So it is bitter-sweet justice that today we read in the Star-Advertiser that the first of the 'defendents' has been sentenced to 52 months in the Big House:
Estrellita "Esther" Garo Miguel is going to prison for about four years for running the largest mortgage fraud scheme in Hawaii.
U.S. District Chief Judge Susan Oki Mollway sentenced Miguel on Monday to 52 months in prison for wire fraud, making false statements on loan applications, money laundering and conspiring to commit mortgage fraud. She gave Miguel until March 4 to turn herself in to begin her sentence. Miguel remains on electronically monitored home detention.
Read more here: http://www.staradvertiser.com/s?action=login&f=y&id=185975022
and here: http://www.bizjournals.com/pacific/news/2013/01/08/hawaii-mortgage-broker-sentenced-to.html
This crime ring made over 200 fraudulent loans for over 100 properties.
On the other hand Countrywide was probably the nation's largest fraudulent loan creator during that time, yet its boss and owner, Angelo Mozilo, won't spend a day in jail, nor it appears will any of its mortgage officers.
The little people are always easier to catch and prosecute. They form a 'criminal class' of society that can't afford to buy its freedom as did Angelo Mozilo.