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Posted on 3/27/24 at 12:23 pm to Wildcat1996
quote:
This is stupid. His house was worth whatever the buyer was willing to pay.
By that argument, Trump's property were worth what the banks approved his loan for at the time of his application.
It should be that simple, shouldn't it?
Posted on 3/27/24 at 12:27 pm to Wildcat1996
quote:
his is stupid. His house was worth whatever the buyer was willing to
Stupidity looks good on you as usual.
Posted on 3/27/24 at 12:50 pm to Wildcat1996
quote:
His house was worth whatever the buyer was willing to pay.
And Trump’s loans were the amount the banks were willing to lend him based on their own assessments
This post was edited on 3/27/24 at 12:51 pm
Posted on 3/27/24 at 12:54 pm to Wildcat1996
quote:
This is stupid. His house was worth whatever the buyer was willing to pay.
...or whatever a lender was willing to offer with the home as collateral.
Posted on 3/27/24 at 12:57 pm to Wildcat1996
quote:
This is stupid. His house was worth whatever the buyer was willing to pay.
I think that is the entire point.
Posted on 3/27/24 at 2:05 pm to Wildcat1996
quote:
This is stupid. His house was worth whatever the buyer was willing to pay.
Agreed.
But if a person submitted inflated numbers on a statement of personal net worth to a bank to show their financial strength as a borrower or guarantor then (like the stuff with Trump), they need to held accountable.
Posted on 3/27/24 at 3:30 pm to Wildcat1996
quote:
This is stupid. His house was worth whatever the buyer was willing to pay.
I think we allknow that. And we also know that tax assessments are typically far less than appraisals are and far less than sales prices are. For instance, my parent's home has a tax assessment of ~$450k. However, the county hasn't done a reassessment since 1997 (yes 1997), and the FMV of that home is now $1.6 million. It's also insured for $1.6 million and their HELOC is based on a value of $1.6 million. What NY is basically saying is anyone who pays a tax rate based on an assessment of A but the property's value is actually a higher rate of B is committing FRAUD. It's absurd. The bank's underwriters approved the loan. That's on them for accepting Trump's properties' values. ANd the loan was repaid all the same. If the bank was concerned of being left holding the bag if he defaulted on the loan, that's on them.
Posted on 3/27/24 at 4:10 pm to Wildcat1996
quote:Yes. As much as I love seeing Steweart hoist on his own petard, it isn't really the same. Trump didn't have 3rd party buyers with their own money saying "this is what it's worth, so here's money equal to that".
This is stupid. His house was worth whatever the buyer was willing to pay.
The hypocrisy comes around the tax piece. Nothing Stewart did was "illegal" - but it's not a great look to ride these low tax assessments and then bitch about other people's harms.
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