Friday, March 9, 2007

THE CURIOUS CASE OF CASEY SERIN

Have you heard of Casey Serin?

Everyone else has.

Casey Serin (www.IAmFacingForeclosure.com) has become a cult figure in much of the real estate investing world. A 24-year-old immigrant from the Ukraine who came to Sacramento in 1994, Casey has parlayed his atrocioius (and admittedly fraudulent) real estate investing career into national celebrity, including a feature story this week in USA Today.

Using a string of stated income, 100% financing and hard money loans, Casey has left a trail of implosion throughout the western United States, buying homes with the intention of flipping them for profit in New Mexico, Utah, Nevada, Arizona and his home state of California.

Except right about the time he began closing his deals, the market fell apart.

Casey has taken his calamity road show national, appearing on numerous television programs and admitting freely he lied on his loan applications, fudged paystubs and tax returns and pretty much signed anything they put in front of him in order to close on another house.

The interesting thing is, like certain American Idol contestants, although pathetically inept in the area of personal decision making, he's a rather intriguing and likeable guy.

Only in the era of YouTube and the Internet could someone become a cult hero because of his own massive personal failures. Google the name "Casey Serin" and you'll find dozens of references to America's poster boy for the impending collapse of the subprime lending market.

It's very hard to say where Casey is going to end up... will it be in jail, or will it be in the next new Fox prime time sitcom? You'll have to stay tuned.

Cheers to you, Casey. You have figured out that shame and disgrace is the "new new", and you're going to ride that horse as far as it will take you.