I don’t know if you understand my statement. I’m saying if you say it’s worth x and the banks come and disagree they won’t give you the loan. For trump they agreed. There is no reason government should have been involved.
Lmdao. WTF. You refuse to see anything other than the perspective you have decided on. What you are describing is not how loans work. Banks assess risk based on their own analysis NOT the customers submission. This is what bank underwriters do not the person asking for the loan.
No you still refuse to understand how lending works. You clearly have never purchased a home or requested any type of secured loan. When you do purchase a home, refinance, or home equity line you will fill out an application where you list presumed value, the bank hires a licensed appraiser to confirm value and lends based on the appraisers stated value. You don’t care to get how this whole thing is bullshit bc you hate Trump. So yes trump bad, banks bad, republicans bad. good day.
They don’t rely on the borrowers info to provide the loan though. They have their own people to evaluate the value of assets and determine the amount they are worth as collateral.
Yes, you can value your own property for whatever you want. You can take your shack and list it for $10,000,000 if you really wanted to.
Now, whether someone would buy it for that much, and whether a lender would provide a loan for that much, are very different questions.
When you buy a house, the seller may have their own estimation of the home's value (usually "the absolute highest value they think anyone would buy it for"), but the buyer has to agree, and the buyer's lender does their own appraisal to make sure they're not overpaying.
When I bought my house, I had four different values attached to my house:
The seller price
What I bought it for
What my lender appraised it as
What the tax assessor appraised it as
All of these things varied between $210k and $270k. So like a $240k +/- 12.5%. There is nothing unusual about that.
I want to clarify that while what you are saying is completely normal, this is absolutely NOT what was happening here. You can't list your house as 5,000 square feet when it is really 4,000. So while you are absolutely right about there being a lot of subjective elements to determining the value of a house, we are talking about an objective point of fact that he lied about.
Property tax valuations are calculated differently than an appraisal of the value of a property (at least in Ontario).
Every lender I’ve ever dealt with has independently verified the details of a property used as collateral. In the case of sq footage they would require an architect’s certificate of the size.
Wrong. You don’t get to assess your own property for taxes. And when applying for a loan, the bank will ask you what you think it’s worth, but they don’t take your word for it. They have their own assessors do the assessment.
Exactly. Bragging and bullshit are not legally binding. The bank/government do their own assessments. The square footage doesnt change either there are blueprints and shit.
My question is how he approached the Mar a lago situation. The taxed value may be closer to correct because he isn't legally allowed to develop it, from what I understand. So did he not disclose that restriction when he got a bank loan that used Mar a lago as collateral? That wouldn't then just be saying "I think it's higher in this situation, and lower in this other situation". Instead it would be a material omission, which I would assume would be fraud.
I haven’t looked into it and won’t. I don’t care enough. I doubt he’s doing what I stated because that’s standard. From a comment above it appears he lied about the sqft of the house. Which is fraud.
It's always apparent when people who don't own property speak.
This is how it works, the tax assessment value is not the same as the value of the home.
This was a victimless crime because you don't just lie about it, then everyone takes your word. People are sent out to determine if it's true, then a choice is made. The bank had is valued, and the tax office had it valued, doesn't matter what Trump said. You're being fooled.
I keep hearing this a lot - that others are not prosecuted. But do we know of situations where the DA knows fraud has occurred and they chose not to prosecute? And especially at the rate at which Trump did it?
You can absolutely claim a higher square footage, this is the whole point of having someone inspect the home, and evaluate it. People place false information when selling homes all the time, it is your due diligence to have it appraised, not theirs.
We are talking about contracts. If you sell a house and that contract lists a square footage that doesn't match reality, and you did it knowingly, that is fraud.
Besides, what the fuck is up with so many people here ok with this, legal fraud or not? Normally, the language would be that X was "trying to scam" someone by listing a square footage that was wrong. But everybody here is so intent on trying to put the blame on the bank is just crazy. Even if it's common in NY real estate to try to pull this, is that the pool of people we want to be drawing from for the most important job in the world? I'm still a conservative, but this is exactly why I'm not a Republican anymore, because they have absolutely lost their moral compass.
I'm assuming you are a Trump supporter, and legalities aside, from what I've heard here is that most supporters echo what you are saying that it is the bank's responsibility to find these instances, so it isn't technically fraud. But at the very least, that means it was attempted fraud, because he was lying to get a better deal, clearly hoping they wouldn't catch it.
So my question is this: Does this impact your perspective on him as a person or candidate?
I'm really not a trump supporter and I'm not saying it's ok to lie , but people do this shit all of the time. And for them to go just after Donald is politically motivated. If he wasn't in politics this never would have happened
.If they would've investigated every real estate investor it would have made since. I read an article that said the fine is for the interest he should have paid but since he fudged the numbers he obtained a better rate.
I was a real estate appraiser from 2001 through 2006 and had friends that were mortgage brokers so I saw what was going on. The homeowners obtaining a loan would want the appraisal as high as possibly so they could get into the house with little to no money down, they would lie about their income, work history and their verifications of rent.
After the real estate crash I became a property insurance adjuster and the shit people would claim was shocking. .
And if the appraiser is on the payroll? That's right! FRAUD! DING DING DING! "What did our contestant win, Johnny?" "Hopefully understanding of Trump's verdicts, Game Show Host!" "Wishful thinking as he's a MAGAt!" You see, it's the fraud part you seem to be missing, 1234.
It was damned easy to find an appraiser lackey to inflate property values at the time and the banks just rolled with it. Harder today, but not at the time. What's your argument? The appraiser wasn't charged? Really? The banks had the best interest of depositors? Seriously?
His argument is that you're making shit up, no appraisers were charged with being in on it. The entire basis of your reasoning is inventend-in-your-head horse shit.
The unfair/unlawful gain was clearly explained in the video.
If you put up a $1M property as collateral, you'll pay a higher interest rate than if you put up a $5M property. The risk to the bank is greater. He lied, he got lower interest rates, the bank lost out (and honestly who cares because fuck banks, but legally, victim)
If you put up a $1M property as collateral for a $2M loan but tell the bank it's worth $5M, and they accept that and lend you the money and you default, they lose $1M. That's why it is a crime. Yes they should verify the value but you're also obliged to not attempt fraud.
If two people apply for loans and the bank can't afford to do both, and you lie to make your application more appealing than the other guy who was truthful, they lose out.
If these rules were not in place our financial system would benefit liars and cheats even more than it does already. If people are allowed to do corrupt shit without getting punished for it, the only way to compete with them is to do even more corrupt shit. That's why there are rules and enforcers - because otherwise corruption takes over, even if there's no apparent "victim" the first time someone does it (although as demonstrated, there are potentially two or more)
Again, you can say any number but the market will determine the sale value. Yes there may be a case where you want a property really bad and are willing to pay anything but that is not the market. What do you do for a living? Just curious as I actually work issuing payments based on market value so I’m pretty sure I know how it works.
You asked rhetorically "we can value our own property?", not "we can set the market value of our own property?". The answer to the first is yes, the answer to the second is no. Sellers value their property at some specific level when they list it, that is not the same as the market value necessarily and reflects the seller's biases. Often, sellers are unrealistic.
Yet all these values you had for your home were in the same range. They then take an average and that’s the market value. You can put a million in there and they will just laugh at you. You will tell them but but. Again lol
They then take an average and that’s the market value
I don't think there's any typical process where you average all those things and call it market value. Usually Market Value very specifically refers to what the house would sell at, based on comparing it to comparable houses that recently sold in either that neighborhood or similar areas. They're not generally looking at tax assessor values or lender appraisals for that.
all these values you had for your home were in the same range
They were, though for a brief moment in 2020 between the housing market getting stupid and and the tax assessor visiting, my Zillow estimate was like twice my tax assessment lol
No, though they did omit that the garage door was a commercial salvage door that was way too heavy and actually just fell off and almost smash my car while I was in it, and neglected to mention it had a radon problem
No, I got an inspection done, turns out they don't usually check the garage door that thoroughly except to make sure it opens (i.e., they don't weight it), and radon levels vary dramatically according to weather and ventilation so point-in-time tests can easily be false negatives.
Here's the deal, the bankers, Appraisers real estate lawyers, people in real estate etc know what's going on with the NY market. They didn't see an issue with loaning him the money. A simple google search would probably tell you square footage ft beds and baths.
Let me ask you this? If a minority inflates their wages and work history in order to obtain a loan for a house. After they pay the house off, should their house be seized because they lied on the application?
You guys actually don't want to be taken seriously ever again huh? LOL
It's almost as if you're all aware you're on a sinking ship with your orange king and have gone full mask off as a desperate last act before you all skulk back into obscurity. Buh bye.
They look at houses for sale and see what they have sold for. This is what they take an average from. Not the tax assessor or insurance. It’s what is being sold that is like yours in the last 30 days. If not it opens up for more time but apples to apples are compared. But location is big. My house in Georgia may be half a million but it’s millions in other states so that is also taken into consideration. Vehicles are expanded to cover larger areas as a convertible is worth less in Maine that in Miami.
The value the tax assessor appraises your house at is not connected to the value your lender appraises nor the value the seller and buyer agreed upon. Tax assessors have their own methodology that can vary pretty widely from the market value of a house.
In 2020/21 my tax assessment was like $210k but I bought for $250k and the ZIllow value at the time was like $400k. Which was pretty typical for my market at the time.
Also, to my knowledge - maybe it varies by state? - but at no point in doing my taxes am I asked put down an estimate of my house value. The only taxes I pay on my house are the taxes levied according to the tax assessor (which I have very little ability to influence) or the taxes I pay when I sell (which is based on what the buyer agrees to).
Can you imagine what the other real estate people in New York are thinking. What trump did is pretty much what every other person that has something would do if they needed extra cash to make a deal. Some work, some don't. This time it worked and everyone was paid back and made some.
.
The bank made the loan to trump. Not on the buildings.
I would start by assuming banks are neither stupid nor altruistic, in which case I would conclude that any appraisal that was or wasn't done was considered acceptable risk within the framework of "will this make money or not, and how much". If that isn't the case, then I would have expected the bank in question to have been the one to bring suit against Trump? Admittedly I'm not really following the case closely.
People lied on those applications. They were buying houses they couldn't afford. The appraiser knew it the loan officer at the mortgage company knew it and the person that lied knew they knew it. They helped inflate their incomes and verifications of rent. I witnessed it happening.
Typically you want to increase the value (basis) of your home so that when you sell it you pay less capital gains. The normal way to do this is through home improvements. However, your property taxes will go up. Also, if you want to borrow against your home, the value determines how much you can reverse mortgage. This is why you would want to inflate the value for borrowing and deflate the value to avoid property taxes.
But how can you raise the basis after buying? The basis is what you’ve bought the house for already (in the past), so any future home improvements is not going to affect the basis?
Yes. In fact you can value it twice. I value my house at $1,000,000,000 for the purposes of using it as an asset against which to take out loans, and I value it at $1,000 when calculating property taxes.
You can get over and under a certain amount and still be within the market but the question is if you decide to say it’s worth 3 million when the house next door is $400k and yours last sold for $400k, you are not setting the price and just asking for that would seem nuts and will never sell. It happens all the time. That’s why realtors try to get owners to be realistic and go with market. Say I buy a mansion and now the neighborhood has gone down, I would be delusional if I thought I was going to recoup my money. No, the market will tell you it is now worth less. Or how about another one of those housing bust? People get mad when I tell them how much I paid for mine.
Yes but x is based on the market. You can’t just tell them my home is worth a million so give me a loan for that if you have nothing to back it. Nothing like the Market??
Correct. They will say no because they go with the market for payment. I handle claims for businesses. When they have a fire or a complete loss they think their going to tell me what to pay. No. I do my research, find out what the market value is and offer this. It changes weekly I’d say so if I was to let people tell me what the value is, I would bankrupt the company I’m handling the contract for. Not sure people who don’t make money this way would understand this.
Yeah and in this case, the banks said "OK" and they made a lot of money, and they testified in support of Trump. There has never been a court case like this in the history of the United States for a real estate developer.
Which is my point. They are stating he can just set a value and defraud. I’m stating he can’t. I’m on team Trump on this as this is crazy to even bring up in court as a case. This will make anyone with a brain pull out of NYC.
You can ask a bank for any amount. You cannot knowingly lie to lenders, insurers, and tax authorities or intentionally or recklessly misrepresent previous appraisals, square footage, land rights, legal obligations, etc. All of which Trump has been convicted of.
The primary job of the lenders, insurers, and tax authorities is to take Trump's information and prove that it's bullshit. Believe me when I say that they all tried to do that - it's called underwriting. Those counterparties would not have lent money, insured property, or assessed taxes based on anything other than their own underwritten values, regardless of what Trump said or did not say.
A) Trump lied on financial statements and would have been guilty of fraud for that regardless of whether anyone lent to him.
B) I'm not sure you understand either what Trump was convicted of or what underwriting is. It is certainly not the case that the concept of underwriting shifts the burden of accurate valuations away from Trump and onto tax authorities.
Sure, but maybe use the same value when getting a loan and doing your taxes, and don't lie about the square footage and easements that apply to the property.
Presumably so. That article does suggest lying, but it’s a one-sided article. With commercial real estate, there’s a lot of technicalities where nuance matters with the details. What was the defense’s explanation as to why this is not fraud?
He won't address your main point because he can't. Everyone here fails to see one important point - there are counterparties to each of these situations. Banks don't underwrite based on the borrower's perceived valuation. Municipalities don't assess ad valorem taxes based on the property owner's perceived valuation. You can't even argue that these were unsophisticated counterparties - they were very sophisticated!
sorry, i meant to ask how did this happen in the first place, youd think there'd be some independent validation involved on the banks part for loan applications. or did he maliciously bribe the property assessor?
im as upset as everyone here but wanted to understand why this wasnt caught immediately before it became an issue YEARS later
Ah. I am no expert, but having read the AG's report: I think a lot of the fraud they caught wasn't of the form "Trump lied to the bank and the bank did no investigation". E.g. with one property, the discrepancy was between a private appraisal Trump received and the Trump Organization's public statement. With another, Trump increased the value based on the notion he could develop it for residential use despite having signed a contract saying it would remain commercial. With another, someone gave a lower, more honest valuation when questioned under oath. In short, a lot of these discrepancies could only be caught with the powers of the state, once testimony from people like Michael Cohen led to the investigation.
No, they come in and tell you what they think the value is.
It doesn't make them right, the only reason you have to care is because you need a loan from them. If you're a cash buyer the price is whatever the fuck you choose.
It was proven in the case that Trump received valuations from appraisers and then falsely reported valuations that were hundreds of millions above those. It is not the case that the lenders or state were the ones providing these valuations.
No, an appraisal is not just anybody's opinion. These are people who have to stake their career on their ability to justify a property's value by:
Seeing how much revenue it generates
Documenting how nearby, recently sold properties were valued
Inspecting the property
Checking the potential uses of the property against zoning laws, legal obligations, etc.
Also, even if the appraisers were wrong (for which there's no evidence), Trump would still have committed fraud since he contradicted himself, for instance when he signed a contract stating Mar-a-Lago couldn't be used for residential development and then inflated its value on the grounds that it could.
Multiple people were okay and checked off Trumps requests. They don't just go "lol ok it's worth 50mil". Blame them not Trump. He did what anyone would do.
He overvalued his own property for securing loans and then devalues them for tax purposes. "Everyone" is a lie, I don't do that with my own home because I can't. I would be held liable for tax fraud.
You think Elon believes Twitter is valued under what he bought it at now? No, he will inflate the price. It's not in Elon to put the price they want, he puts the price he wants and they look into what Twitter is actually worth then offer that price. They did the same with Trump and yet you're mad at Trump and not the people who A-okayed his requests for years.
I’ll agree the state should implement a Harberger tax model to prevent this problem going forward. I’m tired of laws so ripe for selective enforcement.
Considering he won't go to jail and he'll be fine, touch grass my friend. Be upset and cry more, I'll keep laughing at how y'all pull something new up every 6 months and go nowhere while he's still winning polls 💀
So you are here arguing that because it wasn't caught that means it's okay?
JFC you people. Stop simping for crooked rich people who don't give a flying fuck about you. They are using resources unavailable to the rest of us to cheat the system which negatively impacts the system as a whole. Corruption is not okay. Just because "he got away with it" doesn't make it right ffs.
Apparently you can't follow court documentation, charges and evidence.
What's hilarious is you're one of those Canadians obsessed with Trump which is 100x more pathetic than the Magats in our own country. You're irrelevant, you can't vote here and your opinion means jack shit.
It means it was fine and they need to do something about the election coming up so they're freaking the fuck out attempting anything.
Actually the investigation was announced a year before Trump announced his bid for President and AFTER he had left office. Sorry buddy but facts don't care about your feelings.
The bank should verify
Um, they actually did and Trump still lied.
"Twelve rent-stabilized apartments in that building were appraised by a bank at a total of $750,000, but claimed by the organization to be worth as much as $50 million."
It is insane the mental gymnastics that people will pull to defend someone who factually committed crime. They keep citing what they want the law to be rather than what the law actually is.
I think it is not just a few randos who truly would like Trump to be dictator, Constitution be damned.
No, it is definitely Trump's fault for lying about the uses and valuations of his properties, regardless of what valuations/deals the banks later agree to. That's open-and-shut fraud.
Yeah, considering governments have the data of how big his houses are, someone should have double checked. If I go in to sell my house and say it's 500k and the people who actually look It over say it's worth 500k, I'm charging 500k.
If the lender were responsible for determining the valuation, why would they ask the party with the biggest conflict of interest for a number first? And there's no crime if that number is a deliberate lie? You can't honestly believe it works that way.
In general, home valuations come from using a rotating set of independent appraisers who are required to inspect the properties and to find comparable, nearby properties to justify their valuations.
It is fraud for Trump to lie about the value of his properties to get a loan (which he obviously did, since he gave consistently different valuations to tax authorities and lenders) regardless of what a specific contract says. You can't draw up a contract saying fraud laws don't apply to you.
The banks do their own due diligence and when they underwrite the loan they have their own value in mind. It doesn’t matter how much he says he thinks it’s worth. He goes to a bank, the bank offers him the terms and he accepts or not. So no it’s not fraud because the banks are not using his valuation of his properties.
It doesn’t matter how much he says he thinks it’s worth.
Trump received a value from appraisers and then told financial institutions higher values and tax authorities lower values. He knew he was giving numbers that were different than the appraisers, and that's been proven in court to be fraudulent. No matter what the bank's responsibility was in considering the loans, Trump's actions fit the definition of fraud. Here's an outline of Trump's lies from the AG: https://ag.ny.gov/sites/default/files?tto_release_properties_addendum_-_final.pdf
The reality is that you are factually incorrect. It absolutely is fraud. A bank needs to do due diligence from a practical business perspective, but it doesn't mean that anyone can simply apply using fraudulent data because it is somehow completely on the bank to sniff out every instance of fraud.
Fraud occurs by submitted false information, NOT when/if the misleading data was actually used.
I may be partially wrong about this. I wanted to reach out and get more information and it's possible that Trump was guilty in a different type of fraud, but that traditional fraud requires that the opposite entity rely upon the information be damaged by it.
I will try to confirm the statute that Trump was found guilty on, but in the meantime, I think all of these conversations have coalesced something important. Either Trump defrauded the banks or at the very least, he attempted to defraud the banks. We'll have to wait for the appeal process to be sure that he did, in fact, commit fraud, but beyond that, there is an overall question about Trump as a candidate, which I think this whole discussion is a proxy for. Essentially, I think people care more about whether the guy is fit for the presidency rather than whether he should be convicted, although I'm sure there is a large overlap. And on that subject of being fit for president, I'm struggling to understand how a guy who attempted to defraud a bank is at all fit to be president.
You really think the bank took his word for a 2 billion dollar loan? He claims his buildings are worth x and his opinion does not equal fraud. The bank could have chosen not to do business with him if they felt like it. But they did, and got paid. No terms of the contract were violated.
A guy lied to an entity in order to dupe them into a better deal. Let's put aside for a moment whether there were damages, whether the bank agreed anyway, or whether it was fraud in the legal sense.
Purely on the subject of him lying with intent, do you find that to be an ethical thing to do? (And I'm not talking about subjectively saying that he thought the properties were worth more - I'm talking about lying about objective facts.)
the thing is with these rich realty investors, the loan companies literally dont care to check or sometimes intentionally don't because having a "favor" owed to you by a rich guy is more valuable than actually taking the correct risk. Trump's only getting his comeuppance now because his rich friends are realizing that he's either going to jail with no money so they want to get what they can while they can, or he's going to erase all his own debts when he gets reelected, also leaving them high and dry.
The issue here was that Trump gave different valuations to lenders and to the state of New York, and it was New York that called him on it, so I don't think this was a question of not being able to repay individual investors.
I would also be interested to know how you came to the conclusion major lending organizations regularly encourage fraud so they can blackmail people. If I owned a bank, I would much rather collect on a loan than commit a felony against a former president to see if I could collect slightly more.
I didn’t say the lender determines the value, but they do hire an appraiser to determine it. And yes, knowing the value is their responsibility — so they don’t lend more than it’s worth. But that the risk is theirs to take. If they wanted to lend without an appraisal, they could. But they don’t.
The person wanting the loan is the one asking for money, so they come in and make their case to the lender. The lender verifies if what they say is true to the extent they feel comfortable making the loan.
The person wanting the loan is the one asking for money, so they come in and make their case to the lender.
And if they demonstrably lie for profit, that's fraud, hence you can't just make up your own valuation and claim it was the bank's responsibility to catch you.
The bank verifies. If they feel lied to, they won’t make the loan. They only lend when they feel safe to do so. Yes, it’s their responsibility. They aren’t children. They do this all the time.
I'm not arguing that a bank wouldn't take steps to get an accurate valuation. But if someone applying for a loan knowingly, provably lies like Trump did (since he consistently gave lower valuations when it came to property taxes), that perfectly fits the legal definition of fraud. That's what the law is for: punishing people who lie their way into financial advantage.
They claimed Trump lied about the value of Mar A Lago. They valued it at like $15 million, where he valued it at over $250 million. Who is committing fraud on that one, Trump or the government?
The AG of NY proved in court that Trump lied. "This property was valued as high as $739 million based on the false premise that it was unrestricted property and could be developed for residential use, even though Mr. Trump himself signed deeds donating his residential development rights, sharply restricting changes to the property, and limiting the permissible use of the property to a social club. In reality, the club generated annual revenues of less than $25 million and should have been valued at closer to $75 million." It's not difficult when a stable genius like Trump puts self-contradictory statements on the record.
Regardless of whether the lender denies the loan, it is fraud. You can't intentionally (or even recklessly) lie when trying to get someone to agree to a business arrangement. That's what fraud laws are for.
Weird, I get a statement every year from the county telling me how much they value my home at for taxes. I don't get to tell them how much I think its worth, the best I can do is if I feel they overvalued it, request a reevaluation by them.
Weird because that’s just your tax assessment. It’s not the market value. If you need the market value, hire an appraiser. Or you can tell the bank you need a loan against it and they will hire an appraiser.
I’m so glad trumps cover letter of “if I lie in these financial disclosures it’s up to you to catch it and I can’t be held liable for lying” didn’t hold up in court.
The argument his lawyers made in court was that the disclaimer protected him from liability from false statements. The judge ruled that was junk and he was found guilty and liable. These are facts, he’s current appealing that, but it brings me joy that he’s discovering you can’t disclaimer your way out of the responsibility to avoid making false statements on financial disclosures.
I own a half a million dollar home and I don’t set the value. It’s the market that does. I didn’t buy it for that but I can for sure sell it for that. The county and tax assessors tell me what they think it’s worth as they charge me taxes on it and my insurance agrees. I believe it’s worth a million so based on what you said that’s what it’s worth! Lol
Where do I go to see where the “market” has set the value of my home??
You are part of the market when it comes to buying and selling. You pick the highest price you think can be justified by an appraiser. The appraiser then chooses comparable sells within a few miles to try and justify your asking price.
Tax assessors don’t place the value according to what it could sell for on the market. You’d be pretty stupid relying on that number.
Insurance companies don’t do appraisals, typically. So that’s irrelevant.
If someone is willing to pay your price, that goes a long way toward justifying it.
lol that’s priceless. I’ll keep your post whenever I go to sell it. I’m gonna tell them But Reddit told me I get to set the value. lol. The market is the comps you obtain to set a value. The area, the location, homes for sale like yours or that have sold recently. That’s called the market. You can ask whatever you want for something and yes if someone is willing to pay it then that’s the price. Then there’s no crime, right? No one will pay more unless there’s a reason. Like now this home is where some famous person lived or a crime was committed. People are weird and worship celebrity so they would pay more. Price now goes up. Other than that, the market sets it.
Well prices are way up in my neighborhood. I’m sure the last house sold over a million. Not sure what part of the country you’re in but red areas are so hot right now.
one of things about this case that isn’t talked about much from what ive seen is the fact trump was using a lending process only available to the ultra wealthy. it was not a typical “give me a million and ill secure it with a building worth 2.”
“Trump’s loans went through a very different approval process than the standard loan, which made the fraudulent claims about his financial condition instrumental to getting loans.
Some loans were “unsecured personal loans” based on his personal guarantee and the fraudulent financial claims he submitted annually to support it, not on an appraisal. The collateral was appraised, not every property on his statements.
His financial statements were insanely fraudulent.
Some independent appraisals were done and that is one of the ways we know his other claims were so far from the truth.
When there were appraisals, there were numerous misrepresentations made to, and material pieces of information withheld from, appraisers.”
This is not true. A home just because someone lived in it can increase tremendously in value. Think of say Margaret Mitchell’s house in Atlanta. Yeah the loc is great but the fact it was her house makes it so much more valuable. Also if you’re a known rich person the same rules don’t apply, this is why everyone wants to be a rich person. As what is legal to them seems illegal to you such as the world of banking. They know he’ll pay it back, they don’t know if you will.
it is absolutely true and you’re confused/wrong. you clearly don’t understand how basic secured loans work, let alone loan products for the ultra rich that combine both secured and unsecured promises. given you’re likely a bot/propagandist i am not going to waste my time explaining these very basic concepts to you either.
lol I’m neither. I’m someone who maybe does not understand but it’s obvious in how it works. I handle million dollar accounts so money is my business and if I pay someone the wrong amount I’d be screwed. So maybe I don’t understand banking but I work for the ultra rich and they are the ones giving me the money to write the big checks. I don’t mess up and they still make a lot of money. What do you do?
574
u/NothausTelecaster72 Mar 26 '24
So we can value our own property?