The Galt and the Lamers 0
One of the shibboleths of modern conservative thought is that the all-powerful “market” gives a flying farsnackle about morality. The “market” cares only about money and about what persons can get away with.
In this case, persons got away with other persons’ houses.
From 2004 to 2006, the mortgage-fraud scheme entangled homeowners who were in financial trouble.
“These are not people who overextended themselves and bought McMansions,” said U.S. Attorney Ellen V. Endrizzi, one of the government prosecutors handling the case. “These are people who fell on hard times. It’s so heartbreaking because nothing can be done for them.”
Led by Charles Head of Los Angeles, there are 16 defendants remaining from two 2008 indictments. All defendants have opted for jury trials, according to documents filed March 5 in U.S. District Court for the Eastern District of California in Sacramento.
Charges against them include mail fraud and conspiracy to commit mail fraud, money laundering, and related offenses, Endrizzi said. Though some defendants already have pleaded guilty, trials for the others probably will not start until May 2011.
