Casey Serin: Difference between revisions

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[[Image:Casey serin.jpg|right|thumb|240px|Casey Serin]]

{{Infobox person

'''Casey Serin''' (born [[September 10]], [[1982]]) is a real estate [[speculator]] who, at the age of 24, became known as the "[[poster child]] for everything that went wrong in the real estate boom"<ref name="USAT">

| name =Casey Serin

{{cite news |

| other_names =

title=10 mistakes that made flipping a flop |

| image =Casey serin.jpg

publisher=[[USA Today]] |

| caption =Serin in 2007

date=[[22 October]] [[2006]] |

| birth_name =

url=http://www.usatoday.com/money/economy/housing/2006-10-22-young-flipper-usat_x.htm}}

| birth_date ={{birth date and age|1982|09|10}}

</ref>.

| birth_place =[[Tashkent]], [[Uzbek Soviet Socialist Republic|Uzbek SSR]], [[Soviet Union]]

Serin was born in [[Uzbekistan]] and emigrated to America in the mid-1990s. In his early twenties, Serin was working as a PHP script programmer for [http://www.prideindustries.com Pride Industries], but he decided to quit this job with the hope of [[flipping houses]]. Beginning in October [[2005]] and continuing through the following year, Serin purchased eight houses in various U.S. states, and then began [[blogging]] about the process of facing [[foreclosure]]<ref name="DCR">{{cite web | title = Dallas County Record 200600425251 |

| death_date =

url=http://www.realestate.countyclerk.dallascounty.org/detail.aspx?doc=200600425251&ms=0&n=200600425251 |

| death_place =

date=2006-11-15

| death_cause =

}}</ref>

| occupation = [[Real estate entrepreneur|Real estate investor]]

on several of the properties he was unable to sell before the borrowed money ran out. Visitors to his blog are usually surprised at his smug comments, where it's obvious he doesn't believe he has done anything wrong, and that he deserves a lifestyle which includes several luxuries he can't afford to pay.

| title =

| footnotes =

| employer =

| known_for = Real estate speculation, blogging

}}

'''Casey Konstantin Serin''' ({{Langx|uz| Кейси Константин Серин}}) (born September 10, 1982, legally renamed '''Casey Constantine''' in April 2016) is an Uzbekistan-born American [[blog]]ger, [[mortgage broker]], and [[Real estate entrepreneur|real estate investor]]. In a newspaper article, ''[[USA Today]]'' called him the "[[poster child]] for everything that went wrong in the real estate boom".<ref name="USAT">{{cite news | author=Knox, Noelle |title=10 mistakes that made flipping a flop | work=[[USA Today]] | date=October 22, 2006 | url=https://www.usatoday.com/money/economy/housing/2006-10-22-young-flipper-usat_x.htm}}</ref> Born in [[Tashkent]], [[Uzbekistan]], Serin [[Immigration to the United States|immigrated to the United States]] in 1994. After graduating from high school, Serin bounced from job to job, generally working in [[website design]]. However, in his early twenties, Serin decided to quit working full-time in order to pursue a career in house [[flipping]] as a means of earning an income and building wealth. In an eight-month period beginning in October 2005, Serin purchased eight houses in four southwest U.S. states, and then began blogging about the [[foreclosure]]<ref name="DCR">{{cite web |title=(Type in Serin Casey) Dallas County Record 200600425251 |url=http://www.realestate.countyclerk.dallascounty.org/ |date=November 15, 2006 |url-status=dead |archiveurl=https://web.archive.org/web/20061211221614/http://www.realestate.countyclerk.dallascounty.org/ |archivedate=December 11, 2006 }}</ref> process on the properties he was unable to resell. In time, five of the eight properties foreclosed.<ref name="Consumerist">{{cite web | title=Foreclosure: When Will Casey Serin Pay ... | url=http://consumerist.com/consumer/foreclosure/when-will-casey-serin-pay-for-embodying-the-worst-of-the-housing-bubble-burst-260577.php | date=May 15, 2007}}</ref> The dubious nature of Serin's real estate transactions, coupled with his subsequent blogging about the affair, have led to Serin's name becoming strongly associated with the [[subprime mortgage crisis]].

==Background==

Between October 2005 and May 2006, Serin purchased eight single-family homes using [[stated income loan]]s.<ref name="USAT" /><ref name="NightlinePage1">{{cite news | title=Facing Foreclosure Video Segment on Nightline |work =[[Nightline (US news program)|Nightline]] | page=1 | date=April 13, 2007 | url=https://abcnews.go.com/Nightline/story?id=3030705&page=1}}</ref> These loans required no documentation of income, nor any [[down payment]]s. Before quitting his web design position in January 2006, Serin claimed an over-inflated income (roughly five times his actual pay) on his [[mortgage loan|loan applications]],<ref name="NightlinePage2">{{cite news | title=Facing Foreclosure Video Segment on Nightline |work =[[Nightline (US news program)|Nightline]] | date=April 13, 2007 | page=3 | url=https://abcnews.go.com/Nightline/story?id=3030705&page=2}}</ref> reasoning that many other borrowers were using similar strategies to obtain mortgages for which they would not otherwise qualify.<ref name="ECONOMIST">{{cite news | title=America's Housing Market:Cracks in the façade | work=Economist.com] |date=March 22, 2007 | url=http://www.economist.com/finance/displaystory.cfm?story_id=8885853}}</ref><ref name="USATODAYIMPACT">{{cite news | author=Knox, Noelle | title=Homeowners stuck as lenders cinch standards |work=USA Today | date=March 4, 2007 | url=https://www.usatoday.com/money/economy/housing/2007-03-04-mortgages-1a-usat_N.htm}}</ref> He continued to claim the same income on loan applications completed after he had quit his job. Serin stated that several of the properties were purchased with [[primary residence|owner-occupied]] loans; these generally provide more favorable terms than loans for investment properties.<ref name="USAT" /> A ''Voice of San Diego'' article suggests that Serin's initial loans may not have appeared in credit reports pulled for subsequent loans because he purchased properties in several states over a relatively brief period, so that "the banks couldn't trace the pending loan documents to check up on his story."<ref name="VoiceSanDiego">{{cite news | title=My Life is an Open Blog | work=[[Voice of San Diego]] | page=1 | date=September 22, 2006 | url=http://www.voiceofsandiego.org/articles/2006/09/30/survival/949casey.txt | access-date=April 21, 2007 | archive-url=https://web.archive.org/web/20070928023443/http://www.voiceofsandiego.org/articles/2006/09/30/survival/949casey.txt | archive-date=September 28, 2007 | url-status=dead }}</ref>

Although Serin was [[unemployed]] (with no ostensible income) when he bought most of the houses, he chose to declare on his loan applications that he was employed with a steady [[income]]. Serin has repeatedly admitted that he lied on his loan applications regarding his employment and his intention to reside in the purchased homes<ref name="LIEDLOANS">{{cite news |

title=Yes, I Lied on my Loans! |

Serin received cash back at closing on six of the properties, sometimes exceeding California's legal maximum of three percent of the selling price. A contributor to the ''Scotsman Guide'', a trade publication for the mortgage industry, stated in an article discussing fraudulent practices within the mortgage industry, that the largest amount of cash Serin received for a transaction was $50,000, and that the money was paid either to the seller or a third-party company (which the contributor alleges was bogus), and then returned to Serin after closing. The author, CEO and senior legal counsel of Investors Mortgage Asset Recovery Co. LLC, concludes that responsibility for [[fraud]] in cases such as Serin's lies with "everyone who knew about the undisclosed cash and knowingly assisted in the scheme, including the sellers and any real estate agents, appraisers or closing agents."<ref name="ScotsmanBySimpson">{{cite news | title=Truth or Consequence | author=Simpson, C. Robert | work= Scotsman Guide | date=January 2007 | url=http://www.scotsmanguide.com/default.asp?ID=1893}}</ref> Serin disclosed on a Sacramento news program that he likely would not have been able to qualify for loans under more traditional terms.<ref name="KPIXTV">{{cite news | title=Central Valley Man Poster Child Of Mortgage Crisis | publisher=[[KPIX-TV|CBS 5 Eyewitness News]] | date=March 7, 2007 | url=http://cbs5.com/video/?id=[e-mail]}}</ref>

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[4 October]] [[2006]] |

Despite already being deeply in [[debt]], in late 2006, Serin borrowed $16,000 to purchase a week-long real estate seminar course purporting to teach "creative financing"<ref>[https://money.cnn.com/2007/08/06/magazines/fsb/real_estate.fsb/index.htm?postversion=2007080706 CNN Money]. Money.cnn.com (August 8, 2007). Retrieved on 2017-01-09.</ref> at [[Nouveau Riche University]] (NRU) in Phoenix.<ref>Garnham, Jonathan. (May 14, 2007) [http://news.cnet.com/Casey-Serin-The-worlds-most-hated-blogger/2100-1028_3-6183383.html CNET]. News.cnet.com. Retrieved on 2017-01-09.</ref> Jim Piccolo, the founder of NRU, was later fined a record $6 million in 2011 by the [[Arizona Corporation Commission]] for running a [[fraudulent]] real estate investment scheme.<ref>[http://www.azcc.gov/Divisions/Administration/news/110217Securities.pdf Arizona Corporation Commission] {{Webarchive|url=https://web.archive.org/web/20130613061551/http://www.azcc.gov/Divisions/Administration/news/110217Securities.pdf |date=June 13, 2013 }} press release</ref>

url=http://iamfacingforeclosure.com/42/yes-i-lied-on-my-loans/}}</ref><ref name="MORTGAGEFRAUD">{{cite news |

title=Will I Go to Jail for Mortgage Fraud? |

Months later, as the [[United States housing bubble]] began to rapidly deflate, Serin became unable to pay the mortgages or sell the properties; at one point, he estimated that he was approximately $2.2 million in [[debt]], with a [[net worth]] around negative $600,000.<ref name="NightlinePage1" /> Serin's house buying spree ultimately ended when a lender rejected a loan application for what would have been his ninth property, after discovering his blog.<ref name="Scotsman Guide 2">{{cite news | author=Britton-Simmons, Geary | title=From the Top: April | work=Scotsman Guide |date=April 2007 | url=http://scotsmanguide.com/default.asp?ID=2071}}</ref> Because of the sheer magnitude of Serin's debt and the improbability of his story, some observers had initially questioned its veracity, alleging that the blog was either [[performance art]] or a [[viral marketing]] campaign. An article at ''[[The Motley Fool]]'' expressed doubt over "whether or not this [isn't] just a somewhat elaborate hoax.".<ref name="fool">{{cite news | author=Jayson, Seth | title=24 Years Old, $2 Million in the Hole | work=[[The Motley Fool]] | date=September 25, 2006 | url=http://www.fool.com/personal-finance/general/2006/09/25/24-years-old-2-million-in-the-hole.aspx?source=ihghlpban100102}}</ref> However, [[public records]] confirm that Serin did purchase the properties in question and did subsequently default on most of the mortgages.

publisher=[http://www.iamfacingforeclosure.com IamFacingForeclosure.com] |

date=[[24 September]] [[2006]] |

url=http://iamfacingforeclosure.com/33/will-i-go-to-jail-for-mortgage-fraud/}}</ref>. He used several lenders for the various properties, and filled out the loan applications within a short time frame, so that the loans would not have sufficient time to appear during a [[credit check]]. In addition, he received cash back at closing on most of the properties -- for his [[California]] properties, Serin received more than California's legal maximum rate of 3 percent of the selling price<ref name="KPIXTV">{{cite news |

title=Central Valley Man Poster Child Of Mortgage Crisis |

publisher=[[KPIX-TV|CBS 5 Eyewitness News]] |

date=[[7 March]] [[2007]] |

url=http://cbs5.com/video/?id=[e-mail]}}</ref>. The cash-back money was spent on daily living costs, mortgage payments for the houses, and on various luxuries such as a Hawaiian vacation with his wife Galina. In a matter of months, the money largely ran out. Serin is now approximately 2.2 million dollars in debt, with a net worth of around negative $600,000.<ref name="22MILLION">{{cite news |

title=I am $2.2 Million In Debt |

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[16 September]] [[2006]] |

url=http://iamfacingforeclosure.com/20/i-am-22-million-in-debt/}}</ref>. An online discussion of the fraudulent nature of overstating income in stated income loan applications uses the case of Serin as a running example<ref name="Scotsman Guide">{{cite news |

title=Truth or Consequence |

publisher=[[Scotsman Guide]] |

date=[[January]] [[2007]] |

url=http://www.scotsmanguide.com/default.asp?ID=1893}}</ref>.

<br><br>

He started an Internet blog [http://iamfacingforeclosure.com IamFacingForeclosure.com] describing his battle against foreclosure. Interest in his blog developed first among readers of blogs devoted to the United States housing bubble<ref name="SFCBUBBLE">

{{cite news |

title=As bubble sags, market critics are busting out |

publisher=[[San Francisco Chronicle]] |

date=[[5 November]] [[2006]] |

url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/11/05/REG7DM52OS1.DTL}}

</ref>. His story was featured in USA Today<ref name="USAT"/>, National Public Radio<ref name="NPR">

{{cite news |

title=Loose Credit Standards Boost Real Estate Woes |

publisher=[[Morning Edition|NPR Morning Edition]] |

date=[[19 October]] [[2006]] |

url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/10/08/REGCJLKK831.DTL}}

</ref>, New York magazine<ref name="NYM">

{{cite news |

title=Say Everything |

publisher=[[New York magazine]] |

date=[[12 February]] [[2007]] |

url=http://http://nymag.com/news/features/27341/index4.html}}

</ref>,

and the San Francisco Chronicle<ref name="SFC">

{{cite news |

title=No spin is used as blog describes downward spiral |

publisher=[[San Francisco Chronicle]] |

date=[[5 November]] [[2006]] |

url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/10/08/REGCJLKK831.DTL}}

</ref>, among other mainstream media. Serin even admitted on a local TV news program<ref name="KPIXTV"/> that he used so-called "liar loans", received cash back illegally, and would not have been able to purchase any of the properties had he disclosed the truth on his loan applications. Because the dollar amounts are so large and the story so broad, many readers of his blog have wondered if Serin's story is real -- [[Motley Fool]] wrote "a part of me still wonders whether or not this wasn't just a somewhat elaborate hoax"<ref name="fool">{{cite news |

title=24 Years Old, $2 Million in the Hole |

publisher=[[The Motley Fool]] |

date=[[25 September]] [[2006]] |

url=http://www.fool.com/personal-finance/general/2006/09/25/24-years-old-2-million-in-the-hole.aspx?source=ihghlpban100102}}</ref>. While appearing at times to be a piece of Internet performance art (c.f. [[lonelygirl15]]) or a viral marketing campaign, public records support the overall authenticity of Serin's real estate purchases.

<br><br>

Many readers of the blog initially encouraged Serin to contact an attorney in the hopes of discharging at least a portion of his debt by filing bankruptcy. Serin has largely ignored this relatively sound advice, in favor of essentially ignoring the problem and letting his debt burden grow daily. Various readers of Serin's blog have estimated that the interest on his debt is growing at the rate of approximately $600 per day. Serin has been referred to as the "<i>pied piper of financial ruin</i>", and his plans for remedying his debt have many readers wondering if he is being overly optimistic, or if he is in denial over the gravity of his financial situation. In early 2007, Serin set his goals for returning to fiscal solvency -- he plans on amassing an even greater debt burden by attempting to purchase an [[apartment complex]]. In addition, Serin has proposed<ref name="CORPCREDIT">

{{cite news |

title=Corporate Credit? |

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[11 December]] [[2006]] |

url=http://iamfacingforeclosure.com/114/corporate-credit/}}

</ref> to transfer his personal debts to a [[shell corporation]] purchased with the sole aim of hiding debt, a course of action that numerous people have advised him is blatantly illegal. Serin initially conceded that there might be something "<i>shady</i>"<ref name="SHADY">

{{cite news |

title=Organizing and Opening Mail All Night |

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[17 January]] [[2007]] |

url=http://iamfacingforeclosure.com/133/organizing-and-opening-mail-all-night/#comment-24319

}}

</ref> about his proposal, although he has gone so far as talking to a corporate [[attorney]] about the plan.

<br><br>

Despite his repeated public admissions (both via the blog and on a [http://www.youtube.com/watch?v=ajxnGjSndF8 webcam video]) of lying on loan applications and committing [[felony]] [[mortgage fraud]], Serin has not yet been arrested for these crimes -- although IP logs of the visitors to his blog have shown that the blog has been accessed by the [[FBI]], the [[IRS]], the [[SEC]], various state governments and [[bank]]s from which his fraudulent loans were obtained. Various readers of the blog, angry at Serin's complete inaction, have attempted to alert the relevant authorities to Serin's blog. Many people feel he should be made an example of, that he should go to jail for not working to pay back his debt. In early 2007, Serin started up two further real estate websites: ablebuyer.com<ref name="ABLEBUYER">

{{cite news |

title=ablebuyer.com |

publisher=[[ablebuyer.com]] |

date=[[11 December]] [[2006]] |

url=http://ablebuyer.com/}}

</ref> and buyingapartmentbuildings.com<ref name="BUYINGAPARTMENT">

{{cite news |

title=buyingapartmentbuildings.com |

publisher=[[buyingapartmentbuildings.com]] |

date=[[11 December]] [[2006]] |

url=http://buyingapartmentbuildings.com/}}

</ref>, though the second address now directs visitors to the first.

<br><br>

In a March 2007 blog entry, while posting statements supporting most of his critics' charges of fraud, Serin urged readers to edit his Wikipedia page, claiming that the overall tone of the article was too negative, and offering an "alternative" version of events.<ref name="ADEFENSE">

{{cite news |

title=Casey Serin on Wikipedia - a defense |

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[14 March]] [[2007]] |

url=http://iamfacingforeclosure.com/175/casey-serin-facing-foreclosure-on-wikipedia-a-defense/}}

</ref>

==Foreclosure blog and media attention==

==Properties owned by Serin==

In September 2006, Serin started the blog IamFacingForeclosure describing his situation, with the idea of both soliciting advise and warning others how to avoid the mistakes he had made. Interest in the blog first developed among readers of other blogs devoted to the United States housing bubble.<ref name="SFCBUBBLE">{{cite news | title=As bubble sags, market critics are busting out | author=Lloyd, Carol | work=[[San Francisco Chronicle]] | date=November 5, 2006 | url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/11/05/REG7DM52OS1.DTL}}</ref> His story was featured in numerous media outlets—among them, ''[[USA Today]]'',<ref name="USAT"/> [[National Public Radio]],<ref name="NPR">{{cite news | author=Arnold, Chris | title=Loose Credit Standards Boost Real Estate Woes | work=[[Morning Edition|NPR Morning Edition]] | date=October 19, 2006 | url=https://www.npr.org/templates/story/story.php?storyId=6326038}}</ref> [[New York magazine|''New York'']] magazine,<ref name="NYM">{{cite news | author=Nussbaum, Emily | title=Say Everything | work=[[New York magazine]] | date=February 12, 2007 | url=http://nymag.com/news/features/27341/index4.html}}</ref> the ''[[San Francisco Chronicle]]'',<ref name="SFC">{{cite news | author=Lloyd, Carol | title=No spin is used as blog describes downward spiral | work=[[San Francisco Chronicle]] | date=November 5, 2006 | url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/10/08/REGCJLKK831.DTL}}</ref> ''[[The Economist]]'',<ref name="ECONOMIST"/> ''The [[Suze Orman]] Show'',<ref name="Suze">{{cite news |title=Facing Foreclosure |work=[[Suze Orman|The Suze Orman Show]] |date=April 7, 2007 |url=http://www.suzeorman.com/index.cfm |url-status=dead |archiveurl=https://web.archive.org/web/20070210031817/http://www.suzeorman.com/index.cfm |archivedate=February 10, 2007 }}</ref><ref name="Video Capture of Suze">{{cite news |title=Facing Foreclosure Video Segment on Suze Orman Show |work=The Suze Orman Show |date=April 7, 2007 |url=http://gambit3.com/iaff/index.html |url-status=dead |archiveurl=https://web.archive.org/web/20070707085516/http://gambit3.com/iaff/index.html |archivedate=July 7, 2007 }}</ref> and ABC's ''[[Nightline (US news program)|Nightline]]''.<ref name="NightlinePage1" /> When Serin first started the blog, commenters were generally supportive, hoping that Serin would make a good faith effort to avoid foreclosure and pay back any remaining debts by looking for work. The initial media exposure largely lauded Serin as an example of forthright blogging, without delving very deeply into the origin of his debts. Also, in 2006 Casey Serin appeared on "Rich Dad's Online Business School" where Casey Serin told his story to [[Robert Kiyosaki]] and the members of his audience.

{| class="wikitable"

|-

! Date Purchased

! Property

! Purchase Price

! Status

! End Price

! Comments

! Cash Received<br> At Close

|-

| 3-8-2002

| Salmon Falls Dr, Sacramento CA

| $110,000

| Sold 3-13-2003

| $157,000

| Serin's personal residence

| $0

|-

|10-7-2005

|Calla Way Sacramento CA

|$360,000

|Sold 1-4-06

| $365,000

| swapped for Burdett

| $30K

|-

| 1-4-2006

|6842 Burdett Way, Sacramento, CA, 95823

| $295,000

| Foreclosed

| <$247,500

| No bids at bank auction

| Please Fill In

|-

| 2-6-2006

| 6021 Guadalajara Dr, Rio Rancho, NM, 87144

| $497,000

|NOD/NOT

|

|

| P.F.I.

|-

| 2-24-2006

| Sonora Ave, Albuqurque, NM

| $345,000

| sold Jun 06

|

|

|

|-

| 3-6-2006

| 1910 Muncy Dr Modesto CA, 95350

| $323,000

|NOD/NOT

|

|

|

|-

| 3-10-2006

|6656 10250 N, Highland UT, 84003

| $360,000

| Sold

| $399,000

| profit $12K

| $18K

|-

| 3-24-2006

| 6500 Larchmont Dr, North Highlands CA, 95660

| $330,000

| Foreclosed

| <$216,000

| No bids at bank auction

|

|-

| 5-4-2006

| 9524 Angleridge Rd, Dallas, TX, 75238

| $191,500

|Foreclosed

|

| Serin put $75K down.

| $0

|}

During the ensuing nine months that the blog was updated, Serin generally let his problems stagnate—urgent mail went unopened, the houses went into foreclosure one by one, and Serin did not actively look for work. The overall tone of the blog's comments gradually went from encouraging Serin to openly deriding him for his inaction, his apparent nonchalant attitude towards his financial issues, and his role in the then-emerging subprime mortgage crisis. In May 2007, CNET.com writer [[Declan McCullagh]] published an article about Serin's story and the largely negative reactions Serin's blog was garnering from commenters, referring to Serin as "the world's most hated blogger" and describing his blog as "irritainment."<ref name="CNET">{{cite news | author=McCullagh, Declan | title=The World's Most Hated Blogger? | work=[[CNET]] | date=May 14, 2007 | url=http://news.cnet.com/Casey+Serin+The+worlds+most+hated+blogger/2100-1028_3-6183383.html?tag=st.prev}}</ref> McCullagh wrote that "Casey's blog has an enthusiastic – if unrelentingly critical – audience known as 'haterz'." Serin acknowledged that he began to purposely anger readers in an effort to drive further traffic to the blog.<ref>{{cite news | author=Los Angeles Times | title=Say It Isn't So: Casey Serin, Foreclosure Blogger, Closes His Blog | work=[[Los Angeles Times]] | date=June 3, 2007 | url=http://latimesblogs.latimes.com/laland/2007/06/say_it_isnt_so_.html}}</ref>

==Criticism==

Serin is regularly criticized on both his own blog and other blogs specifically devoted to his story. Serin has referred to these sites as "hater sites", as they include much negative comment. Some specific criticisms that have been leveled at Serin include:

* Disdain for standard university education in lieu of real estate guru seminars, for which Serin spent over $30,000, including training at the unaccredited [[Nouveau Riche University]].

* Disdain for those with regular W-2 "[[wage slave]]" jobs, in favor of [[self-employed]] entrepreneurship.

* Not looking for full-time work, rather than living off his over-extended [[credit cards]].

* Not declaring [[bankruptcy]] -- however, a bankruptcy attorney told Serin that he may be prosecuted for [[fraud]] if he files for bankruptcy.

* Living beyond his means -- Serin's bank statements posted to his blog showed expenses relating to dining out regularly, incurring repeated [[overdraft]] fees in the process.

* Attempting to use unethical and/or illegal methods (i.e., shell corporation) to get out of debt.

* Serin's determination to continue as a real estate investor despite his current abject failure in that field.

* Serin's refusal to live in any of the houses he purchased, possibly delaying the foreclosure process.

* Completely ignoring his current bills, and looking for more credit lines with [[subprime]] lenders like {{cite web|title=CashCall|url=http://www.cashcall.com/}}

* Serin's personal eccentricities: his habitually unkempt haircut, his carrying a [[murse]] (which he refers to as his "man bag"), and his obsession with [[juicer|juicing]]<ref name="JUICE">{{cite news |

title=Get Foreclosure Help by Drinking Fresh Juice |

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[28 February]] [[2007]] |

url=http://iamfacingforeclosure.com/167/get-foreclosure-help-by-drinking-fresh-juice/}}

</ref>.

* Perceived hypocrisy about his self-proclaimed "[[vegan]]ism plus fish and eggs," while admitting to enjoying an occasional [[In-N-Out Burger]]<ref name="VEGAN">{{cite news |

title=2006 Review |

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[2 January]] [[2007]] |

url=http://iamfacingforeclosure.com/127/2006-review/#comment-19910}}

</ref>.

* Inability to reconcile his purported [[Christian]] faith with his actions, particularly his failure to repay debt as well as [[mooch]]ing off his family and in-laws.

* Allegedly tithing $300/month{{fact}} with money that was essentially stolen from his lenders -- Serin refuses to reveal to which church he supposedly donates.

===Pre-ForeclosureFate Actionsof the blog===

In April 2007, Serin appeared on ''The Suze Orman Show'' to discuss his financial predicament. Orman recommended that Serin file for bankruptcy and attempt to increase his take-home pay.<ref name="Suze"/>

Readers of Serin's blog have searched various Internet archives in an effort to reveal more of Serin's background. Serin has been criticized over some perceived unethical incidents that have been unearthed from his past. When he was 14 years old, Serin used his father's Internet account to attempt a Usenet-based [[Ponzi scheme]]<ref>http://groups.google.com/group/abg.suche/browse_thread/thread/470c4a52726baf6d/940662daa1a00c66?lnk=st&q=casey+serin&rnum=2#940662daa1a00c66</ref>, although it is presumed that he failed to make any money from this venture. In addition, after the houses were purchased and it was clear to Serin that he was in dire straits financially, he tried e-mailing friends to ask them for money. Serin phrased the e-mails as an investment plan secured by his real estate holdings, with a promise of 24% interest<ref name="24PC">{{cite news |

title=Meet the 24-year old with $2.2 million in debt|

publisher=[http://www.iwillteachyoutoberich.com I Will Teach You To Be Rich] |

date=[[1 November]] [[2006]] |

url=http://www.iwillteachyoutoberich.com/blog/meet-the-24-year-old-with-22-million-in-debt}}</ref>, but the next week admitted he failed to mention that his real estate business was actually in trouble and that he was facing foreclosure on all of his properties.<ref name="MISTAKES">{{cite news |

title=Revisiting Old Mistakes|

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[4 November]] [[2006]] |

url=http://iamfacingforeclosure.com/73/revisiting-old-mistakes}}</ref>

<br>

The final months of his blog saw further erratic behavior by Serin, including a June 2007 spur-of-the-moment flight to Australia without informing his wife or family members.<ref>{{cite web | author=McCullagh, Declan | title=Notorious debtor Casey Serin shuts down blog | url=http://news.cnet.com/Notorious+debtor+Serin+shuts+down+blog/2100-1026_3-6188143.html | accessdate=June 1, 2007}}</ref><ref>{{cite web|author=CNET News.com Staff |title=Interviewing Serin, the blogger people love to hate |url=http://news.cnet.com/Interviewing+Serin%2C+the+blogger+people+love+to+hate/2324-1026_3-6190602.html |accessdate=June 13, 2007 }}{{dead link|date=November 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> Regarding his multiple mortgages, Serin acknowledged to the ''[[Sydney Morning Herald]]'' that "the stuff I did is technically mortgage fraud, but it's not officially called that until someone prosecutes me and proves that that is indeed mortgage fraud,"<ref>{{cite news | author=Hutcheon, Stephen | title=Blogger learns how to monetise hate | url=http://www.smh.com.au/news/web/blogger-learns-how-to-monetise-hate/2007/06/19/1182019071972.html | accessdate=June 18, 2007 | work=The Sydney Morning Herald | date=June 19, 2007}}</ref> asserting a [[presumption of innocence]]. While in Australia, Casey Serin appeared on [[Top Shelf Radio]] with [[Robbie Buck]].<ref>{{cite web | author=Buck, Robbie | title=Top Shelf Radio, Triple J | website=[[Australian Broadcasting Corporation]] | url=http://www.abc.net.au/triplej/topshelf/listen/mp3s/20070628_hatedblogger.mp3 | accessdate=June 19, 2007 | archive-url=https://web.archive.org/web/20090317221142/http://www.abc.net.au/triplej/topshelf/listen/mp3s/20070628_hatedblogger.mp3 | archive-date=March 17, 2009 | url-status=dead }}</ref> On the [[Jon Ronson]] show, Serin again confirmed his use of so-called "[[Stated income loan|liar loans]]".<ref name="bbc.co.uk">{{cite web | author=Ronson, Jon | title=Jon Ronson On... | url=http://www.bbc.co.uk/radio/aod/mainframe.shtml?http://www.bbc.co.uk/radio/aod/comedy.shtml?radio4/jonronsonon | accessdate=June 19, 2007 | archive-date=July 18, 2007 | archive-url=https://web.archive.org/web/20070718121636/http://www.bbc.co.uk/radio/aod/mainframe.shtml?http%3A%2F%2Fwww.bbc.co.uk%2Fradio%2Faod%2Fcomedy.shtml%3Fradio4%2Fjonronsonon | url-status=dead }}</ref>

==Personal life==

[[Image:Caseyfamily.jpg|right|thumb|240px|Casey with Galina (wife) and family.]]

Casey Konstantin Serin is married to Galina Serin (born [[January 2]], [[1983]]), neé Suprun. Their afternoon naps and marital ups and downs were a large part of his first blog titled 'Earth Mission Log'<ref name="LOG">{{cite news |

title=Earth Mission Log|

publisher=[http://caseyserin.org caseyserin.org] |

date= [[2006]] |

url=http://caseyserin.org/oldblog.htm}}

</ref>. His wife does not participate in the current blog or other publicity, although publicly-available documents filed with various county offices indicate that she participated in some of the financial deals. In addition, Serin wrote on his blog that they attended real estate seminars together and has photographically documented Galina taking part in the attempted rehabilitation of their properties. They currently live with Serin's sister-in-law in [[West Sacramento]], California.

On July 11, 2007, Serin disclosed that he was under investigation by the [[Federal Bureau of Investigation|FBI]]. In an interview conducted by ABC News, his attorney reported that Casey Serin was under investigation by the FBI, but that "no charges have been brought against Mr. Serin. However, based upon conversations with the U.S. Attorney's office in California, federal charges related to Mr. Serin's real estate transactions are expected to be brought against him".<ref>{{cite web | author=ABC News | title=ABC News: Housing Bubble Bursts for Investor | website=[[ABC News (United States)|ABC News]] |url=https://abcnews.go.com/Nightline/Story?id=3030705&page=3}}</ref> Shortly thereafter, Serin said in a mass e-mailing that he would be closing the blog and getting a "regular W-2 job," citing the stress his family has experienced.<ref>{{cite web|author=Shallit, Bob |title=A flop as a 'flipper,' he seeks a real job |url=http://www.sacbee.com/103/story/274523.html |accessdate=July 20, 2007 |archiveurl=https://web.archive.org/web/20071128075429/http://www.sacbee.com/103/story/274523.html |archivedate=November 28, 2007 |url-status=dead }}</ref>

==Themes and catch phrases==

Serin is very fond of using [[catchphrase]]s and [[buzzword]]s on his blog, perhaps as a by-product of his preference for [[get rich quick|get-rich-quick]] gurus over conventional education<ref name="DEGREES">{{cite news |

title=Organizing and Opening Mail All Night|

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[16 January]] [[2007]] |

url=http://iamfacingforeclosure.com/133/organizing-and-opening-mail-all-night/#comment-24047}}

</ref>. He frequently talks about finding "sweet deals", "repaying every dirty penny", and "falling forward". These phrases are often mentioned sarcastically in his blog's comments, generally mocking Serin's exuberant [[optimism]]. Serin also likes to end postings with a cheerful "It's all good!", even at the end of a post that otherwise describes a situation of utter financial ruin.

==Return to real estate==

There are also numerous references to [[Jamba Juice]] and [[Macaroni Grill]] on his blog, which stem from an early post<ref name="JAMBAJUICE">{{cite news |

{{primary sources section|date=April 2023}}

title=Finances Out of Control|

In 2016, Serin legally changed his name to Casey Constantine. In Facebook comments, he stated that the name change is a sort of rebranding for the next chapter of his career/business in real estate, and that it will allow him much more control over his search results online, somewhat of a clean slate.<ref name="changename">{{cite web|title=State of California Bureau of Real Estate License|url=http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01946942}}</ref> After the name change, Casey became a licensed Real Estate Broker and Mortgage Loan Originator. He has resumed investing.<ref>{{Cite web |title=Public License Lookup - DRE |url=https://www2.dre.ca.gov/publicasp/pplinfo.asp?License_id=01946942 |access-date=2022-10-16 |website=www2.dre.ca.gov}}</ref><ref>{{Citation |title=EP051 Real Investor Series - Casey Constantine | date=September 21, 2020 |url=https://www.youtube.com/watch?v=eaiH1Z2F3cg |language=en |access-date=2022-10-16}}</ref><ref>{{Cite web |url=https://twitter.com/cc_broker |access-date=2022-10-16 |website=Casey's Twitter Page |language=en}}</ref>

publisher=[http://www.iamfacingforeclosure.com I am Facing Foreclosure .com] |

date=[[21 November]] [[2006]] |

url=http://iamfacingforeclosure.com/94/finances-out-of-control/}}

</ref>, in which Serin reproduced, but later withdrew, a [http://flickr.com/photo_zoom.gne?id=303768508&size=o recent bank statement]. His blog's readers immediately spotted that despite his dire financial predicament, he was still a regular customer at these and other establishments. With almost no money in his [[checking account]], Serin had incurred numerous overdraft charges, and had essentially been paying upwards of $38 for a drink that normally cost less than $5. Since then, the names of these two restaurants are repeatedly cited in attached comments -- usually with the intention of symbolizing examples of luxuries that Serin cannot realistically afford, but to which he nonetheless feels entitled.

==References==

{{Reflist}}

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<references /></div>

{{DEFAULTSORT:Serin, Casey}}

[[Category:1982 births]]

[[Category:American bloggers]]

[[Category:American fraudstersbusinesspeople in real estate]]

[[Category:Economic bubbles]]

[[Category:Real estate]]

[[Category:Living people]]

[[Category:Uzbekistani_peopleWriters from Sacramento, California]]

[[Category:Uzbekistani emigrants to the United States]]