I had viewed this property for one of my “Happy Birthday Socal” posts but because of the age of the listing, I considered it too stale.
BMIT has been slapped threatened with a frivilous lawsuit regarding posting public facts about a property in NOD status. Here is the gist of the information below. If someone attempts douchebaggery on my site by threats of a lawsuit… well, go ahead.
Free speech is protected in my America:
14160 BRYCE POINT, Poway, CA 92064
4 beds, 5.5 baths, 7,716 sq ft on 1.3 acres
05/2005: purchased for $3.42 million
06/2007: listed on MLS for $3.295 million
Price Reduced: 08/23/07 — $3,295,000 to $2,995,000
Price Reduced: 01/08/08 — $2,995,000 to $2,895,000
Price Increased: 01/10/08 — $2,895,000 to $2,995,000
Price Reduced: 01/10/08 — $2,995,000 to $2,895,000
02/04/2008: NOD filed.
02/21/2008: 247 days on market and over $500,000 discount from almost 3 years ago and still no sale.
If you’d like to preview the property and catch your own falling knife, here’s an online tour.
Coincidentally, I wonder if the bars on the window/door are there to keep people in or out?
PS, Thanks goes to:
for public information freely available.
**Caution, real estate does not always go up.
Thanks for posting this, it was off ocrenters site before I could read it. Its truly a shame, but apparently Aaron Krowne at the mortgage implode-o-meter was actually sued for the same sort of thing. Speech can be free, but increasingly in America, it’s expensive.
Somebody please put up a detailed blog entry on this guy on a website in China or Afghanistan. Let him spend his fortune trying to subpeona IP addresses from Internet service provided in those countries. The more this guy fights, the more we should spread his information on the web.
Isn’t this the home being foreclosed on that’s owned by LSSI CEO Cary Burch?
In addition to LenderSupport.com, isn’t he the guy that also runs a mortgage fraud prevention service? If so, this is wildly ironic.
How many of his banking clients know about this? How do they feel about using the service of someone that would cause one of their own (i.e., a lender) to take a loss?
Will any reporters report on it?
What does it say about the owner being foreclosed on that he’s using hardball legal tactics to squash disclosure of this?
If you want to read some of his mortgage fraud wisdom from March 2007, here’s a link to an interview article http://www.nationalmortgagenew.....70309a.htm
Irony? No, I dont think so. Irony would be if he used some kind of crazy financing that required him to overstate his income and/or assets.
This is just plain bad luck. Of course, excellent executors don’t always have great foresight, or economic understanding of current events.
No, when buying a property like this at this price, you should be pretty certain that you can pay it off even if WW3 happens. Unfortunately, either that wasn’t the case, or it’s intentionally being sold at a loss. I have no idea which it was.
Unfortunately, during the boom, the MSM often held up people in the greater REIC as having “insider” information on what was going to happen in the future, and they would never buy if housing prices were going to fall, would they? The truth is, they are no smarter or better equipped to handle the vagaries of a downturn than a normal person is.
Chuck Ponzi
Dear Mr. Burch,
As you well know, this club maintains the strictest standards of membership. Due to your inability to manage your own household finances (despite having an MBA) we are hereby revoking your membership privileges forthwith. We only allow rich people as members, not wannabe poseurs such as yourself. How long did you think you could maintain this facade?
Regretfully,
J. Richard Forsythe III
Pres. FRPC&TS
I guess that would be this guy
http://www.bschool.pepperdine......07_01.html
What a poseur. He attended seminars at Harvard and Oxford, and he lists them as if he has degrees from these schools. His MBA is actually from Pepperdine
http://www.linkedin.com/in/caryburch
anon
get your facts straight. the pepperdine article says he “studied” at those colleges and the linkedin page says he attended “executive education”. so how is he a poseur? i dont see where he lists any degrees other than the mba from peperdine. i went to the harvard web site and found that the executive ed classes are $58k!
http://www.exed.hbs.edu/programs/amp/
Um, saying he “studied at Harvard Business School, MIT, and Oxford University” – which typically would imply (and I am sure is meant to) that one did more than took a seminar… Perhaps a semester abroad, or a transfer. If I saw it represented that way on a resume, I’d throw it in the trash without a second thought.
And I really don’t care how much exec ed costs at Harvard (or Harfurd, for Dilbert readers)
Doesn’t change my opinion.
and where is “peperdine”?
If he gets hungry, he can always eat one of his 11 ponies.
I poosted this same comment on ocrenter’s blog:
Ok, so the facts are that this person is in foreclosure. Big deal, I have many friends that are in foreclosure because they lost their job, lost income, medical problems, etc. It doesn’t make them a bad person even if they are educated. Also, keep in mind that this house was smack in the middle of the recent San Diego Wildfires and from my research 12 homes within 1500 yards of this address were burned down to the ground and 500 homes within less than 1 mile!
Freedom of speech is exactly that – we are free to say what we want. HOWEVER, we will be held accountable for what we say and how we say it. That’s what keeps lawyers employed. Stating the facts is fine, but do your homework. Facts presented with opinions, allegations and suggestions of fraud are unacceptable unless there are facts to back it up. If you don’t agree, then ignorance is your defense…..
Defamation of character can include slander (spoken derogatory statements), libel (written derogatory statements) or both. To constitute actionable defamation, the statements must be false and expose a person to hatred, ridicule or contempt. You also can sue if the defamation harms you in your occupation. So by making assuming statements puts you right on track for defamation of character. If this guy looses his job because of your assumptions and attack on his character and creating posts and blogs to amplify “the facts” = lawsuit. He won’t lose his job because his house is in foreclosure! In the end, if you make an opinion, they sue you for slander, you waste tons of time and lots of money defending yourself. There are lots of lawyers out there that would love to take his case on contingency.
Lastly, I checked on this guy and found out that his father has the same name. Hummmm, what if you attack someone because of their name and it isn’t the person you think it is. Oops.
You do realize that slander and libel require the statements to be false, right?
Would that be the instructions the judge gives the jury AFTER you have paid $50,000.00 for defending yourself?
Remember, right, wrong, correct, accurate doesn’t matter. If you are creating an environment that facilitates harm upon someone in excess of the base public information, then you are only taking risk personally! Just making an inaccurate statement of ownership (same name – different person) alone can create emotional distress and hardship on that individual, the company he works for, the employees, the customers and the shareholders and investors of the company. Wouldn’t you think that his board and investors already know of his personal matters? I wouldn’t touch this one with a 20 foot pole! There are more people behind this one than you may realize. This is not about freedom of speech, it’s about protecting an investment. If you read the company’s press releases they are backed by a very large private equity firm. I am sure they would not have a problem going after this post.
I was going to send you an email, but I don’t know your email address – so I have to reply here. I was involved in a similar “slander” suit and I was one of the posters. The good news is that I didn’t say anything bad about the person, but I was dragged into it as a court ordered Yahoo to disclose everyone who posted on the BB. Nothing happened to me other than a warning, but the original poster that started it got hung out to dry by the other posters. Her identiy was released and guess what…..all the other postings she created were wide open to several other companies, people, etc. Unfortunately, she went BK after spending tons of money trying to prove her 1st ammendment right and has three other suits pending. Her reputation is gone, no job and she too lost her home. The question you have to ask yourself is “is it really worth proving my point”…….at what cost. My suggestion, let this one go and get out now before you get the warning letter from the attorney.
Cheers.
I think you are a Realtor making threats of a lawsuit to suppress free speech.
You providing some legal advice here or just trying to intimidate?
We’ve been watching plenty of cash out refinance, early payment default and other fraudulent practices. Normally we just send the info to the FBI. Not that they bother to do anything (nor does an EPD/cash back necessarily apply here). Could also be a ruthless default by a rich guy.
I’ll just assume you are trolling.
Lots of friends in foreclosure? Sudden loss of income these days? Smells like a used home salesman.
Good luck getting some lawyer to go after this.
You think your going to get a lot of money from small time bloggers? Either its some real estate/banking interest or no one touches it. You spend a couple hundred K dragging this to court for what? Probably get throw out in discovery.
I like how you said big deal about this going REO. What does that say about your mindset on your obligations? Normally its pretty traumatic.
If you are creating an environment that facilitates harm upon someone in excess of the base public information, then you are only taking risk personally!
No worries mate, the environment (the internet) was created by Al Gore, so I’m golden.
Come to think of it, if all one has to do is create an environment… perhaps someone should be suing God?
Or, is it because he has much deeper pockets to protect against frivilous lawsuits?
Chuck Ponzi
You DO realize what can happen to people who start frivilous lawsuits don’t you? Have you ever heard the term “blackmail?”
Don’t make thinly veiled threats. They are transparent.
What… i say… WHAT… is with all the dimbulbs on housing sites talking about people “loosing” things.
It is… LOSING.
Sheesh, did you study under Casey Serin?
“Big deal, I have many friends that are in foreclosure because they lost their job, lost income, medical problems, etc. It doesn’t make them a bad person even if they are educated”
It does “IF” they lied to get the loan!
Why else would there be threats of a lawsuit about postings based on publicly available info?
So everyone who is in foreclosure lied? Wow! What a great connection McFly! Start the presses!!!
Maybe, just maybe, its not about the “public” information but protecting “what” people are saying or suggesting about one’s reputation. What if you signed onto a blog and found your name in lights. So you lost your home due to a huge loss of income and everyone trashed talked about you. How would you feel? Heck, doing some extra research shows this guy’s company has a bench of internal lawyers just looking for something to do. Why pick a fight with someone who has the ability to wrap you up in legal expenses and supena your idenity and the identies of all the posters? Ocrenter is not an idiot, he has kids, and mortgage of his own. Congrats to you Chuckie, but you had better be right cuz being wrong is way too expensive. Don’t pick a fight you know you can’t win. Bluffing only works when your bluff is called. GTG now, 10 o’clock news is already on and I need to see if I need to warm up my snowplow for tomorrow!
oops… It’s getting late – what a retard I am. Correction:
A bluff only works when your bluff is NOT called. Duh.
Yes, I have no bluff. All of the above are facts. There’s nothing to call.
Of course, I couldn’t see the original comments made by OCRenter or anyone else, and the post was not copied from his. As they say: Just the facts, maam. That’s all that’s above.
Except of course the commentary about escaping their own debtor prison; that was my flavor to the discussion. The home was purchased overpriced. Housing prices go down as well as up, so we have learned an important lesson here, right kids?
Yeah well didn’t you post an advertisement on ocrenter’s original post? That’s a fact. Didn’t you comment on Ocrenter’s post? That’s a fact. That means you are at risk of infactual data yourself! “Of course, I coundn’t see the original comments made by OCRenter or anyone else, and the post was not copied from his”. I still have it cashed on my computer and I’m sure the other party has it too…..that connects you to the original (accused) slander, you just reposted (or shall I say extended) the conversation onto your web site by taking it on yourself. Ocrenter is still not out of the woods ya know. He’s just simply got out and hopes he doesn’t get served. Joe Dirt said it best. This does not look good to me either. Damn Snow! Wished I was in socal! Nighty nite do not let the legal bugs bite!
What is the slander about? Another overpriced house going back to the lender/MBS holder causing more losses?
That just makes no sense at all.
Guess I’ll get dragged to court as well. Glad I paid for the legal plan at work.
Thats insane. A house priced half a million below its sold price three years ago, and it won’t sell now. Maybe they ought to just price it at half a million….
Greetings Chuck
Below is the text of a short email I left on the comments page of LSSI’s Servicer3D division. I did leave an email address so fingers crossed, I’ll get a nice snappy reply.
“Hello
Having looked over your site a bit, I have one question.
How can your company be responsible enough to manage mortgage portfolios when your CEO has a Notice of Delinquency filed on his house?
Cheers from down under”
Ian Bushdowger
Well, in his defense… a lot of people have NODs. Doesn’t mean there’s anything wrong with his/her business. You can’t draw a parallel.
that the house is in default is a fact. How he managed his money is not his business’ problem.
In most cases, companies would rather not have people working for them that cannot manage their finances as is evidenced by the required credit checks
Chuck
One final thought. CEOs do not “own” the company. They always answer to the board. Even if the CEO is also the chairman, I have heard of many times when coups were staged when a runaway CEO began to use the company’s limited resources to carry on personal matters (such as lawsuits). That almost always ends with the CEO being blackballed in the industry and rarely finds comparable work again.
Unless, of course, the CEO is also the chairman of the board and the majority shareholder… which would lead to the IRS asking questions as to why the company would be deducting legal expenses or using inside counsel to defend personal mistakes.
You see… shit rolls downhill on planet earth.
Chuck Ponzi
From what I can gather, it appears that “The Person in Question” (“PIQ”) was a partner in an investment group (the name of which I know and for whom a website or any other relevant information apparently does not exist) that bought out the company in question (the “Company”) in late-2004 from its previous owners. So it stands to reason that PIQ is probably a substantial owner of the Company. If so, at least he’s blowing some of his own money on this ordeal. The problem is that the Company was purchased by PIQ and his co-investors near the peak of the mortgage/real estate market. Now it stands to reason that the Company’s business is perhaps not doing so well (I know someone in this business) and that the timing of the purchase from a price perspective could have been much better. Generally when one buys into a company near the peak in its market, bad things eventually happen when things come back down to earth. Especially if one is highly leveraged with an expensive lifestyle.
Well, it is a little like a dentist with bad teeth or a nutritionist with high cholesterol. They may be good at what they do, but when it comes to my choice about with whom to work I will surely look for the MB with more personal discipline. How I find that out, I have no idea.
Ian
I take it that you don’t follow the “Golden Rule”…..
Good Aye!
Dog Damn it’s good to finally see some trolls step back into the ring!
Too bad they’re lawyer trolls, but hey, we can’t be too picky these days. Since all the discredited REALTOR, broker, lender, appraiser, specuvestor trolls have disappeared it’s been Soooo boring lately.
Next there will be lawsuits because the blogs CAUSED the housing crash. Buggers.
“JoeDirt”,
As you have made several legal threats in your messages, care to cast aside the cloak of anonymity and tell us who you are?
I think anonymous comments are a lawyer’s dream: they can make whatever threats they want, and there’s not even a paper trail.
Indeed, you are likely the the source of other “anonymous commenters” who post statements that you’ll later claim as evidence of (defamation, slander, damages…). Nice setup!
If you’re serious, get serious, and publish your name and office. Otherwise, let me take advantage of the fact that you can’t slander an anonymous person to say: I think you’re slimy the way you’ve threatened the first-amendment rights of a good family man (who doesn’t happen to have “a bench of internal lawyers”), and your behavior puts to shame the many ethical lawyers I know.
Ok, now you’ve insulted me! A lawyer! Do you know the difference between a dead lawyer and a dead skunk on the road???? There are skid marks before the skunk! I’m a computer security analyst for a large wall street trading firm with only a vocational edumaktshun
My favorite color is green like money and I rarely wear panties to bed. Is that what you want to hear? Ya know big fella, after a glass of wine, I think I type better!
(o) (o)
But if I were a lawyer pretending to be a normal poster, fishing for comments……wouldn’t you think that if the courts order Chuck to disclose his posters he will sell everyone out to protect his own butt? I’ve been there and done that – that’s why I speak from experience not “threats”. Where do you get my threats? It’s the way of life in this virtual world – its what has happened and will happen. Read the implode suit update. THEY LOST and put a spin on it. AND if I said anything, lawyer or not , I would be exposed and the lawyer would be disbared? If you are willing to help someone out financially, make a donation to the people who are losing their houses. Remember, we here on this post are pretending to be someone else so that nobody knows who we are. That way we assume nobody can find out who we are and we can say whatever we want. WRONG. IP addresses, email address are all tracked and recorded. Nothing gets past these computer registries these days. Trust me, I know – I’m a computer specialist. As for who I am…..I’m Joe…….. Joe Mamma! Now that’s funny!
Trust me, I know – I’m a computer specialist.
I stand by what I feel… this interaction doesn’t pass the smell test, and I think you’re part of the stink. No, I don’t “trust” you, nor the mix of anonymous posters with the same goal: of shutting down this site, or setting it up for legal trouble. I’m disgusted.
If you are willing to help someone out financially, make a donation to the people who are losing their houses.
That’s a good one… know anyone in Poway recently served a Notice of Default?
DCRogers
So…I posted the info on my blog and muddled the “personal” information about the guy. I’m using hijacked internet and an anonymous email account. Problems on my end?
The following is a fictional character. Any resemblance to any real person, alive or deceased, is purely coincidental.
*************
Larry is a smart, successful software exec in a real estate-related field living in Southern California. He holds undergraduate and graduate degrees from third tier programs and in order to beef up the appearance of his education, he attended, at considerable expense to his employer, some executive education seminars at a couple of hoity toity schools so that he could later claim he “studied” at such institutions. (While Larry is smart and competent, he’s also fairly insecure.)
Larry makes a very good salary as a senior exec and is well-respected in his industry. He appears to be set up for the good life. Larry has a wife and a few kids. In and of itself, this is not a problem. But when combined with very expensive hobbies and an overwhelming desire to keep up with the Joneses (manifested in part by the purchase of a multi-million dollar house), a toxic financial brew has fomented. In addition, the underlying business for which Larry works is struggling with more tough times ahead.
All of a sudden, despite his big salary, Larry’s in way over his head financially. It’s incredible how expensive it is to support a wife, a few kids, and expensive hobbies here in Southern California. Also, the income taxes (and property taxes on expensive new homes) are a killer. So now Larry’s in trouble.
Had Larry “merely” bought a $1 million home and possibly limited his hobby life a bit, he would be in great shape. But he couldn’t resist. He “needed” the big trophy property. He “needed” the expensive hobbies. He “needed” to provide the “best” for his family. He “needed” to present the appearance of riches and success to the world. And look where it got him.
I for one was glad to see someone reposting. 1st amendment only applies to the government, not Mr. MilliondollarNOD, but whatever, the confusion is useful.
I think the best lesson as already stated is if the house is more than a mil and you can’t pay cash… it wasn’t meant to be your house. Good words to live by. We can all only be so lucky as to have need of them someday.
Yeah, we all mess up, but it’s no fun talking about someone working the night cashier shift getting an NOD on a 50k trailer. This guy is such a better topic; people respect him for his ability to handle large amounts of money, hence his concern.
And my one beer (so far) smell test on JoeDirt, is he’s a girl.
I read this blog yesterday and kept trying to figure out where I heard the name “Cary Burch” before.
It finally dawned on me this morning. About a year ago a co-worker of my wife was having an extramarital affair with a man and ended up catching **** from him. To prevent accusations of libel I won’t say the name of this man
**** Edited for content by Chuck Ponzi 2-24-2008 10:34 PM**** See below for details
And the hits just keep on comin’.
Keep in mind, I don’t allow just anything to be said about anyone. Unless you’re willing to prove with public documents that he has the disease you said he has, I have to censor it.
Someone may be an ultimate douchebag, but there is no room for the untruth here.
Chuck Ponzi
Looks like he also owes $20,000 in back taxes. Hey Joe Dirt since you like him so much how about paying his taxes for him.
I enjoyed virtual tour and the link to the interview with mr Burch.I think it newsworthy that he has had a NOD filed against his house because he is a Real Estate Professional,who sells his expertise and his judgement.The NOD speaks clearly about his judgement,and if I owned a chunk of,or did business with LSSI I would certainly take the facts into consideration.As with the NAR president who couldn’t sell his home there is an element of the ludicrous about this that the editors the WSJ might find attractive.
Chuck,
So why are you allowing this blog to bash someone’s reputation? Do you really know enough about this person’s circumstances to lead the witch hunt? Looks to me that this person runs a company who’s customers are lenders. If lenders go out of business, woudln’t you think that their customer base would also go down – thus – financial impact to the CEO and company? Just because someone over paid for a house and can’t afford it doesn’t make them a bad person or business person. Is your life that clean that you haven’t made a financial mistake or are you perfect? Your threads imply worngdoing. What if someone found out about you, your wife and two kids and attacked your family – how would you feel? Hope you sleep well at night while you are adding fuel to a fire that doesn’t need to be stoked.
Josophine
Jesus, you really don’t get it, do you? This is NOT about bashing some Joe Sixpack’s reputation simply because he got an NOD. Frankly, that would be pretty boring and not worthy of much comment in the current environment. The real issue is the legal threat. If this guy hadn’t threatened ocrenter with a lawsuit merely for publishing publicly-available information about his house and his career, the thread over at ocrenter’s site would probably be forgotten by now and this thread (and all the others) would never have gotten started in the first place.
This guy, a guy in the mortgage industry, who presumably would know enough about mortgages and real estate to avoid undertaking a loan that would eventually result in an NOD, in fact got an NOD and THEN got upset when someone merely regurtitated such publicly-available facts on a real estate blog. There’s more than a little bit of irony at work here.
He should have just taken the path of least resistance and let it rest. And it would have died. And no one would have cared. Instead he took the Path of Greatest Douchebag and threatened legal action. THAT’s the reason people are here bashing. Everything else flows from this fact. His problems in the Blogosphere are 100% of his own making. How can you not get this?
Dave,
How do you know this guy filed a lawsuit? Just because another poster said so, does it make it the truth? Chuck – you said yourself, you won’t allow just anything to be printed. Do you know “for sure” and have “public documents” to demonstrate that this guy is trying to “shut down public information”? If that was the case, why haven’t you been threatened? Seems a bit odd that maybe you are using this guy as an excuse to publish your post under the “freedom of speech” act.
It’s time for my second glass of wine!
Nope, you sure as hell aren’t a lawyer. Shit, apparently you can barely read. NO ONE has said the guy “filed” a lawsuit. What I and many other people commenting on this situation have noted is that he has THREATENED legal action. (That’s a fact.) If you were a lawyer I’m thinking you’d know the difference between the two. “Filing” and “threatening” are two different words, even in the context of lawsuits. Really, they are. Look it up, Einstein.
File under: “Why Do I Bother”
I can theorize why the guy is laying low now, if he is. This is the part of the story where the formally not quite Internet savvy person realizes that the way the Internet works is to make people who threaten action deeply regret doing so. If you have not lived on the internet for the last 20 years and are using a printed paper mental model for how information is communicated, this instinctive self-protection mechanism of the Internetosphere can come as a bit of a surprise.
It’s like the sorcerer’s apprentice. If he cuts this part of the broom in half, there will be ten more by tomorrow morning. It takes a round or two for this to truly sink in with the uninitiated.
Jeebus, Joe
There’s no implication of wrongdoing, it’s a statement of facts. Heavy handed intimidation through the suppression of facts is so 18th century. The only reputation he has here is the one he created by threatening a lawsuit against another blogger.
BTW, plenty of people have bashed my reputation on this blog, and I don’t see you leading a charge on a white horse to protect me. Is your altruism going to expand to now protect jealous, bitter renter bloggers from the big bad wolf of anonymous internet posters? Perhaps you can team up with the PRC and just suppress anyone from saying anything bad about anyone who might be in power or have lots of money.
Mr Burch made career made (and damn good living) buying and selling information about American consumers (credco, et al), consumer privacy be damned.
The information offered here is public information.
His information is featured here because he’s an “information pusher”, a “loan pusher” and a “real estate pusher.”
If the people in the consumer credit industry were afraid of the consequences of their actions, they should have behaved differently all along.
To show support for OCrenter and Chuck Ponzi (especially Chuck for carrying the torch), blogger lovers should spread information on Mr. Cary Burch onto thousands of websites and let his team of lawyers try to remove all the information from every web page.
There are not enough lawyers in San Diego to accomplish that!!
The power of Google, Yahoo and Microsoft, and other search engines in China, India and Russia, will make his information searchable for eternity.
I’m waiting for the house to go into foreclosure for another round of blogging.
Cary Burch wants to play hardball and use intimidating tactics? We should play hardball too. Hundreds of users spreading the word will crush this guy like a little bug.
Jon, you got it man ! Some of this has already creeped into the search engines. Check it again in about a week after the searchbots manage to scrape his name off more and more blogs.
You people are VERY sad! Dont you have a life. Let me guess……..hmmmmmm you are fat, lazy, UGLY and a looooooser. Maybe that is why you attack people who actually made something of themself. Hide behind a little computer. Sad pathetic excuse for a human. You will go to HELL for what you are doing! As if you care anyway.
You know you’ve won the argument when the ad hominems come out.
Thanks, godblessyouall! We just needed confirmation.
I won’t be going to hell. I sure don’t want to listen to your garbage for the rest of eternity.
“made something of themself”? Ok, I’ll pardon the pitiful excuse for english and note…
Bought house near peak of market? Check.
Bought business near peak of market? Check.
NOD filed on home mortgage? Check.
Threatened lawsuit (like a douchebag) against blogger who posted public information available to anyone? Check.
Oh, yes… it surely sounds like someone has “made something of themself (sic).”
I’d hate to see how you define failure.
And Hell? Me? Why I can hardly wait! See you there!
A douchebag like Cary Burch thinks that his reputation is founded on something other than his easily accessible embarrassing public financial records. Perhaps he thinks that his reputation is based on playing polo, or that he may wear all the latest douchey styles. Who knows. But I believe that his douchebaggery is not somehow “above” factual criticism, commentary, and discussion.
You have to think about this way: you’re nobody till you get trashed on a bubble blog. Then you’ve really lost money.
I’m wondering if this dude has just walked away from the property.
That would be an interesting twist.
This is too ironic. Someone posted this link on OCrenter’s webpage.
It’s Cary Burch, et al advising lenders on how to avoid fraud and losses, using their “solutions.”
http://www.lendersupport.com/pdf/msn_reo.pdf
If I had the cash I would buy this place in a minute. It is beautiful. I know the area well.
Something I don’t see corrected in the comments:
“BMIT has been slapped with a frivolous lawsuit regarding posting public facts about a property in NOD status.”
No, from what I’ve read on BMIT, he was threatened with a lawsuit (which pretty much everyone thinks is frivolous). ocRenter has not said a lawsuit was actually filed.
Good point. I’m going to update the original post to reflect that. I wrote it in haste, and it does need an update.
Chuck Ponzi
Wow. That house is gorgeous. I would love to live in a house like that, alas, I am a renter. My guess is though, that the ego that is attached to that house believes that lawyers and veiled threats can protect against the shrapnel of the bubble bursting.
More than likely, and I’ve witnessed something like this first hand, the lawyer on retainer knows that a letter looks “official” and will probably try to send a few more. Not only that, but actually going to court and taking on a case is another expense (not likely wanted with a house in the NOD), that the owner does not wish to commit to. Letter writing is much cheaper, and usually more effective. Well, most of the time.
Keep up the good work, and Carry On!
This is a SDBJ article.
He certainly can’t claim any business harm since he said that the he’s doing better than ever.
It believe that’s it’s more like Realtors saying that “now is the time to buy.”
—————
Despite Downturn in Home Loans, Poway Software Firm Sales Rising
San Diego Business Journal, May 14, 2007 by Allen, Mike
The slump in home sales and concomitant slowdown in mortgage lending are causing ripples in the national and local economy, but a Poway firm that provides software to both industries is surviving nicely.
LSSI Inc., formerly called Lender Support Services Inc., is on track to double its revenue this year, just as it has done for the preceding two years, said Chief Executive Officer Cary Burch.
While he declined to reveal dollar amounts, Burch said because at least half the business is tied to customers purchasing software on a monthly subscription basis, revenues should continue rising.
“Last year may have been a challenging year for a lot of our customers, but because they are using our product on a subscription (basis) they are paying the same price regardless of the number of transactions they do,” he said.
LSSI makes software that helps lenders and investors in home lending. Two of the firm’s products help prepare and maintain proper loan documentation, and service home loans.
Customers of LSSI include midsized mortgage banks such as First Magnus Financial Corp. of Tucson, Ariz., as well as private money lenders, retirement funds and large investment banks. The firm has 850 current customers in 17 countries, Burch said.
25th Anniversary
Started in 1982, LSSI is celebrating its 25 th anniversary, but this is only the third year under new owners led by Burch, 44, a longtime mortgage executive.
The firm originally founded by Peter Sydoriak was based in Kearny Mesa until last year, when the business relocated to new digs in Poway.
Yeah well, up until now. In this industry, May was years ago! I bet things are different now.
What about the employees that have worked there for 20+ years? Bashing a person whose rep is tied to a company with 30 employees puts the employees in harms way too. Do we care about the ramifications to them? Attacking him is like attacking them. How can you explain that one to the employee or do we really care? Guess it’s his fault for defending himself right? For every action there are other consequences. Good job ruining other people’s lives. Let’s see 30 more people in the unemployment line! Well done.
Don,
Most intelligent people are aware that just because he is a doucebag doesn’t necessarily mean the other employees there are douchebags as well.
Actually, what these banks need desperately is more information about their potential borrowers. I expect they are easy picking for a sales person right now. And with new rules most likely coming down the pipeline, his business should get better. It is much easier to install compliance software than to trust that your retraining/reprogramming of employees works. If he jumps fast on updating his software he’ll probably be fine.
On the other hand, it just mentions “revenue” which doesn’t necessarily translate to “profits”. If they cut the price below cost and tripled their sales doing so, their revenue could double while their profits dropped to negative.
I’m not trying to Troll, but if you really need a Troll, feel free to interpret it as one. Free country. It’s the best I can do.
We don’t know what his motivations for going NOD are.
He might be walking on his house because of the massive loss equity (voluntary foreclosure). Maybe he’s walking on purpose to stick the bank with a big loss. Plenty of people are doing that.
Who knows?
As others pointed out, the irony is that he knows about mortgage fraud and losses. He sold products to prevent losses and fraud but clients who used his products are now out of business.
http://ml-implode.com/imploded.....08-16.html
As an executive at First American, he made his fortune by selling public information on Americans. Now he wants to suppress public information?!
This guys knows knows public records are disseminated better than anyone. If he didn’t want his information to become public he should have taken steps to keep it private. He should not have posted all over the Internet.
You can’t use the Internet to promote yourself and make money and then call yourself an innocent victim when some unflattering truth about you is discovered.
From his profile at Pepperdine:
“He willingly takes responsibility for the tough decisions that can lead to sleepless nights or the occasional hot seat.”
http://www.bschool.pepperdine......07_01.html
So much for taking responsibility! Like all the FBs out there, he’s crying crocodile tears. I’m the victim, I’m the victim.
Ok,
A little research on my part shows that the company provides mortgage loan closing documents and loan accounting software. Where is this fraud service you speak of? Closing documents and loan accounting for lenders has nothing to do with fraud. Clearly you do not understand this business nor the services that specific companies provide. Also the division the PIQ worked at FA was a credit consolidator service. A consumer requests a loan, credit report pulled, all three agencies brought together and presented in one nice clean report back to the consumer or the consumer’s lender. The company is specifically prohibited to resell any of this data and only acts as a pass-through. They have to delete the consumer’s report after 90 days and takes high security measures to protect consumer data.
I find it odd that this blog is bashing someone for having an issue with public information and on the other had we are bashing someone who worked for company “apparently” reselling consumer data. Which side of the fence are we on here? If we hate companies that sell consumer data, then shouldn’t we support privacy and not propagate it on the internet…… OR is it just open season to bash everyone because we need something to talk about? I think the later.
Who said he committed fraud?
I said he sells products that supposedly protect lenders against fraud and losses. But as we all know fraud in the mortgage industry is rampant.
If someone peddles public record and private (credit, employment, DOB, SSN, etc.. ) information data about Americans consumers (and makes a fortune doing so) that someone should have no problem with his own public record information being divulged to others. In this case, no private information of his has be divulge that he didn’t broadcast on the Internet himself.
That’s all.
I should add that corporations claim that once they acquire information about consumers, they own it. And they profit from selling and sharing that information (with a facade of limitations hidden under privacy statements).
We are no profiting from blogging about this house. We are just discussing its purchase and list prices. What’s wrong with that?
The irony here is that the bloggers found out about PIQ’s NOD status using an aggregator and seller of information such as foreclosure.com. Let PIQ write to the foreclosure reporting services to see if they’ll do him a favor and remove his information. Good luck with that.
If he wants privacy, he should lobby Congress for it.
I’m not sure why we assume that this guy “made,” has or ever had a “fortune.” It stands to reason that he has probably had a big salary at some point during his career and he has certainly spent a lot of cash on a lot of stuff. But a “fortune”? He just got an NOD. I seriously doubt there’s anything resembling a fortune anywhere near his financial statements.
Very good point Dave. I really meant to say “made a good living” better than the average American. Fortune is relative to the value provided or value that shall remain.
To Chuck Ponzi:
Thanks for defending your (our) right to access and write about public information.
Mr. Burch has made a living using technology. Many people are angry that public info is now available on line (to the average person – without cost).
Pepperdine is located in sunny Malibu, and its campus is affected by the occasional wild fires.
To Mr. Lee: Why do you think that the publication of public information is “bashing a person’s rep” ? Are you saying that true information (by itself) will lead to employees being fired from a successful company ?
To Mr. Dirt:
Any one can sue any one. But when the Judge throws out the frivilous lawsuit, the person sued can collect damages from the person who filed the suit. Also, as already pointed out, to win a law suit you must have DAMAGES which can be proven in Court.
Also, why did Mr. Burch buy in a fire zone ? This area also burned in the 2003 fires. Isn’t this what is known as an “incureable defect” in the real estate business.
Since Mr. Burch’s company is very successful, I am mystified that his mortgage has gone into default.
Thanks again to Chuck – and also to Dave for his comments.
All we know about his company is that he CLAIMS that it WAS successful at one time. First, we don’t know if these claims are true (notice that while he was happy to discuss sales growth PERCENTAGES, he was not willing to divulge actual sales figures – my BS detector caught that). Second, even if it was true that the company was successful, that’s past tense. I would be shocked if his business isn’t struggling given its dependency on mortgages and mortgage companies (an enormous proportion of which have gone out of business in the last year). So, I think stating that his “company is very successful” is likely a false assumption.
Further, there is also the issue what successful even means. I am free to say, “Cary Burch is unsuccessful because he is a douchebag. True, he made millions, but in my book success is dependent on one’s doucheyness.”
Success is finding happiness in the things that cost nothing.
Success is liking yourself, the here and now, and where you are going.
Success is waking up and realizing you already have everything you need and if you sell half your crap on ebay you will have even more of what you already need.
The pastor entered his donkey in a race and it won.
The pastor was so pleased with the donkey that he entered it
in the race again, and it won again.
The local paper read:
PASTOR’S
ASS OUT FRONT.
The Bishop was so upset with this kind of
publicity that he ordered the
pastor not to enter the donkey in another race.
The next day, the local paper headline
read:
BISHOP
SCRATCHES
PASTOR’S
ASS.
This was too much for the bishop,
so he ordered the pastor to get rid
of the donkey.
The pastor decided to give it to a nun in a
nearby convent.
The local paper, hearing of the news, posted
the following headline
the next day:
NUN HAS BEST ASS IN TOWN.
The bishop fainted.
He informed the nun that she would have to
get rid of the donkey, so
she sold it to a farmer for $10.
The next day the paper read:
NUN
SELLS ASS FOR $10.
This was too much for the bishop, so he ordered the nun to buy back
the donkey and lead it to the plains
where it could run wild.
The next day the headlines read:
NUN ANNOUNCES HER ASS IS WILD AND FREE.
The bishop was buried the next day.
The moral of the story is – being concerned about public opinion
can bring you much grief and misery,
even shorten your life.
So be yourself and enjoy life.
Stop worrying about everyone else’s ass and
you’ll be a lot happier
and live longer!
I found that there’s a related thread over at Piggington which is turning quite hillarious.
http://piggington.com/be_caref.....ay_on_here
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