVER overstated ANYTHING (including little things) on ANY application or resume or tax return or whatever.
[N.B. Your EN host raises his hand.]
Not saying this as an excuse, I’m just trying to put all this in perspective.
208. Casey Serin July 23rd, 2007 at 12:57 pm Consider my intent for a moment and my actions AFTER getting those 100% loans and cash-back.
1) I was told by gurus that to make lots of money is to buy a house from distressed owner, fix it up and flip it for some sweet cash.
2) I was told to use a mortgage broker (and sometimes real estate agents) to find deals and get financing. I was shown how to get cash-back at close.
3) I do that exact thing and tell my mortgage broker what I’m trying to do and tell my realtor (on the few properties where I used a realtor) what i’m trying to do
4) they show me what I need to do to get it done and find me the right type of financing. In all the cases the loan applications where filled out for me since they knew better what to state, to make it fly, etc…
5) I do my deals, do the loans, get the cash, put it all into the houses and make a bunch of mistakes in the process.
[B.S. Look at the houses, does anyone see where the cashback went into the houses?]
6) I continue doing the only thing I know how at this point to get out of this mess - buy more houses with cash back at close to float the previous houses. My goal is still to finish the rehabs, sell them and pay everybody off.
7) Out of desperation, I buy too many houses, lack of construction experiences causes me spend A TON more money then I planned on and having to manage all these rehabs long-distance get really challenging.
8) So I run out of cash after only having sold 2 houses. I realized i’m screwed as I run out of any other sources of money. I took out more credit lines to finance this whole thing hoping I can make it somehow. But now everything is tapped out and i’m really screwed.
[N.B. Cashcall and Hammar are what he calle "credit lines."]
9) I feel embarrassed at first at this failure, but then get over it and realize there is a great story to be told here. Both to try to get me out of this mess and also to help others.
[So, he's no longer embarrassed.]
10) I start www.IamFacingForeclosure.com last September and now we’re all here.
209. Casey Serin July 23rd, 2007 at 1:01 pm Reason I haven’t been telling the full story on all this is I’m usually not the one to point fingers.
[N.B. This may be the first time he's admitted the obvious, he isn't telling the full story.]
I’ve always been under the believe that its better to take responsibility, even if its not completely my fault.
[It's a little early to be drinking 200 proof rationalization straight from the tap.]
However, under the circumstances I’m in now and the crazy “movement” (haterz that don’t understand how the industry works) around my story, I regret NOT telling the story the CORRECTLY way from the start.
[Okay, now I'm pissed. It takes a lot for Casey to piss me off but this does it. I know EXACTLY how the industry works. Fliptard STILL doesn't have a frakin' clue and he presumes to lecture? Clearly he's learned that one of his creditors is not rolling over and their solution is not purely a civil matter.]
Because now everybody thinks i’m a “scammer” a “fraudster” a “criminal” etc… Everything was done with good intentions but it sucks how things are turning out.
[Things are just starting to get going Young Snowflake. These are the early innings of a system that will stand in line to spit on what's left after the guys at the front are finished stripping your carcass. P.S. Someone should ask Casey if he is familiar with the phrase "wormsign" and what he thinks of it.]
Look, I'm kinda busy this morning. Use this thread to discuss ewww "politics." Now I need another shower.
We are in the Middle East because the US is in the twilight of our Imperial Century. It sure isn't the oil because look at the damn price. And just to stir things up, without a worldwide US military shadow the price would be higher as cartels could operate with impunity; therefor the US military overseas is a cost positive endeavor.
The picture is Platform "Grace" just off the coast from me.
Hat tip to TK for reminding us of the infamous Greag Swann post of one year ago yesterday:
In any case, here do I compile my list of 21 really good reasons to bank on the future of the Phoenix area real estate market:
The migration from the Snow Belt states to Metropolitan Phoenix has been unabated for 60 years. A similar extended migration is now occurring from the Northwestern states and Western Canada. The “installed base” of all those migrants brings a steady stream of extended family members. Proposition 13 makes moving up difficult in California; many Golden State sellers buy in the Phoenix area. Californians in pursuit of other objectives — e.g., a friendlier business climate — migrate to the Valley of the Sun. Baby Boomers will retire in droves to warmer climes — the Atlantic coast, the Gulf states and the Southwest. Among those locales, Phoenix is by far the least prone to natural disasters. Because of this, people from disaster-afflicted regions have formed a new stream of in-migration. There is a steady migration of new residents from Spanish- and Portuguese-speaking countries south of the border. Phoenix is a destination of choice or the second-landing city for immigrants from all over the world. While higher oil prices will put a strain on our far-flung suburbs, the greatest pain will be felt in Northern states where fuel oil or natural gas are used as heat sources; even people who don’t hate the winter will move to the Phoenix area to escape high heating bills. The Phoenix Metropolitan area is a dynamic jobs creation machine, adding tens of thousand of new jobs every year. People who have or hope to have children move here as soon as they can manage it. Compared to the areas from which many of our in-migrants are drawn, our homes are still very affordable. We build thousands more new homes every year. The Greater Phoenix area has 60 years of sustained practice at managing extreme growth — this in contrast to thrashing cities like Las Vegas. Snowbirds, politely known as Our Winter Visitors, eventually move here year-around. Our first waves of massive migration occurred after WW II; mustered out soldiers who had been stationed here came back with their families; this pattern continues among people who are posted here temporarily for various reasons. People who stay at our resorts often fall in love with the Valley of the Sun and return as soon as they are able. A significant number of active and retired professional athletes maintain homes here, in no small part because the Phoenix/Scottsdale area has… Year-around golf. It could be there’s too much sun here for congenital cellar-dwellers — but that’s a good thing! ---- Thanks Greg!
Crispy at the Bakersfield Bubble Blog has the story on David Crisp and Carl Cole. These two have pulled a Casey with extra digits. So far the local paper has managed to identify $41.3 million in outstanding loans. This does not include the IRS liens. The truly amazing part of this sordid tale is all the people who bought the lies for so long. 4 years ago David Crisp was packing UPS trucks. After his first real estate deal he bought a Corvette. It was fake til you make it from there on. Now the Stae, Feds, Cal University system, municipalities, taxpayers, banks and just about everybody are set to pay their bills. This is a classic example of the failure of the fourth estate. Too many pages of real estate advertising and not enough journalists. Thanks go out to the BB for doing the job.
Updates: In 2006 the Bakersfield Californian ran a fauning 3 page puff piece about David Crisp. The letters to the editor excoriated them at that time and the editor replied: Executive Editor Mike Jenner: Our profile of Crisp didn't lionize him. It also didn't consume three pages of space. This was a story of a driven young man who has enjoyed success at an early age. Readers are fascinated by such stories. They also enjoy stories about ordinary people doing good things for their communities. We publish many more of those than we do stories about young entrepreneurs.
Somebody needs to make a banner for their newsroom. More links: http://www.msnbc.msn.com/id/19838911/ http://www.bakersfield.com/102/story/56414.html http://www.kget.com/news/local/story.aspx?content_id=DE7DE529-12A4-4183-91D7-D42074D9E4E2 http://tinyurl.com/28nk7m%0D (audio interview)
"Down Below" in the high dessert from our ski cabin there has been a decade of residential construction and finally the roads are being upgraded to handle the burgeoning commute population. In this article we discover the downside of bad planning, transportation dysfunction and municipal greed. Excerpt:
In the five years leading up to the start of construction last summer, there were nearly 3,000 traffic collisions and 68 deaths, according to the California Highway Patrol. The highway had become so dangerous it had been dubbed "Blood Alley." A $44 million widening project was supposed to alleviate the danger, not create a new class of victims. The first sign things were going to turn ugly was after the California Department of Transportation allowed drivers to use the highway only during rush hour last summer, with traffic flowing in one direction at a time and creeping along behind escort vehicles.
Any guesses what the reaction was? Read the article.
Casey: The urgent appointment i had to go to at 6:15 left me feeling very down…. man… things are so tough and so painful. It’s beyond words. I screwed up big this time. I don’t know what to do. I’m gonna try to get some thinking time by going on a long bike ride.
Besdies the obvious that whatever Casey does do the opposite for best results what can we make of this? It obviously involbed "face time" with someone or some ones within 15 minutes of Sacramento. It was late for a lawyer but not too late for a new case burning a retainer. So, family? Friends? Lawyer?
The only worthwhile parsing seems to be that it was a recent screw up that has his blue one in a vice. The rest is just typical mania/depression cycle babble we've all seem before. Right now I'm guessing the only person who could hold Casey to a time certain appointment is Monsieur Eqsuire. I bet it sucks to pay $1500 only to be told "take the deal."
Update: serinitis reports:
I was at the talkcast and had a chance to ask a few questions ahead of time. From what I remember
Casey said he had collected about $500 in donations Mostly in small denominations.
Casey had saved $2-$3000 from the advertising and that is where he got the money for the lawyer
The reason for shutting down the blog is his wife. She however is not speaking to him.
His family relations are fine. I am poor at reading body language but there was something a little off in his answer.
The person offering him the job is doing development in Costa Rica. His trip to Phoenix was not related to NRU.
The lawyer is handling the issues with Mark. He is getting the rights to his story back. With the lawyer in place, Casey is going into LMR ignore mode.
The FBI investigation did not come up. I don't think it is a high priority for him.
He has enjoyed the blogging and I doubt it will stay down for long
Fraudcast acomin'. Some people have offered to ask questions. Mine: Casey, how is it you had $1500 cash as a retainer for a lawyer but less than nothing for your wife? Have you or have you not left her with more debt now than when you left for Australia?
I know we are talking Oxnard and I swear they put soemting in the water up on the dias but come on how stupid can you get? One exit across the bridge in Ventura there is a multiplex with a dozen sceens. Straight down the main drag in the heart of downtown there is a city subsidized urban multiscreen theatre. And now Riverpark is scrapping the master plan for their New Urbanist Utopia a dozen years in the failing forward in favor of another freakin' multiplex cinema. And such a deal it is. They are offering nine million d-o-l-l-a-r-s (pinkie to corner of mouth). And all it will cost Oxnard is $12m in improvements and abatements and also whatever they owe to the downtown cinema if this ruins that business. Deal or No Deal? Deal! By a "vote" of 4-1 the City Council has pursed the shiny object and thrown past partners under the bus. Newspaper coverage. Star 20th Star 19th Star 18th
I'm going to see if I can get the 1 part of that 4-1 vote to comment.
Today we start finding out just what kind of lawyer Pookie our Marshmallow has retained. All lawyers insist they do all the talking. Real lawyers follow through. Look, we all know Casey can't shut up. He's not wired that way. Today however his lawyer finds out what we've known all along. Legally Casey is his own worst enemy. Sure, sure Casey will go with the standard "Oh, you meant blogging too?" but it won't fly with a real lawyer. The worst casey (for Casey) is if the lawyer gets curious and reads EN or Caseypedia and finds out his client is pathological. But Casey is apparently persuasive in person so there is one worse scenario. Casey could convince the lawyer to enter into legal procedings that involve discovery. After all Casey has made the recent pilgrimage to NRU and "has his story straight" so there's nothing to fear from telling the "truth." Snigger.
Seven Hundred and Seventy million dollars. That's not an impairment, that's an amputation. That's the amount Pulte Homes (PHM) took yesterday in land impairment. Stock buyers/sellers didn't blink and traded as if everything was fine. One company, one quarter, land value "impairments" alone taking away 15% of net asset value and no reaction? Pass the tinfoil.
My Dandenongs Are Freezing and There Are Icicles On My Pretorian Bits
Both Australia and Southern Africa are the latest victims of global warming. Huge cold spells have affected many regions of the Southern hemisphere this their winter season. Bad things happening? Blame it on your personal boogeyman. For planners that is sprawl. For Socialists, global warming. The formula works everywhere. First you set up a claim that is poorly defined and cannot be proven false. Then you villify anyone who disagrees pointing to their failure to prove you wrong. Feel free to extrapolate to other subjects.
[pic: Shannon Mays with Hudson & Marshall yells in a bid for a customer at an auction of homes Tuesday in Fresno. Investors came from Southern California and the Bay Area.]
"Wagga" scores another coup. It should also be noted that the Fresno Bee's avatar is a tiny black and blue "FB." Too funny.
Article here. Excerpt: Energized by rock music that set the tone, more than 200 people -- some serious investors and many just curious -- crowded into a room at Four Points by Sheraton to watch Hudson & Marshall's first auction in Fresno since 2001.
Investors came from Southern California and the Bay Area to bid on houses in Fresno, Clovis, Madera and Selma.
Sandi Fox, a Prudential California Realty agent, said she had clients from as far away as Italy contact her about the foreclosed properties. ----
I'll wait for the handpainted "make offer" signs nailed up to the mail box hidden by weeds thankyouverymuch.
Well he's done it again. Personally I don't care. He doesn't even think of running away as running away. He thinks he's pursuing an opportunity and thinking of "relocation." Self delusion is a powerful crutch. Heck, he even thinks this isn't costing anything. S'okay he'll take care of the lawer stuff when he gets back. Entertainment value perhaps. Learn anything no. The only good thing is that when the nice men in the dark suits come to get him he won't even make bail. He's proven himself to be a flight risk. Hmmm, maybe his mommy can put up the house as collateral to make bail. Ahhh the drama never stops.
Southern California housing sales are down 36% y-o-y according to Dataquick. That means something like 50% fewer comissions, service fees, transfer taxes, escrow charges, inspection checks, movers pay, on and on. And the old saw about real estate being local truly applies to the multiplier effect housing transactions generate. Slightly used BMW X5s fresh off lease anyone? Dry cleaning business in Orange County? How about something bigger? Say a newspaper? Bunch of them for sale too. They see the writing on the wall and it ain't pretty. Bloomberg reports Realogy Corp. is cutting spending on newpapaer ads by 2/3rds compared to 2006. Realogy? You know Century 21 and Coldwell Banker brands. The housing music has stopped.
Turning and turning in the widening gyre The falcon cannot hear the falconer; Things fall apart; the center cannot hold; Mere anarchy is loosed upon the world, The blood-dimmed tide is loosed, and everywhere The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity. -Yeats, "The Second Coming"
Two Bear Funds Nearly Worthless,Investors Told By KATE KELLY and SERENA NG July 17, 2007 5:30 p.m. Weeks after the meltdown of two prominent Bear Stearns Cos. hedge funds that bet heavily on the market for risky home loans, the brokerage has told the funds' investors that the portfolios' assets are almost worthless, according to people familiar with the matter.
The assets in Bear's more-levered fund, the High-Grade Structured Credit Strategies Enhanced Leverage Fund, are worth virtually nothing, according to people familiar with the matter. The assets in the larger, less-levered fund are worth roughly 9% of the value since the end of April, these people said.
I've often talked about at least $7 trillion wit a "T" dollars needing to evaporate. These are hardly a down payment. I think I dropped my popcorn.
Side note: Jim Cramer just dissed Jamba Juice (JMBA).
Duane LeGate was kind enough to make things crystal clear:
Just to clear up a few things. I am in no way any party to any legal proceedings going on. Casey asked me to buy the site. I said ok, then he wanted to sell to someone else. I said ok. THen he wanted to sell to me. I said ok. Then he wanted to sell to someone else. I said ok. Then he wanted to sell to me. I said ok, but it has to be done by noon Saturday,( I was tired of the wishy washy stuff). I waited until after noon EST, and noon PST. I emailed Casey and said I wouldnt buy it because my offer lapsed. Then Casey got mad and said I was presurring him. I will not buy Caseys site. Period.
It matters not what happens in any proceedings. I do not want Caseys site.
I am done with him. I hope this readers digest version helps.
There isn't going to be anything interesting happening in Caseyworld™ for a while. Casey may bloviate or try to justify his bizarre behavior but he is effectively emasculated and just spinning in place. The important thing to watch out for is money. If he is allowed near any substantial source he has the potential todo great mischief. I think he's going to run but understand I have absolutely no information to that end. So, post, vent, get it out of your system because there's nothing else happening.
Casey's latest from IAFF: How long will this abuse of our legal system continue? How long indeed.
Relentless observes: ”court tommorrow right? you [LossMitPro] expect a TRO or just a schedule for the next hearing?”
LossMitPro replies: No TRO, I’m asking for an order shortening time that’s all. Cuts the 664 motion time from about 20 days to around 10 (or less), and is just an in-Chamber meeting. Not a real critical step in the judge’s decision process, but helps to cut time from Casey selling IAFF and jammin outta here with the money. ----
Bob Shallit: A flop as a 'flipper,' he seeks a real job
By Bob Shallit - Bee Columnist Published 12:00 am PDT Monday, July 16, 2007
Casey Serin says he's ready to get a real job.
The 24-year-old West Sacramentan achieved national fame -- infamy, really -- by failing miserably as a real estate "flipper" and then drawing attention to his misfortunes in a tell-all blog called "iamfacingforeclosure.com."
Now, in a mass e-mail sent this week, he says he's giving it all up.
The blog. A planned book. Other real estate deals.
"I am pulling the plug on everything," says Serin, who claimed to have racked up $2 million in debt after buying eight homes in seven months in what he calls his "last e-mail."
Serin tells us his focus on the blog caused stress for his wife and extended family.
"I'm realizing money and fame is not worth a failed marriage," he says, adding that he intends to focus on repairing relationships and "getting a regular W-2 job."
The news is bound to be viewed skeptically by the "haterz," the name for the legion of blog-following Serin critics who say he misled financial institutions in securing loans for his ill-fated home purchases.
They're apt to point out that he closed the blog once before, only to reopen it weeks later.
"I don't expect people to believe me," he says. "The only thing I can do is follow through this time."
Casey has sent a transmission from deep inside the reality distortion field: I am canceling all agreements I’ve ever had with you about my domain or the “settlement” [which was really done to get Marty off my back (I’ll settle with Marty myself)] or anything else you may be expecting from me. I’M OUT!
I don’t want to make a big scene out of it.
Liddle boi wants a do-over. I'm not out of line here speaking for others by predicting that the answer will be: NFW.
Thanks to Walt for his "Raiders Digest" version of weekend events:
walt526 has left a new comment on your post "Episode V - The Idiot Strikes Back":
[hatercast] FWIW, I think Marty did a very good job at describing how Turdflake violated their joint-venture agreement and how those violations have harmed his financial interests.
As for a summary...
Basically on Saturday, Casey failed to complete the transfer of IAFF to Duane. In addition, he know wants the money from the sale of IAFF to go to him for his legal defense against future criminal charges rather than to Galina to pay off some of her debt. Both Mark and Duane are adamantly opposed to that. That precipitated the impromptu Saturday Hatercast in which Duane participated but Mark didn't. Basically Duane didn't know what to do, didn't know how to tell Galina that she wouldn't be getting the $20k, and discussed Mark's reaction. Mark was furious and is planning re-initiating his lawsuit against Casey as soon as he can on Monday.
Meanwhile, Casey whines about how he is being bullied by Duane, Mark, and Marty (more on Marty below) and doesn't like it. He claims that the failure to transfer the IAFF domain was because of miscommunication (which Duane plainly says is bullshit and typical Casey waffling). Casey says that he wants to work things out, but doesn't want to be associated with them for another year.
On tonight's Hatercast, it was basically a rehashing of Mark's first-hand perspective on it. Basically, he feels that he wants compensation for Casey ruining his reputation, but also wants to make sure that Galina is taken care of.
Now Marty also seems to be setting up a lawsuit against Casey (and possibly Mark and/or Duane if the IAFF sale ever goes through) by outlining his opinion on how Casey has repeatedly violated their JV agreement and caused PageDaddy to lose money.
So basically, Turdflake has managed to piss off pretty much all of the major players (aka, his business partners) yet again.
To wrap things up, Mark and Marty seem ready to file lawsuits soon over Casey's mismanagement of the situation. Duane seems more amused by this clusterfuck than angry, although he is upset that this is upsetting Galina.
And meanwhile the new site, CHC, started up by a few former EN posters is on the verge of imploding... but that's neither here nor there. [for more on CH.C see the dedicated thread below.] ----
See, nothing happened worth noting. Same old, same old. Then late last night the Snowflake himself brain dumps to his blog with a couple doozies. Tanks to Bemused Guy of archiving thus:
If so, just in case this disappears by the time y'all wake up on the west coast.
Attributing to : IAFF.com July 15th, 2007 at 11:16 pm I hope people see that I’m being very reasonable here… there is absolutely NO business between Duane and me or Mark and me. Our business stuff has been over a LOONG time ago. Things didn’t work out, so we didn’t they leave it at that?
Why did they continue coming back to the hater sites and continued being part of the drama. Not only that, now they are LEADING the drama by scheduling talkcasts to talk trash about me. What did I do to deserve this?
Why are these “BUSINESS MEN” getting involved in all this on a PERSONAL level? The have absolutely nothing to gain out of this. Or DO THEY?
I was willing to cooperate as you can see from my last talkcast. I just wanted the whole thing to be over. The BS “settlment” and sale of the domain was their idea for me to get Marty off my back (I should have never done it like that, it wasn’t very fair to Marty either).
But keep in mind, selling the domain and pulling the plug on this whole thing was MY idea. They wanted me to do this for a long time and I finally came around but not because of them. The primary reason is I don’t want to lose my wife, all this publicity has been hurting her from the start and I didn’t see it. Duane and Mark where telling me the same thing and that’s why I was always willing to listen to them because in a way I though they might be right.
So the domain sale was arranged by Mark after talking with Duane. I appreciated the offer at that point and I was even OK at the time with giving Mark a “commission” out of the sale. He insisted on doing a “contract”.
I trusted them again (WHY DO I KEEP DOING THIS???) and figured this is my best way out. I wanted to get my wife money, sell the blog and get out of this whole mess.
If this “settlement” was a way to do it, so be it.
But now I see this whole thing is being used to screw me. I see how Duane acts even after promising to to do an “internet truce” and no more talking about me online.
I was REALY REALLY upset at Duane in the past for violating my privacy and plastering all those emails, and WORSE positioning himself as a means for my wife to get back at me via the internet.
I don’t blame my wife, she was upset at me and I’m the one to blame for starting this whole blog. However, what REASONABLE person will put himself in the middle of a struggling marriage?
And Mark’s frivolous lawsuits, and violating my copyright and plastering the audios… don’t get me started.
You heard me on the last podcast though, I was actually cooperating with everybody because I was willing to look past all those issues.
But those issues keep coming back.
Duane keeps talking trash and treating me like crap. (I walk away from my computer for a few hours and he thinks i’m canceling our agreement and sends me like 10 threatning emails every 15 mintues then pulls out… and THEN ON TOP OF ALL THAT calls for a podcast with the haters and talks more trash, after PROMISING an internet truce to me the night before. )
Mark, keeps throwing his legal stick around and if you remember he was provoking Marty to sue him by posting our copyrighted audios. Mark just wants to pick a fight and can’t sit still.
Mark you keep telling me about this “spiritual connection” but its hard for me to connect the words with actions dude! Why bully people just ‘cuz you have some personal issue with them. WHY DIDN’T YOU JUST WALK AWAY (after our business relationship didn’t work out)?????
I didn’t provoke you I didn’t attack you I didn’t do ANYTHING after we had a falling out. Why did you keep rallying up the haters against me? What? You wanted the best for me? Come on dude, that doesn’t make any sense. The lawsuit was used to get all this mortgate crap exposed in court and that’s what you told all the haters.
I was willing to OVERLOOK all that stuff… everybody is a witness of that. I was willing to forgive.
Look, I know I’m NOT INNOCENT HERE.
I know I WAS THE ONE who got this whole mess started. Yes, you don’t have to keep rubbing it into my face.
Now I see how toxic this whole thing got and I’m trying to walk away.
I have bigger issues to worry about, like FBI.
I need money for a criminal defense attorney and Mark knows that. I don’t have money to defend myself against Mark’s stupid lawsuits. I wish I did because I’m tired of being bullied.
But anyway, i’m done whining here.
Sorry if this whole thing has been repetitive. I’m just sitting here, its Sunday night, I had a little bit of time to TRY to relax but it was hard to do. All this stuff is on my mind and I can’t get any peace.
I’m kind of just dumping my thoughts and feeling here, hard to keep it all bottled up.
One of the worst parts is that the person I long to speak with the most, I haven’t been able to. It’s all my fault. I should have never done this whole publicity this way. Now I have to reap the consequences. But I just wish the people who SAY they want to help me, would just BACK OFF and quit making things worse.
Man, this whole thing is so tough… and it’s lonely. I hope I don’t regret dumping all these thoughts here, after I wake up tomorrow. But for now it feels better. The blog has been sort of like therapy, in a way.
Thanks guys for listening. ---- July 15th, 2007 at 11:41 pm And now I see and hear that Mark (LossMitPro) is trying to screw up my domain sale any way he can. Why is this guy so hateful towards me? I did NOTHING to him after our business relationship didn’t work out. He has ALWAYS been on the attack mode.
And I can’t believe the guy is spreading false rumors that I’m gonna leave the country or run away or some crap like that. I need a freakin’ defense attorney and I have a right to try to sell the blog to the highest bidder and ONE THAT I’M COMFORTABLE in order to raise some money for myself and have money to give to my wife too.
The key is selling to a person i’m COMFORTABLE with. The thing is I was comfortable with Duane ONLY because my wife seems to trust the guy (why I don’t know, but anyway) and I know should would have been happy.
But I just refuse to be mistreated by Duane and Mark the way they have been. Waiting a year to collect 50% revenue and putting up with these bullies controlling my life is something i’m NOT willing to do, sorry.
Also, looking back, the “creative” settlement was not the right way to treat the only person who IS losing money and getting screwed over by me, my publisher Marty.
I went along for the time because Marty himself used bully tactics on me when I first tried to pull down the blog. But honestly I also didn’t REALLY want to shut down so I was using Marty’s lawsuit threats as an excuse more or less.
However, the treats where real and I don’t know what Marty would have tried to do for sure. I didn’t want to deal with that and didn’t want to put my wife through additional crap.
Also, he was gonna publish the book without me. And I have a weak spot for making profits from my publicity so that was another carrot.
It was still my fault for NOT shutting down for good the first time. I’m sorry for using Marty as an excuse. I could have stood up to him his bully tactics and threats of a lawsuit (he reminds me of Mark in that regard).
So this settlement was going to be a creative way to get Marty out of the picture because by assigning the book rights to Mark, then Marty would have to deal with Mark directly.
Mark always wanted to attack Marty. Mark didn’t like the fact that Marty came in between me and my wife when I first tried to shut down. Mark needs to realize though is that the MAIN reason wasn’t Marty, it was ME. I was the one that couldn’t put the blog down.
So Mark has been looking for a way to pick a fight with Marty ever since then. That is what I meant that Mark is interfering with my marriage. He didn’t like how things went down and he saw Marty as the bad guy. Mark thinks Marty doesn’t care about my marriage and my wife. So as a result Mark has always been upset at Marty.
While I appreciate Mark looking out for me and my marriage, I DO NOT APPRECIATE him trying to pick a fight with Marty. That’s what stealing our copyrighted book audios and plastering them on his website was all about. So when I accused Mark of interfering with my marriage on the podcast before last, that’s what I was referring to.
And that is why Mark got so pissed off and threatened to “go for my F’ing throat” or something like that. Perhaps it was a communication as he thought I was saying that Mark is DIRECTLY interfering with my marriage. Because, the fact is, YES Mark is no longer communicating with my wife, as far as I know.
However, the WHOLE PREMISE of going after Marty was due to a personal issues related to Marty’s treatment of my marriage. Mark didn’t like it and figured its his place to throw his legal stick around. Well MARK, ITS NOT YOUR PLACE! Please understand that. I appreciate your intent but YOU’RE DOING IT IN THE WRONG WAY.
Do you guys see how complicated and convoluted this whole mess is?
I’ve been talking with Marty directly and we’re working out some kind of a settlement. I’ve screwed marty by backing out of the contract but I also hope he doesn’t fight dirty.
Having said that Marty has been the MOST reasonable “character” in this whole end-of-the-blog drama.
I talked with him and he just wants his HARD expenses covered. He is willing to walk away from the whole thing, forget the book, absorb the lost time and energy and just be done with the whole thing.
I wish every would be willing to do the same. ----
The EN synopsis: "I want to be left alone to continue my criminal and deceptive ways."
312. Casey Serin July 15th, 2007 at 1:48 pm trying to enjoy my sunday and not do any work…
no posts today, but i’m hoping to have an update on the whole situation tomorrow
By the way…,
I also told Duane that one of the defense attorneys I was speaking with told me to HOLD OFF THE SALE TILL MONDAY since there may be some issues with defense. I was gonna hear from the attorney on monday if there are any red flags.
I told Duane this but he didn’t care.. and Mark stated with full confidenence that there will NOT be any issues. As if he knows what he’s talking about..
That was another reason I was careful with this whole thing and waiting till the next business day is never too much to ask.
But NOOO they just keep thinking that i’m backing out and all that crap.
With this treatment I don’t know HOW I will be able to deal with these guys for another year.
I just wish, IF THEY TRULY have my best interest in heart they would BACK OFF and let me take care of my own crap and stop treating me like i’m some incompetent retard who needs adult supervision.
Will check back in on Monday…
Newsflash Snowflake. The world does not run on Caseytime™. There's gonna be posts and a Haterzcast and more. You don't own your own azz anymore flippy. You had best be hittin' the refresh button on all the sites because it's hot and gettin' hotter.
A defense atty telling him to hold off on a sale? WTF?
Waiting till the next business day is never too much to ask? Sh¡T dummy, FedEx is built on the exact opposite premise.
They just keep thinking that i’m backing out... You are backing out idjit.
Stop treating me like i’m some incompetent retard who needs adult supervision. your choice sweetness, parenting or penitentiaring.
Housing Bubble, credit bubble, public planning, land use, zoning and transportation in the exurban environment. Specific criticism of smart growth, neotradtional, forms based, new urbanism and other top down planner schemes to increase urban extent and density. Ventura County, California specific examples.