Chris Tomaszewski's abandoned LinkedIn Profile: Part money man, part ladies' man

What's more fun than a blast from the past? Stumbling upon your abandoned social media accounts is usually good for a laugh, or sometimes a cringe. "Did I really wear/like/say that?" I found Chris Tomaszewski's abandoned LinkedIn profile. He might have the same reaction if he looked at it now, in light of the notoriety his purchase of the Kawecki home has brought him.

LinkedIn is a professional networking site, sort of a Facebook for your résumé. Tomaszewski's LinkedIn profile lays out the bare bones of his predatory loan purchasing and how he profits from it, tells us how he spends some of his excess cash, and, in a break-out move for a user of the impersonal, highly professional jobseeker's haven, informs us that he was single when he last updated it. I'll let the screenshots do most of the talking.

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You don't see many LinkedIn accounts with zilch for education. 

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I embellished them with graphics and photographs. He doesn't really have an oxygen-sucking vortex for his educational background, or a mail-order dating site as one of his personal interests.

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Definitely on the hunt, then, fresh out of the second divorce, I'd wager. 

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Look at those clever deals.* I like the second one especially. The homeowners owed $205,000. Coastal Capital Group, LLC, bought the pair of loans for $85,000. The people who'd made the down payment, a few years of loan payments, and who had maintained or enhanced the property were denied loan modifications, fraudulently, by banks and loan servicers. But Coastal can swing by, peel off 85 large, and walk away with their porch and kitchen and bedrooms and bathrooms because, well, because the federal government liked it that way.

I blurred the name of his team member, but left the association with FCI Note Exchange. That name came up in one of the loans Chadd Moore took out against the Kawecki's home. The teammeber work for an insurance company these days.

This is what was going on: If the homeowners of the Feb 2012 deal were locked in at 6% on a combined balance of $205,000, their payments were $1229/month. They had a 2006 interest rate, and they couldn't re-fi, because they owed so much more than their home was worth. That was because they'd paid too much, relying on the bank's appraisals, which were inflated. Everyone knew it but the buyers. We didn't know back then that huge, world famous companies like Bank of America would defraud borrowers and investors systematically and persistently, for years.

The lenders and servicers were pre-paid millions and millions of tax-payer dollars to deploy toward modifying their clients' loans, and they just sat on the huge piles of money.  

If the lender had dropped the loan balance to $85,000, and offered a typical 2012 rate of 4.5%, the homeowners payments would have dropped to $406 per month.  Inability to afford $1229/month does not imply inability to afford $406/month, but loan modifications were denied right and left, with families told they couldn't afford the payments. 

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Chris hoped you'd be impressed at the performance of Coastal Capital Group, LLC. The illustration is  all the commentary I have to offer.

This is what a lot of those foreclosures looks like up close. There's a lot going on with no obvious purpose. Sometimes it looks like a game of hot potato with the deed shooting around from note-holder to note-holder.

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This was the tale of an inherited house, used as collateral on a loan, and eventually taken from its owner, who hadn't paid as promised.

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<strike>I'll try to find out what became of the borrowers whose properties were handed to the bloodsuckers at Coastal Capital. If I find anything, I'll add a post about it.</strike> I started looking at the properties on Shark that had Coastal Capital Group somewhere in their histories. The first few were short-term loans that could be costly if the borrower pad more that 30 days late.

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*There's a little trouble in the brains department, it seems. The list of deals (2) that was said to start in March 2012 included one that took place in February. And there are two misspellings of the very business he's in, uncorrected four years after he typed them in. 😱