Mocking Casey Serin on YouTube

Anyone who's been following the ridiculously comical and felonious tales of Casey Serin should definitely watch "Flipper Nation." This humorous mockumentary follows two earnest young entrepreneurs who are determined to successfully flip houses in a down market.

Casey Serin fans and critics will be particularly amused by the antics found on "Flipper Nation," complete with a smarmy mortgage broker. If you know the relevant players, you'll know just who to plug into each role. From a ubiquitous blue shirt to some sweet deals and close proximity to Starbucks, "Flipper Nation" is a funny take on real estate 's biggest "loosers."


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EPISODE 3:

Defining "Intent"

In multiple (possibly hundreds) of instances, Casey Serin has told the world a novel's worth of fiction about his intentions: He never intended to commit mortgage fraud; he never intended to force his banks into repossession; he intended to repay "every dirty penny" of the borrowed monies.

I've thought all along that this was a load of hooey, and Casey Serin's latest, repeated comments about exploring bankruptcy protection (ha!) prove that his actual intent is to get away as unscathed as possible from the financial trainwreck that he and his wife Galina Serin created.

I don't know how I missed this article, but 'lawnmower man' over at ExUrbanNation deserves major credit for bringing it to the forum's attention.

In January of this year, C. Robert Simpson wrote a fantastic article called "Truth or Consequence" in the Scotsman Guide. It is an incredibly insightful piece on mortgage brokers' role in the subprime lending meltdown, and I found myself nearly breaking my neck by nodding so vigorously in agreement.

I have been arguing with friends and family members for several months now that mortgage brokers should be held accountable (with buyers, of course) for non-performing, no-documentation subprime loans. The reason is that they are charged with vetting a potential borrower on behalf of the financial institution.

The bank trusts that when mortgage brokers approve a borrower as a good risk that he or she actually is. Did any of these greedy bastards ever think about why subprimes often paid a heftier commission? Because finding performing borrowers in this category is tough. Any asshole can give a loan to a crackhead, so to speak. Simpson agrees (although in a less profane tone, of course), saying:

Some months ago, I attended a loan-originator luncheon, where a speaker from the
FBI gave a presentation about the latest mortgage frauds and prosecutions. The
agent said that if a stated-income loan shows an income of $10,000 per month and
the borrower's actual income is much less than that -- say, $5,000 per month --
then it is fraud, and the FBI would prosecute it as such.

The loan originators were incredulous. One broker stood up to say, "But lenders created stated loans so we could state whatever income would get the borrowers the
loan."

If I read his facial expression correctly, the FBI agent couldn't believe what he had just heard. There ensued a lively give-and-take between the agent and the loan originators regarding the intent of stated loans.

Simpson included Casey Serin in his article, and there is a very telling bit in it that should keep Casey and Galina Serin up at night with cold sweats of fear. Because it's such a huge fucking smoking gun that you can almost hear the prison doors clang as you read the article.

Of Casey and Galina Serin's eight properties, Simpson states:

On six of the properties, he received cash back at closing. The largest check he
received was for $50,000. The cash was paid to a bogus company,
controlled by a third party. It was then funneled back to Serin. In all other escrows, cash was paid to the seller, then back to Serin after closing.

Wh..wha...WHATTHEFUCK?!?! This certainly clarifies the "INTENT" question. Holy shit, we've got shell corporations, an undisclosed third party....Look here, little Casey Serin--this goes way beyond "I didn't know it was wrong," which is something you've always claimed.

This demonstrates some serious intent to defraud. And since there are already hundreds of thousands of people in America who are calling for Casey Serin's head, there's just no way that the proper authorities can (or should) overlook his theiving ass. Same goes for his wife Galina Serin.

If you have joined the ranks of the people who are fed up with Casey Serin and Galina Serin still being allowed to walk the streets as free people, feel free to contact the following folks to express your displeasure.

You can report mortage fraud via the following:

FANNIE MAE
1-800-732-6643
mortgagefraud_tips@fanniemae.com

FBI
FBI Online Tip Form
Sacramento Field Office (916) 481-9110

SACRAMENTO COUNTY DISTRICT ATTORNEY
Real Estate Fraud Unit (916) 874-9045
Special Investigations Division (916) 874-5897