1st Choice Mortgage bites the dust

April 2, 2008

Another San Luis Obispo-based lender, Cameron Financial Group’s 1st Choice Mortgage, has failed, and San Luis Trust Bank is hit for $1 million. Pacific Coast Business Times staff writer Stephen Nellis provides the alarming details.



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Member Opinions:

By: Anonymous on 7/28/08

Carey Fiero burned one of my clients. He decided at the 11th hour not to fund a home loan for no reason. fortunately we found a loan within 24 hours. My client had already moved from her apartment. What a jerk.

By: Anonymous on 5/8/08

Wow, I remember when Cameron opened their little office in Los Osos (across from Rexall). They actually brokered my 1st home purchase loan. I later found out I'd been gouged pretty badly by multiple fees for processing, origination, etc. etc. which had fancy names but looked legit to a 1st time homebuyer. Oh well.

I wonder if Faries is still driving around SLO in his new Viper?

By: Anonymous on 4/10/08

Shannon Faries' family also owns Mission Grill on the creek. I wonder how much money they sucked out of that place?

Faries and Fierro were just little men who tried to play like the big boys and failed. They hurt a lot of people and deserve whatever they get. I'm glad to see that they had to file Chapter 7 and hopefully, will be forever out of the mortgage business and can't hurt more people.

So much for those tremendous egos. These guys thought they were special and it turned out they weren't. They were just sleezy, disgusting people.

By: Anonymous on 4/4/08

The real money at Cameron was Carey Fierro of Cayucos, formerly from Arizona.

By: Anonymous on 4/3/08

If they are going to jail, that means they will be indicted first. The assets are still her unles they've converted into diamonds (better than gold), but than there are many others who would be in their complicity. At this time we don't know whats there, so no false accusation.

By: Anonymous on 4/3/08

Estate Financial is in big trouble and they could go to jail but I don't know if there is anything left for us investors to recover yet.

By: Anonymous on 4/3/08

The FBI has called some of us investors about Estate Financial.

By: Anonymous on 4/3/08

shannon Farries was the man in charge at Cameron.

By: Anonymous on 4/2/08

Here's a tip o' the hat to SLO Bear for this link tip, and to our whole band of merry tipsters.

By: Anonymous on 4/2/08

Of course you are right. These people golf and socialize togather and passing stories to each others. As long as everything goes well, they all live well. Yes, they all go after public money for funds. They are all the same gang. Thats why you'll never get true justice in the same county. If and when investigation starts, it will be from the Feds. There is no old boy network.

By: Anonymous on 4/2/08


I think Dan and I know these are separate issues; however, I find it odd that many of these folks that are now insolvent were running around together drinking each other's Kool-Aid.

I also find it odd this story was never printed in the Trib – we had to go to a Santa Barbara trade paper to find it.

By: Anonymous on 4/2/08

Whatever relation SLTB had with First Choice Mortgage, thsi is still not thesame as Estate Financial. Anyone purchased bank shares must have losses by now and it reflects intheir stock prices. Estate still refuses to write down their loans to reflect new reality so it can collect mngt fee based on assets

By: Anonymous on 4/2/08

Let's also not forget that one of the individuals who was out raising capital for both Estate Financial and San Luis Trust Bank was none other than local investment wiz Jeffrey Forrest. Coincidence?

Please can someone find out who the officers of 1st Choice Mortgage are and what they were paid last year?

It seems it is a lot easier to rob a bank with a pen than a gun, and we will not escape the fraud and corruption here in SLO County.

(Dan – a hat tip on this story would have been nice)

By: Anonymous on 4/2/08

This is not the same as Estate Financial. They were doing risky loans on homes and not for construction. These loans are not like Estate's. There is value here although less than the original. The big loosers are the big boys on wall street. They already raked in their fees and paid all bonuses to their sales people. The loss for these loans are the big banks and the ones who purchased their highyield bonds. Too bad.

By: Anonymous on 4/2/08

San Luis Trust is too small to have these kinds of losses. Watch Out SLO. It's only just begun.

By: Anonymous on 4/2/08

I just saw the Heritage Lending commercial where Ty shills his services with the pitch of providing "a safe and secure 11 to 14% return".