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Casey Konstantin Serin (born September 10, 1982) is an Uzbekistan-born American blogger and a former real estate investor. In a newspaper article, ''USA Today'' called him the "poster child for everything that went wrong in the real estate boom". Born in Tashkent, Uzbekistan, Serin 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〔(【引用サイトリンク】 url=http://www.realestate.countyclerk.dallascounty.org/ )〕 process on the properties he was unable to resell. In time, five of the eight properties foreclosed.〔(【引用サイトリンク】 url=http://consumerist.com/consumer/foreclosure/when-will-casey-serin-pay-for-embodying-the-worst-of-the-housing-bubble-burst-260577.php )〕 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 loans.〔 These loans required no documentation of income, nor any down payments. Before quitting his web design position in January 2006, Serin claimed an over-inflated income (roughly five times his actual pay) on his loan applications, reasoning that many other borrowers were using similar strategies to obtain mortgages for which they would not otherwise qualify. 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 owner-occupied loans; these generally provide more favorable terms than loans for investment properties.〔 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." 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." Serin disclosed on a Sacramento news program that he likely would not have been able to qualify for loans under more traditional terms. 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"〔http://money.cnn.com/2007/08/06/magazines/fsb/real_estate.fsb/index.htm?postversion=2007080706 CNN Money〕 at Nouveau Riche University (NRU) in Phoenix.〔http://news.cnet.com/Casey-Serin-The-worlds-most-hated-blogger/2100-1028_3-6183383.html CNET〕 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.〔(Arizona Corporation Commission ) press release〕 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.〔 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. 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 () just a somewhat elaborate hoax.". However, public records confirm that Serin did purchase the properties in question and did subsequently default on most of the mortgages. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Casey Serin」の詳細全文を読む スポンサード リンク
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