You should start charging them for fraud if they repeatedly and intentionally lied to you about their financial information, and it can be proven. It's really not that hard to understand. If you think that because someone got elected POTUS and was subsequently able to grift enough money to pay their fraudulently obtained loans, they should not have had to comply with basic financial laws.....then, yes, you are living in a clown world.
It's pretty pathetic that you are supposedly in the industry and don't have a better grasp on fraud or what that case was about than this.
Well then you should enlighten me. As far as I have read, the banks were paid back in full and made money on their loans with Trump. What is more pathetic is the judge making a decision without any expert witnesses. Anyhow, banks always do their own due diligence. It’s fraud on Trump if he sent false and/or altered documents to suggest more income or available assets. As far as I have read, that was not the case. Simply stating they think properties are worth a certain amount and then the bank doing appraisals to verify by a licensed appraiser is not fraud.
That is NOT fraud! He can tell a bank what he thinks the value of a property is all damn day. The bank will always do an appraisal to verify. This happens on almost every residential and commercial transaction. A seller of a home can list their property for whatever they think it’s worth. If a buyer agrees to that, they sign a contract. The bank is going to still do an appraisal. When the appraised value comes in lower than what the seller tried to sell it for, that’s fraud by your standard.
Well Mar-A-Lago can now be sold and net Trump hundreds of millions (according to CNN). I guess it’s worth 18MM a few years ago and now it’s worth hundreds of millions? Inflation I guess.
When this case started there were people on here arguing for the 18MM valuation of Mar-A-Lago. Legitimately arguing that was its value. They are blinded by their hatred for Trump.
It’s a crime to distort financials or hide your losses and risks from investors, financial partners, and others. Worldcom ring a bell? Regardless you can’t inflate your price. Knowingly providing false information on a loan application is considered fraud and is a crime. Trump did it by hundreds of millions. Man Admits Using False Documents and Inflated Appraisals to Obtain $1M in Loans | Mortgage Fraud Blog Men sentenced for involvement in multimillion-dollar Hartford mortgage fraud scheme – NBC Connecticut Mortgage-broker brothers charged over fraudulent property appraisals Salem Man Found Guilty on All Counts in Decade-Long Mortgage Fraud Scheme
It appears that Trump didn’t just exaggerate but outright lied (at least according to the accusation) about his properties and net worth. Just to get more favorable loans, right? Which he repaid? Is that the gist? Excuse my late request for a remedial explanation.
We’ve explained this for the short bus crowd many times. Mar A GoGo’s value reflects the fact that its sole authorized use is as a social club. (he’s not even supposed to be living there). Trump himself argued that fact when it came to paying real estate taxes on the property.
Funny the four instances you cite all had one thing that differed from the Trump case. None of the lenders were paid back.
Well, on one side we have a respected judge in NY state and on the other we have a Trump fanboy who makes silly posts on the Internet. Your crocodile tears for Trump are noted but the fake rich guy is still likely to be left penniless for a lifetime of crime. While you are here defending him, care to explain how paying hush money to Stormy Daniels and others while running for office is ok too?
Come on. He asked what seems to me to be valid questions. Or made points that can argued about, but no reason for that,!
This has been hashed and rehashed here and elsewhere to death. The right wing talking point is that Trump committed a victimless crime and sane people point out that it isn't. You are also defending a 2020 election denier here.
So the judge with a lifetime of legal qualifications doesn't know what constitutes fraud. Is that your position?
Wut? You’re are saying with a straight face that the poster is not a Trump fanboi (or worse)? I just pointed out his silly post about the value of Mar a GoGo… Sheesh - calling someone a fanboi when that is what they are is not objectionable.
So a judge has qualifications to decide how much commercial or residential property is worth? That is what he did without any experts. How do you identify fraud when you won't get the information to determine it?
Value of properties is subjective to any person even appraisers. When you get an appraiser to do the value on your home, it's that of their professional opinion. Trump telling banks he thinks his properties are worth a certain amount is what literally everyone who has ever done a refinance on a home they own. Banks have always done their own due diligence on the values. If I have someone who wants to utilize a commercial property as collateral for another purchase, we will write down what they think on its value but damn sure an appraisal is going to be done just to check. This is standard, the judge would have known that if he actually asked for expert witnesses.
Being I have been in lending for 14 years, I believe I have some professional opinion on the matter. Sorry for posting that on a public discussion forum...
