Your the financial statement you gave the bank was too high, should you be fined?
If you pay off your mortgage and
- Thread starter 1inamillion
- Start date
Don't know...but if you lie about the value of your property intentionally to benefit from it financially, that's fraud.
Well, no. That's why I wouldn't commit fraud in the first place. However, since SOME people already committed the fraud, now they get to enter the "Find out" phase of f**king around. It doesn't matter if they are ok with it or not. They get to pay the fine.
What if you made a mistake or the bank was happy. Your next door neighbor who doesn't like you turns you in
-10/10 Accept the facts.
Judge Arthur Engoron, ruling in a civil lawsuit brought by New York's attorney general, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
Everybody lies about real estate valuation and even if you're spot on the money, it'll be different tomorrow.
The libs never lie. They happily accept whatever the government tells them and would pay the fines.
In any case, "normal" people have to get an independent appraisal. Not sure how that works in the rarified air of commercial real estate development, but I can't imagine any bank would just take Trump's word for it.
Didn't realize this thread was about to turn into a Radical Right circle jerk.
They all are now.
Pretty sure it's the law that you have to pay the money back. They certainly have to pay you money back when they take too much for some reason. So, again, it doesn't matter if you are ok with it. If that does happen, you are better off notifying the bank of the error so they can correct it before it is inconvenient to you.
This is along the lines of people who were paid too much money by a company who later discovers the error and then whoever received the benefit have to pay back thousands of dollars (or however much extra they got). It sucks for them, but they have to give the money back.
If I committed fraud? No, I would lie about committing fraud
Warren Buffett explained that this over-inflation habit of Trump was why he's been such an unsuccessful (6x bankrupt, half the wealth he would have by simply investing the money his dad gave him* in stocks) businessman:
"According to Buffett, Trump managed to secure loans for properties at prices well above their value, creating a significant disparity between his assets’ actual worth and the debt incurred to acquire them.
“He was terrific at borrowing money. If you look at his assets and what he paid for them and what he borrowed to get them, there was never any real equity there,” Buffett said, highlighting the precarious financial foundation on which Trump built his empire."
* But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.
"According to Buffett, Trump managed to secure loans for properties at prices well above their value, creating a significant disparity between his assets’ actual worth and the debt incurred to acquire them.
“He was terrific at borrowing money. If you look at his assets and what he paid for them and what he borrowed to get them, there was never any real equity there,” Buffett said, highlighting the precarious financial foundation on which Trump built his empire."
* But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.
This, or anyone's word really. It's on the lender to do an appraisal, but what they REALLY care about is whether the loan is going to get paid back, and as long as they're satisfied with that, then the value of the property becomes less important to them.
At that point...who really cares what the DA or anyone else not involved in the deal thinks. They have no stake in the game, although the state will assess the value for tax purposes, which is generally much lower than the market value.
Can you translate this to english for someone who watched the women bball and wrestlers go today, followed up by celebratory drinks with friends, followed up by grilling on a 70 degree day with drinks?
I'd prefer if Buffett spent his time getting squared up with the IRS rather than trying to explain how Trump does business.
So you're admitting you would be willing to commit fraud? Or perhaps you already have!
I have never filled out a financial statement for a personal or business loan. The banks said they will fill it out themselves as they do not care what you put down, they only care about what they verify as the values.
How am I the only person who has no idea what you are saying?
What kind of financial statement do you have to make when paying off a mortgage?
I don’t know. I make more with my money invested than paying off my 2.75 loan though. Maybe some day I’ll pay it off just to do it.
You're normal. The OP is a seething cauldron of grievances and resentment that his dad didn’t leave him $400 million and went broke because he committed fraud.
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This is why Trump is so screwed and selling rubes sneakers that haven’t been made, yet. He’s so over leveraged he cannot pay his fines. He lied so much he piled on a mountain of debt he can’t raise any real cash.
If you are MAGA still, you are radical or stupid.
Exactly! The radicals on the right are now the GOP mainstream. Good catch.
No clue what you are asking here. I paid off my mortgage about 4 years ago. What are you asking?
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