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Message
re: Kevin O’Leary Explains to CNN Audience, NYC Case Against President Trump is Nonsense
Posted on 1/12/24 at 4:02 pm to Powerman
Posted on 1/12/24 at 4:02 pm to Powerman
quote:
Either his business committed fraud or it didn't.
I worked in lending, mostly residential.
Fannie Mae Form 1003 is the universal residential loan application.
One of the sections is value of the property. You estimate the value of the property you are applying for a loan on.
At the end of the 1003, there's a signature required, with a warning stating that any misrepresentation is a violation of federal law.
Everyone always overestimates their assets on the loan application. Always. Because it is an ESTIMATE.
It's up to the lender to order an appraisal of those assets, and the lenders have underwriters (and now AI) to red flag other assets claimed (401k value, etc) and IRS form 4506 so they can verify your income with the IRS, and many other little things they can do to keep you honest and do their own homework before approving your loan application. Signature Authorizations so the lender can go to your bank and request bank statements and retirement savings statements, etc. And all of that is just for a basic home loan.
You think these mega-loans in the commercial world don't have similar, or even more robust methods of adjudicating their applicants' loan applications for millions of dollars?
Powerman, you are a true clown.
Posted on 1/12/24 at 4:34 pm to deeprig9
Imagine if a contestant went on Shark Tank and asked for $500,000 for a 10% stake in their company, giving it a valuation of $5,000,000. Then after 7 minutes of conversation, the sharks determine the company is only worth $645,953 according to their valuation. The Left thinks those contestants should do 10 years in prison for misrepresenting the value of their company.
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