Casey Serin South
Casey Serin wasn't the only highly leveraged real estate speculator who got burned when the market slowed:
Eight properties owned by local [Bakersfield] real estate power player David Crisp and his close family members have entered the first stage of foreclosure in just the last six weeks.Meanwhile, back at the original Casey Serin saga, a house that he bought for $330,000 with 100% financing was just sold by the bank for $199,000. The banks lost $131,000. Plus interest. Plus expenses. But don't worry. This obviously doesn't have anything to do with major California no-doc, option-ARM lenders like Countrywide.