I have started to rummage through the historical information about Casey Serin that is still hanging out there on the Internet. I am doing this because I want to organize and reference all of the occasions where Casey has committed various acts of fraud.
As part of this effort, I obviously went to CaseyPedia to look up some things. To this day, I continue to be amazed at the level of information contained in this website. It is truly a marvel.
Anyway, I went to the website to look up some information related to the Talkcasts (or "Fraudcasts") that Casey Serin hosted during 2006 and 2007, and I was reminded of the initial Talkcast with Jerome Mayne on December 6, 2006 (you can see his website here).
Jerome Mayne spent several years in prison for mortgage fraud so he's really done some hard time, and he basically told Casey during the Talkcast that he should turn himself in to the FBI. I don't see any evidence of the entire transcript out on the web, but you can get some of the highlights by going to Casey's old blog post located here. In the comments section, Casey decides to rile up the crowd in comment #11 by dashing into a phone booth and coming out as Supertroll:
The mortgage fraud Podcast was pretty good. But what was the big deal about me admitting to doing mortgage fraud? I already said “Yes I lied on those loans” in one of the earlier posts.
The only thing is that I didn’t think this was a criminal offense back when I was doing the loans. I thought it might be unethical and just gray-area type of thing but A CRIME?? If I knew I was commiting a crime I would have never done that.
Of course, everyone knows that stupidity doesn't clear you from wrongdoing, even if you are really that stupid. Kevin in comment #19 says it pretty well:
How in the world do you think that getting money from a lender by providing false information is NOT a crime? Don’t you think if it wasn’t a crime, that would open up the gates & then everyone would lie & get money? Where would that leave us, as far as the financial security of this nation? Have you thought ANYTHING through?
Putting on my Casey no-thinking-cap, I can answer Kevin's questions as the following: Itsallgood, I dunno, I dunno, and no. And considering where this country has ended up over the past year, it seems like everyone lying and getting money pretty much put us in the crapper.
Of course, Chase Gochnauer in comment #27 basically sums up the reality of the situation at the time, and lets us know that millions of people enjoyed lying to get a house or two:
What you have done is done on a daily basis across the country. It has become so commonplace sometimes that it’s locally known and no one complains and everyone participates. I’ve seen personal property included in mortgage loans, all the cash back to rehab the property, money back for their 5-10% down, it happens every day.
Of course, Casey did this eight times so he might be in a slightly smaller subset of fraudsters.
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Both of the comments proved correct. Kevin says that "Where would that leave us, as far as the financial security of this nation?" and Chase states "It has become so commonplace sometimes that it’s locally known and no one complains and everyone participates."
ReplyDeleteSo many people did use liar loans, frequently encouraged by their broker, that the housing market collapsed and that contributed a great deal to the recession we're now suffering through. This is also the reason why Casey will not be arrested, at least for this. Even though he did it eight times he's still lost in the noise.