It's more on the financial institution to do their due diligence to ensure they are making a financially smart loan.
I don't believe DJT did anything wrong
If you pay off your mortgage and
- Thread starter 1inamillion
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I don't believe DJT did anything wrong
The NY AG doesn't agree with your "crackerjack" assessment here. Nor does Judge Engoron.
If you falsify the information, you commit a crime.
Trump did so, time and time again.
I get that- what did he misrepresent? If its simply "I value Trump Shitbox at $10, loan me $5- and the bank agrees even though shitbox is worth $4"- seems like bank would only have issue under default? I think people like to stick in this area because real estate value is so gray.
Or, did he fraud up something else? Are these transactions more complex, in that It's not a simple as getting a percentage loan against one developed asset?
I think I just don't get why the state was involved, though I understand the state of NY has some wide sweeping law that allows them to interject themselves.
When actively investing, leveraging your money through a mortgage can be advantageous. However, if your funds are currently idle, directing them towards paying off your mortgage becomes a prudent choice, allowing you to save 2.75% annually on the remaining loan balance.
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Well, without a doubt he did something wrong. He filed inaccurate financial statements - on purpose. Anytime I've had to provide a financial statement I had to sign a statement that they were accurate to the best of my knowledge.
You can argue that no one was hurt, but I would disagree with that too. He got favorable terms when he wasn't entitled to them.
When you apply for a loan, the bank asks for a financial statement. I assume it's because it's important.
He received better rates thus the penalties. If you weren't aware, his fine isn't made up by the judge. It was a calculated number in the amount he saved with the better rate by falsifying the values of the properties.
Gotcha- I’m not an underwriter. If these are 1:1 type loans- ie one property to secure one loan- he gets a better rate by overvaluing that asset; or is it a deal where a collection of others assets are factored into his “wealth” increasing his overall value (less risk) securing the better rate?
Not saying he wasn’t a slimeball, just trying to understand the fraud; while also connecting it to a state issue.
While I'm not an underwriter, I would presume that the bank offers more favorable rates because they mitigate their risk by securing collateral. In the event that Trump fails to repay the loan, the bank can seize the properties pledged as collateral. However, a potential issue arises if the actual value of these properties doesn't align with the information provided to the bank. This discrepancy could pose a challenge in the lending arrangement.
She campaigned on a promise to get Trump for something anything at all costs.
I hope the whole thing blows up in her face.
Isn’t it the banks obligation to assess their own value?
I know my lender did - and I think that is the lense some people are looking at this through.
Is that the same thing as saying you loaned your brother $200,000 and he paid you back with cash about the same day he received a million from the Chinese for your brother being the VP or President?
It's amusing how valuations work. The loanee or bank can exert influence on the appraisers hired by the loan recipients, creating a potential conflict of interest.
As for your suggestion that there might be a reason to justify Trump's actions, it's important to clarify that there is no valid justification for fraudulent behavior. Managing a country requires integrity, and someone who can't run their own business without resorting to dishonesty shouldn't be entrusted with the responsibilities of leading a nation.
Gosh...makes you wonder why there's a law against it, huh? BTW, how do you know the particulars of this transaction? Are they published somewhere? Could you point them out or are you just talking out of your ass, as usual?
Is it also a crime to allow an illegal to enter the country and murder an innocent American female?
If so Biden should be arrested right now!!!!!!!!!!!!!
Yes.
Read the case documents and judgements.
For one, he pretended his own flat was 30,000 sq ft, when it was actually 10,000.
Even provided falsified documents to banks for that (where elevator shafts and HVAC systems were included as though they were part of his unit).
It is.
Currently, the equivalent of a parking ticket (misdemeanor).
Trump committed millions in fraud.
No
Particularly since it was a "no interest" loan that the lender received basically no benefit from.
He still has a "loan" on the books that they now say was not a "loan".
And, if forgiven, means he failed to report it as income.
The idea that the bank treats you the same way they treat someone like Trump...well, those are not the same lenses. According to his tax returns, banks forgave over $285 MILLION in loans to Trump from 2010 to 2020. Just ate them. Deutsche Bank even loaned him millions more after he defaulted on hundreds of millions in loans and even sued them. Think they'd do that for you? When Trump declared bankruptcy in the 90's, the bank gave him a 5-figure per month allowance to live on. Think they'd do that for you? The idea that they checked Trump's claims the same way they check yours is...unlikely.
So you're one of the saps who believe he was getting a "loan" paid back?
IMO it was the big guys cut for the deal.
I’ve kept that part of my savings in high yield in case I need it so it’s at about 5%
I’ve got about 150 in high yield at about 5%. I’m paranoid and think I might need it fast. I have more in Roths but I want money I can get to easy.
My bank would not do that.
Was the bank charged with any crimes? I’m not being obtuse or flippant- I’m not siding with Trump.
Why do you need access to cash?
If the cash is for gambling, set up an account at your favorite casino that has a good/great host manager. Hosts make moving money much easier and can bypass a lot of the BS.
If you are a conspiracy guy and want to get into prepping, the dollar is useless. Put money into ammo, various fuel sources and food.
Just for emergency expenses. I want to be able to pay off everything all at once. It’s kind of a mental issue.
If for some unknown reason the ATM's and most card readers get shutdown you might want to have some cash handy to tied you over for 4 or 5 days.
Deutsche Bank has been involved in numerous shady dealings involving money laundering, tax evasion, and financial fraud. It’s been fined billions with a b for its “errors”.
Probably true, but I don't get concerned when corrupt politicians "disagree" with my positions,.. both of theses clowns are simply carrying water for the DNC..
There is no law against what Trump is being charged with, as the statute in question is being improperly applied here,.. This consumer protection law has never before been used in this fashion, and the Governor of New York is going out of her way to advise New York business investors that it will never be used like this again,.. This is just another DNC erected road block.
Somewhat related.
I bought my 6.5 acres back in Iowa for $29,900 cash. Henry county treasurer office had the tax value at $19,000.
I built my barndominium on it last year and financed the structure with the local bank. On my asset sheet I put 60,000 as the value of the property. The bank’s appraiser said the value of the lot without a building was $112,500.
My building is built and I built a pond. I’m going to build a house on it. I think I could sell it now and get $200,000.
What should I list the value of my property at now on my balance sheet?
If I’m too high am I committing fraud?
I bought my 6.5 acres back in Iowa for $29,900 cash. Henry county treasurer office had the tax value at $19,000.
I built my barndominium on it last year and financed the structure with the local bank. On my asset sheet I put 60,000 as the value of the property. The bank’s appraiser said the value of the lot without a building was $112,500.
My building is built and I built a pond. I’m going to build a house on it. I think I could sell it now and get $200,000.
What should I list the value of my property at now on my balance sheet?
If I’m too high am I committing fraud?
this is the real 2024 trump platform
greivance and victimhood is all he has
keep this in mind as he says he'll be a dictator (*but for only one day) and his lawyer argues he should be able to have political opponents assassinated without repurcussion
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