This is the stupidest "fraud" lawsuit I've ever seen. The value of anything is what someone is willing to pay and someone is willing to sell. This isn't a communist country (yet) where the government gets to set the price for everything. If someone pays a higher price for something that's a free choice. No one forced them to pay or forced the seller to accept the offer. It's a negotiation. That's just how business works.
The value of anything is what someone is willing to pay and someone is willing to sell.
I'm going to hone in on that second part. So if I'm willing to sell my left shoe for a million dollars, is it now worth that much?
Not unless someone is also willing to buy it for that much, right? Well the case here is that Trump evaluated his properties at what people are saying was 10+ times their actual worth, when it was to his advantage. There was no one "willing to pay" that amount.
I hope that clears up your understanding of the case so that you can better explain why you disagree with it.
If there was no one willing to pay that amount then the value wasn't what they wanted and there is actually no victim. It wasn't overvalued at all as there wasn't a buyer at that amount to set the value. I'll stand by my understanding of this bullshit case. It's not fraud to ask too much for something. Hell, every single car dealership in the United States would be guilty of fraud with those standards. They all ask too much.
That is my comment on this whole case. I am in lending, and if the bank is relying on some information, they are going to verify it. My system calculates net worth, but we don’t look at that at all so if somebody tells us their dilapidated, two bedroom bungalow in the middle of nowhere Kansas is worth $500,000, we don’t rely on that, and it doesn’t matter so we weren’t defrauded by that “inflated” value estimate. and if you look on Zillow, you can clearly tell the judge is greatly undervalued the property for the case. Saing MarALago is worth $24 million with a property right up the street that’s half the size is valued at $50 million clearly shows the judge doesn’t know what he’s talking about.
If anything that proves it's not fraud. A Bank isn't going to lend $100,000,000 on an asset only worth $10,000,000. They do their own independent investigation on a properties worth as the property would be the collateral on the loan. Who would know more about a properties worth? The Bank who would quickly go out of business by lending money on overinflated property or a Dem Prosecutor who ran for her office with the promise of "getting Trump"?
The reason Leticia would inflate the value of her property is so she could take cash out in a refinance. If the value was only $546k and she took a cash-out refinance she would only be able to borrow $436k for an 80% loan-to-value refi with no mortgage insurance. In order for her to take a cash-out refi at $625k she would need to claim the value was $781k. That would increase the amount of cash back to the borrower by $189k. When I was in mortgage lending it was common for people to desire a certain amount of cash back when refinancing their homes, but they didn't have enough equity to do so.
If I had to guess based on my experience, I would say she wanted cash and wanted to eliminate the mortgage insurance on the loan and that is why they chose $781k as the property value for loan purposes.
Yes, for a residential mortgage loan. The first line of the Hud Form 1003 Residential Loan Application states:
"A material false statement on this application is punishable by up to 30 years in prison and a $1,000,000 fine."
In the 2008 housing crash over 10 million Americans were guilty of this and the Obama administration decided to not prosecute anybody. In recent years everybody who was guilty of this has been prosecuted due to the fact that it wiped out the entire world economy in 2008.
It says to secure loans. I'm guessing "Hello bank? We're going to write legislation that'll bankrupt a company, can I get a loan om my house to put into put options? Bank: 'what's the value of the home?' Her: 'Uhm.. $625k'"
That year the assessed value on that home was only $94,000 and the market value was only $546,000.
Once again, the people investigating Trump are the ones who need to be investigated! Do you think Judge Engoron cares about this?
Judge Engoron needs to be investigated!
This is the stupidest "fraud" lawsuit I've ever seen. The value of anything is what someone is willing to pay and someone is willing to sell. This isn't a communist country (yet) where the government gets to set the price for everything. If someone pays a higher price for something that's a free choice. No one forced them to pay or forced the seller to accept the offer. It's a negotiation. That's just how business works.
I'm going to hone in on that second part. So if I'm willing to sell my left shoe for a million dollars, is it now worth that much?
Not unless someone is also willing to buy it for that much, right? Well the case here is that Trump evaluated his properties at what people are saying was 10+ times their actual worth, when it was to his advantage. There was no one "willing to pay" that amount.
I hope that clears up your understanding of the case so that you can better explain why you disagree with it.
If there was no one willing to pay that amount then the value wasn't what they wanted and there is actually no victim. It wasn't overvalued at all as there wasn't a buyer at that amount to set the value. I'll stand by my understanding of this bullshit case. It's not fraud to ask too much for something. Hell, every single car dealership in the United States would be guilty of fraud with those standards. They all ask too much.
I guess the only "victim" was the bank taking on more risk than they thought they were. Or receiving less in interest payments.
That is my comment on this whole case. I am in lending, and if the bank is relying on some information, they are going to verify it. My system calculates net worth, but we don’t look at that at all so if somebody tells us their dilapidated, two bedroom bungalow in the middle of nowhere Kansas is worth $500,000, we don’t rely on that, and it doesn’t matter so we weren’t defrauded by that “inflated” value estimate. and if you look on Zillow, you can clearly tell the judge is greatly undervalued the property for the case. Saing MarALago is worth $24 million with a property right up the street that’s half the size is valued at $50 million clearly shows the judge doesn’t know what he’s talking about.
If anything that proves it's not fraud. A Bank isn't going to lend $100,000,000 on an asset only worth $10,000,000. They do their own independent investigation on a properties worth as the property would be the collateral on the loan. Who would know more about a properties worth? The Bank who would quickly go out of business by lending money on overinflated property or a Dem Prosecutor who ran for her office with the promise of "getting Trump"?
There are too many laws that protect banks, I agree with that.
Didn't she also receive an illegal campaign donation of $770,000.
https://nitter.net/Travis_in_Flint/status/1718673597001072733
can someone clue me in here? WHY would someone want to inflate their mortgage like this?
The reason Leticia would inflate the value of her property is so she could take cash out in a refinance. If the value was only $546k and she took a cash-out refinance she would only be able to borrow $436k for an 80% loan-to-value refi with no mortgage insurance. In order for her to take a cash-out refi at $625k she would need to claim the value was $781k. That would increase the amount of cash back to the borrower by $189k. When I was in mortgage lending it was common for people to desire a certain amount of cash back when refinancing their homes, but they didn't have enough equity to do so.
If I had to guess based on my experience, I would say she wanted cash and wanted to eliminate the mortgage insurance on the loan and that is why they chose $781k as the property value for loan purposes.
In your experience, is this something that people faced consequences for?
Yes, for a residential mortgage loan. The first line of the Hud Form 1003 Residential Loan Application states:
"A material false statement on this application is punishable by up to 30 years in prison and a $1,000,000 fine."
In the 2008 housing crash over 10 million Americans were guilty of this and the Obama administration decided to not prosecute anybody. In recent years everybody who was guilty of this has been prosecuted due to the fact that it wiped out the entire world economy in 2008.
Idk, but i could guess thereb s some kind of hidden tax write off, or bribary scheme in the shadows we are not familiar with.
Sounds more like the mortgage was more of a donation/pay4play.
It says to secure loans. I'm guessing "Hello bank? We're going to write legislation that'll bankrupt a company, can I get a loan om my house to put into put options? Bank: 'what's the value of the home?' Her: 'Uhm.. $625k'"
Side show. Who cares.
She must have had friends in high places to have such a low assessment for property taxes. She believes everybody is as corrupt as she is.