Posted on 03/26/2011 7:59:23 PM PDT by SeekAndFind
Despite the millions of ridiculous mortgages made during the peak years of the housing bubble, despite the billions of dollars of profits raked in by Wall Street and mortgage firms like Countrywide, despite the ensuing financial crisis that nearly brought the economy to its knees, no one has been held criminally responsible. With the exception of a couple of mortgage investors on Wall Street, in fact--both of whom were justifiably acquitted--no one has even been charged with crimes.
Well, almost no one.
After an exhaustive investigation that included multiple agents, multiple criminal theories, dumpster diving, disguises, impersonations, and a secret wire, the government has finally nailed one alleged mortgage crook. His name is Charlie Engle.
He's an ultra-marathoner.
And a homeowner.
A homeowner who may have overstated his income on a "liar loan."
The government caught onto Charlie Engle when a Federal agent saw him featured in a movie in which Charlie ran across the Sahara Desert (which no one had ever done before).
How could Charlie Engle have afforded to train for a stunt like that, the Federal agent wondered to himself, if he weren't hiding income and committing tax fraud? Now, that's not the first question that would pop into the minds of most people who saw someone run across a desert. And it wasn't, in fact, the case.
The agent discovered that Engle wasn't committing tax fraud when he conducted a full investigation of Engle, including personally going through Engle's garbage looking for incriminating evidence. But still the agent was suspicious. So he sent a good-looking wired-up female agent to flirt with Engle and get him talking. And in one of his conversations with this agent, the other agent says, Engle said something about speculating in real-estate using liar loans.
BUSTED!
(Excerpt) Read more at businessinsider.com ...
The government strong armed many of these lenders into making these risky loans. In order to hedge these risky requirements the lenders packaged these into CDO’s and eventually, TSHTF. Liar loans, lenders, borrowers or politicians? Fannie and Freddie bought them all!
It’s nice to see some charges finally being brought, it certainly took long enough.
Restitution to Countrywide????? I’m seeing red. Take those banksters to court now!!!
Ummmm - the Justice Brothers Department prosecuted a peasant. Banksters like Angelo "The Tan Man" Mozilo and thousands of his bankster buddies are off scot-free.
“Ummmm - the Justice Brothers Department prosecuted a peasant. Banksters like Angelo “The Tan Man” Mozilo and thousands of his bankster buddies are off scot-free. “
But the guy did STEAL $400,000...and he got an awfully light punishment for it...and my kids (and future grand kids) have to pick up his bill for this mortgage theft - due to all this bad debt going on to government books.
But don’t get me wrong, I would just love to see Orange Man captured and put through the wringer...and many, many, other people.
I disagree. Going after the borrower and loan originator sends a message to future bank workers that they risk jail if they follow their managers pressure to do liar loans. Big shots cannot carry out their schemes if they cannot get their workers to do it. Problem at the worker level is the person who does the liar loans is able to push thru more loans then the workers who do it the proper way. Management encourages it by making these cheaters salesperson of the year with free vacations and huge bonuses. If the federal gov overlook these people then the message it sends to the working level and future workers is the risk is worth the rewards. IMHO if enough mortgage originators are prosecuted, sooner or later some of them will turn in the upper managers. To get to the top guys you need to start on the lower level guys and if enough are facing charges and jail, they will start talking.
No, if you read the full NYT article, it is obvious he did NOT.
Two loans, income was as stated on first, experts testified probable forgery by mortgage Co on second.
Prosecutorial misconduct on display for all to see.
“Two loans, income was as stated on first, experts testified probable forgery by mortgage Co on second.
Prosecutorial misconduct on display for all to see.”
Sounds like grounds for an appeal...but he didn’t.
Enough said.
All the criminals/democrats who made big millions are walking free, from Jamie Gorelick to Rahm Emanuel.
This (probably innocent) seemingly decent guy they put away!
Isn’t he bankrupt now, and in spite of that still on the hook for the “restitution”?
Enough said.
Wrong, he took the money, trying to claim you did not sign the paper work but you took the money will not fly with any judge I have ever know,
Court ordered fine, don’t think you can bankrupt that one.
Bizarre conclusion.
Corporate or public sponsorship would be my first guess.
By the way - distance runners rarely train more than two hours a day.
On the other hand - Engle didn't appeal his verdict, which makes me think we don't know critical facts.
Exactly- there's something else going on here.
Of coarse the man lowest on the totempole gets the stick and the ones above shout up to the ones on top “don’t worry boss we found the cancer and we killed it, I dont know about you but I want Senators Frank and Dodd in orange jumpsuits first
A borrower and a lender are not on the same “totem pole”. The borrower is making representations to get money from the lender. If the representations are lies, it is fraud comitted by the borrower. The bank, the “tan man”, is the victim of the fraud. If Countrywide knows that they have been defrauded, and sells this loan to someone else, they are also guilty of fraud. But the borrower has more certainty about his true income than any else can possibly have. The Times article and some of the comments above are sensible only to those who do not believe in the right to private property, or the enforcability of a promissory note, and have no concept of what constitutes fraud. A lesson to readers, don’t lie and commit white collar crimes and expect to get away with it. You would be morally equivalent to someone who robs a bank.
LOL! You're just on of those Free Republic "law & order" naifs who don't seem to understand that the government is willing to spend as many of your tax dollars as is necessary to be "right".
“LOL! You’re just on of those Free Republic “law & order” naifs who don’t seem to understand that the government is willing to spend as many of your tax dollars as is necessary to be “right”.”
Maybe this one time. I’ve just been following this mortgage meltdown for so long now (closely since 2006) that I just want to see ANYONE go to jail, that deserves it...and he did. Sure, others do deserve it more...and I want to see them next.
Damn, even Business Insider and the NYT disagree with you.
I hope your mortgage is paid, and that your penalties under Directive 10-189 are not too severe.
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