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A Speculator Takes Blame for the Mortgage Mess: Leonard Goodman

Aug. 10 (Bloomberg) -- In July, following a monthlong trial, a federal jury in Chicago convicted my client, Calvin Townsend, of four counts of bank and mortgage fraud. Later this year, he will probably be sentenced to federal prison.

Townsend is one of many minor players paying a heavy price for their roles in the mortgage meltdown, while the major figures avoid any responsibility.