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re: Someone explain the Trump fraud case to me?
Posted on 9/27/23 at 12:05 pm to TrueTiger
Posted on 9/27/23 at 12:05 pm to TrueTiger
I’ve done financing for decades. If we threw everyone in jail that estimated a value and sq footage on an application that came in differently on the appraisal - every single applicant would be in prison right now.
Posted on 9/27/23 at 12:10 pm to Pvt Hudson
Appraisals and inspections are done by the lender.
Posted on 9/27/23 at 12:10 pm to Pvt Hudson
quote:
If we threw everyone in jail that estimated a value and sq footage on an application that came in differently on the appraisal - every single applicant would be in prison right now.
I’m sure our government would have no problems with that then exerting a 4th amendment seizure on every property in question.
Posted on 9/27/23 at 12:54 pm to Pvt Hudson
quote:
I’ve done financing for decades. If we threw everyone in jail that estimated a value and sq footage on an application that came in differently on the appraisal - every single applicant would be in prison right now.
This. I’ve dealt with banks for many loans.
What I give them is my estimation of my assets. This is used simply to determine if it’s worth it by the bank to go further.
Example: I need a loan that requires 10 million in collateral. I submit assets I estimate at 5 million. Bank says “we can’t do that loan you don’t have the collateral.”
Let’s say I submit assets I estimate at 20 million. Bank says “this looks good on paper, let’s proceed and do our due diligence” then bank confirms assets and determines value of 16 million. I get the loan. I did not commit fraud by overestimating the value.
Let’s say bank confirms assets but they’re only worth 8 million. I don’t get the loan. I still committed no fraud.
The only way here to commit fraud is if you pay off the appraiser and he agreed to overvalue your assets so you can get financing. Even then the fraud would likely only be exposed if you default on the loan
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