0 sats \ 27 replies \ @PlebeiusG 22 Feb \ on: What does SN think of the Trump/NYC verdict? news
“…all developers overstate their property values in a similar way.”
Really? Do they really? Seriously? I’m genuinely curious but my gut tells this is not correct.
Should borrowers who default on student loans be sued?
Isn’t student loan forgiveness a conspiracy to commit fraud?
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Ask any commercial loan officer
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Actually i know a guy. Ill ask him.
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2 years ago my agent and I had a disagreement with a lender appraisal about how much rent my townhouse could generate. I can tell you in hindsight the lender appraisal was too low.
Different situation but more evidence that appraisal of market value is subjective
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2 years ago my agent and I had a disagreement with a lender appraisal about how much rent my townhouse could generate.
I imagine you and your agent at least can agree on the number of floors & rooms in the townhouse. Not even this basic info is something Trump can agree to.
To put this into a fair comparison to what Trump did, this would be like you stating your 4 bed 5 bath townhouse is actually a 16 bed 20 bath, while IRL it has 0 beds and 0 baths because it has not actually been built yet and is still under construction- but you are telling the lender that it is actively being rented out and you are pulling an income.
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A link to 92 page judgement
168 million interest saved fraudulently
126 million in ill gotten gains from sale of Old Post Office
From 2011 to 2021 Trump fraudulently overvalued Mar Lago
…
Above are actual statements written by judge Engoron
The damages are based on selective witnesses
Judge also says stark difference in appraisals is evidence of deceit
How is NY the injured party? Why does NY collect all the damages? NY did not loan money or purchase Old Post Office property.
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NY claims disgorgement of ill gotten gains not damages
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They claim insurance fraud, in part.
Did you read the opinion yet??
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It’s 92 pages. I didn’t all of it
Most of the disgorgement are lost interest payment and ill gotten profits.
I guess insurance companies can claim lost premiums
Your comparison is unfair because it’s completely fabricated.
NY case is based on discrepancies in appraised value, which are subjective
It’s a loan application which any lender can reject.
NY is saying the banks have been damaged but we are keeping the damages.
How much is Mar lago worth?
Trump purchased the land in 1985 for 5 million dollars.
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I wouldn’t call apprised value subjective… but to your point, it’s more of a settled negotiation versus an objective science.
Still… being caught knowingly lying during the process and attempting to hide these attempts toe the line of fraud. There are plenty of cases of wrongdoing thru this process by the Defendant. They can’t be excused with “it’s commonly done in the business” anymore than the homeless who literally poop on the street can excuse it by pointing to the next bum.
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If only NY prosecuted the homeless for public defecation
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NY would never seek damages from a homeless person. It would be a criminal case.
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A lender can reject an application if there is an impasse over collateral valuation.
No one was coerced to approve Trump loan application.
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Again, that may be true but not central to his being found guilty.
Can you steelman the courts position?
This is what I was thinking… if you look into the details of the case, there’s plenty of bad behavior..
Also saying that it’s common practice doesn’t excuse it. Like seriously.
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It’s a voluntary agreement between two private parties.
No one has claimed to be a victim except NY attorney general.
A loan application is a starting point for negotiations between borrower and lender. As someone mentioned earlier the loan was paid back with interest. The bank can claim damages if loan default
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I understand and agree.
There must be some additional details.
Usually I read these court opinions once all is said and done. I’ll have to find the PDF…
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They mark it up as much as trump did?
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It’s a negotiation, appraisals are subjective, lenders tend to low ball
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