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Tuesday, November 28, 2006

Casey's Flipped For The Last Time

Casey Serin has surpassed himself. His latest brilliant plan is to borrow more money (50 grand), pay his back payments and taxes on the houses he has left (going quickly, they are), and then get credit-challenged buyers to pay enough to cover the payments on his original (bad) loans and the new loans. What's in it for this mythical buyer? They acquire houses for which the current value is declining and on which Casey overborrowed in the first place to make repairs which he did not make. He's underwater on every single house already, or he'd be able to sell. The banks are willing to short-sell, but just not for as short as he needs to sell.

He's awesome. Awesomely crazy. Here's one that should be netted off the streets and put away in a nice safe place before he can do any more harm. He knows no way of making money other than to borrow it, and he hasn't yet figured out that this won't work.

It's like watching a car/plane crash or suicide attempt in slo-mo. You know you shouldn't watch, but morbid curiosity keeps drawing your eyes back.

The Headless Unicorn Guy
Definitely. I'm not sure whether the mortgage market in some areas isn't just as much of a morbid spectacle, though.
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