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Finally, Someone Goes to Jail For Mortgage Fraud!

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Of course, it’s not someone responsible for making loans. The story is just infuriating. First of all, we have a classic Ken Starr-style prosecution where an IRS agent decided his target must be guilty of something, and kept looking even though his initial hunches are unfounded. You have all the resources to devoted to a guy who, in the worst case scenario, may have lied to the bank about his income while people who helped destroy the economy by going along walk free. And then you have the fact that even the evidence that he actually did what he was accused of remains very dubious. The punchline:

Even when he emerges from prison, though, his ordeal will not be over. As part of his sentence, Mr. Engle was ordered to pay $262,500 in restitution to the owner of his mortgages. And what institution might that be? You guessed it: Countrywide, now owned by Bank of America.

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