24-Year-Old Mortgage Mogul Goes Bust

People talk about a soft landing in the housing bubble, but have they considered how speculative the housing markets are, and how reckless the lenders have b…
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  1. myland2012 says:

    If you want to read more on the Casey Serin story, try Caseypedia dt com
    This was only the beginning…..

  2. christophgerald says:

    this kid’s full of shit

  3. bitesize2 says:

    It’s a new paradigm, and everybody who doesn’t buy, now, will be priced out
    forever. Anybody who does buy will be rewarded with a lifetime of riches,
    as their property will continue its 30% yearly price increase. Renters, and
    anybody born in a future generation, will not be able to afford a
    $10,000,000 starter home in 15 years. They will live in tent cities, and
    Hondas. This asset bubble is different than all of the others – it will
    never slow down, or pop. The gains are permanent.

  4. SunTzu says:

    If he had actually been able to successfully sell them or rent them out
    then he would have been fine. HIs problem was getting to much to soon,
    besides lying, he bought way to much and never tried to sell or rent…or,
    he didn’t wait until one sold or was rented..I nearly did that also, but
    didn’t lie to get it as I had the income to afford2-3 houses. I would only
    buy 2, if i were him back then, and sell one or rent one before another

  5. myland2012 says:

    Casey Serin. Self proclaimed World’s Most Hated Blogger. Three years on and
    back in the game. Amazing.

  6. laboyinaz says:

    This was very common in the housing market. The 80/20 stated ARM’s and
    Option ARM’s were some of the many factors that screwed the housing market
    up. Mortgage Lenders were so lenient with their guidelines, they were
    setting them selfs up for this.

  7. billgbg says:

    “lenient lending standards”=unethical behaviour leaving the resulting mess
    for taxpayers around the world.

  8. BCherry08 says:

    This kids is going to jail… He admitted to lying on the loan application
    in his blog. The Fed will be calling soon!

  9. willosk says:

    Indeed. Economic perversions are virtually synonymous with a recklessly
    expanding money supply / credit, though. Expect more of it as the Fed bails
    out both borrower and lender.

  10. jcernharth says:

    No doubt, but it is also a two way street, with a cadre from Wall Street on
    down to Main Street mortgage brokers “just getting the deal done” because
    it could get done, knowing fully well that the loans were garbage. They
    were repackaged (repeatedly) into an artificially liquid secondary market.
    Ratings agencies slapped AAA ratings on the it – the insane alchemy is

  11. leboharold says:

    the people who gave him these loans are idiots thank you

  12. apin88 says:

    ah…hahahha…..you are funny…not enough to stab on people….stomp them
    to death as well…

  13. Lenny Fausto says:

    If you buy now, you will find a house like the one you bought for $100K or
    more less than what you paid. You effectively will be catching a falling
    knife and become instantly underwater on your mortgage! Imagine going to
    the bank and asking, “I’d like to open an account for minus (-)$100K”.
    After years of deposits adding up to $100K you will have $0 in the account.
    Silly isn’t it? Well that is exactly what you will be doing if you bought a
    house right now

  14. cecilbdml says:

    No doubt. But on our level, we can, at least, keep some real value to our
    assets by ACTUALLY owning them. We do ourselves no favors by putting
    everything into the bank’s hands, then lying to ourselves that we ‘own’ the

  15. jcernharth says:

    True. But do you realize that every dollar in circulation has been loaned
    into circulation? It all starts with the Fed, my friend.

  16. cecilbdml says:

    Folks, remember that in a foreclosure, the bank gets the house, PLUS any
    and all money you paid them. They win, NO MATTER WHAT. We live on credit.
    We live on time we borrowed from someone who has nothing to lose. We end up
    losing everything, EVERY TIME. It’s time for us to grow up and start paying
    for stuff in cash, or NOT BUYING IT IF WE CAN’T FRIGGIN’ AFFORD IT.

  17. Moodster020 says:

    Looool, i detect Irony!

  18. LuciusBrutus says:

    That is how you get ahead in the world, Lie. I wonder how many flippers for
    years got away with this. No wonder working for a living is old fashioned
    foolishness. Besides, there is no money in working for a living these days.
    Even worse his only options probably would have been a McJob. So, McJob or
    lie on a loan? You choose.

  19. BOGZASV8MA says:

    @cecilbdml yea but the bank loses when they have to pay taxes and have
    nobody paying for it.

  20. David Rosenblatt says:

    Not as soon as you thought, evidently, given that your post is a year old!

  21. Dan Gomez says:

    irresponsible borrowers are the number 1 culprit in this mortgage mess.They
    all have to sign contracts.The problem was they could take out tons of
    money and still lower the payment.Its unfortunate but the mortgage industry
    has something called a “predatory borrower” also

  22. crb4059 says:

    A lot of you fools are blaming “greedy” lenders, they are out to make a
    profit. Most of the sub prime lenders have been wiped out in just the past
    few months making bad loans. Borrowers lost, lenders lost, everyone lost.
    The smart investors will start buying at dirt cheap prices very soon!!! And
    sell at the apex of the next bubble.

  23. 200720062005 says:

    hmm. is he buying in his own name?

  24. David Rosenblatt says:

    The amazing thing is, this was more than TWO years ago. At least now, his
    misery has A LOT of company!

  25. zekeandcharlie says:

    I was so bombarded by calls from brokers I stopped answering my phone. I’m
    a free spirit with a career that allows that and these people would NOT
    stop calling me. Someone a little less secure would have jumped at the
    chance these guys were offering. These brokers were worse than my dogs with
    a bone.