Another Attack on real democracy and all of us, not just Trump.
If property is overvalued by the borrower, it is the bank's responsibility loaning money to evaluate the risk and if their evaluation yields a lower number they have the right to refuse or not.
No bank or investor will loan 100's of millions of dollars without properly evaluating collateral or risk.
Exactly. Trump could ASK for 100 million dollars for a property, but a bank would want an appraisal done. Hell, anyone paying cash would want an appraisal done. No bank just says, "You say it's worth 100 millions dollars, well, it must be!" No. Just no. They would be out of the banking business in no time.
Another Attack on real democracy and all of us, not just Trump.
If property is overvalued by the borrower, it is the bank's responsibility loaning money to evaluate the risk and if their evaluation yields a lower number they have the right to refuse or not.
No bank or investor will loan 100's of millions of dollars without properly evaluating collateral or risk.
Exactly. Trump could ASK for 100 million dollars for a property, but a bank would want an appraisal done. Hell, anyone paying cash would want an appraisal done. No bank just says, "You say it's worth 100 millions dollars, well, it must be!" No. Just no. They would be out of the banking business in no time.