In Prison for Taking a Liar Loan

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Submitted by briansd1 on March 26, 2011 - 12:00pm

Should we put in jail the users or the pushers?

Charlie Engle wasn’t a seller of bad mortgages. He was a borrower. And the “mortgage fraud” for which he was prosecuted was something that literally millions of Americans did during the subprime bubble. Supposedly, he lied on two liar loans.

http://www.nytimes.com/2011/03/26/busine...

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It does seem out of scale
Submitted by UCGal on March 26, 2011 - 12:31pm.

It does seem out of scale that his mortgage broker got a sentance of half the time as this guy.

It's also an interesting crossover from the OT topic about alcholism... this is a guy who had been seriously addicted to drugs, and then became seriously addicted to long distance running... substituting one addiction with a healthier one.

UCGal wrote:It does seem out
Submitted by Blogstar on March 26, 2011 - 1:08pm.

UCGal wrote:
It does seem out of scale that his mortgage broker got a sentance of half the time as this guy.

It's also an interesting crossover from the OT topic about alcholism... this is a guy who had been seriously addicted to drugs, and then became seriously addicted to long distance running... substituting one addiction with a healthier one.

Running is the perfect fix for addiction. It is hard to run and stick anything in your mouth at the same time and if you do you are probably burning it off or you have the hope of throwing up. Then you have the endorphins and whatnot. Plus you can make yourself too tired to go out and party. It is much more admirable than drinking a fifth or eating a half gallon. Careful with those knees.

On topic, it seems something
Submitted by Blogstar on March 26, 2011 - 1:29pm.

On topic, it seems something is wrong with that story potentially from several angles.
Being the suspicious type on thing I wonder is if it is not designed to intimidate liar loan borrowers from strategic default. Probably a crazy thought. Haven't had my normal amounts of anti-curmudgeon.

Great story. It's tough to
Submitted by squat300 on March 27, 2011 - 6:27pm.

Great story. It's tough to discern any sense to the way laws enforced.

Personally I don't see
Submitted by earlyretirement on April 5, 2011 - 8:26pm.

Personally I don't see anything wrong with this guy going to jail for fraud (yes that is what it is that he did). I only wish many of the financial firms and bank CEO's were in jail with him where they belong...

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