Overvalued Real Estate - Is Latisha James Playing With Fire in Trump matter?

[Robert W]

Yes, and it's amazing how these forum 'experts' think the borrower is responsible for telling the bank their property's value and for signing off on the loan. Their ignorance is epic. Trump did exactly the right thing, he had accountants submit P&L, submitted equity valuations, and probably much more but, rightly so.....He stated in those documents he gave to the bank NOT to rely on his assessment of Mar-A-Logo and to get their own. Honestly, this Fani bitch should be put in jail for even bringing these charges against him but, our US AG is a corrupt snake along with her.

And, of course, these TDS lemmings march along in lock step in their hatred and ignorance oblivious to the real facts.

Poster alert: Notice the truth is above. That the Bank does not trust Trump at all.
Trump explained in plain English not to trust him.
Case closed.

 

[LAUGHatLEFTISTS]

No "crime" at all, everyone got paid on time and in full....Nothing burger.

But yeah, most "famous" personalities properties are overvalued if it's thought that their owner's name has the "juice" for it to bring more than market value.

Over the years how many Hollywood star's estates went on the market priced to the moon yet sold for much less after sitting for a spell?

Butbutbutbut square footage and fraud!
RICO charges! We gottem now!

 

[LAUGHatLEFTISTS]

Its against the law. It provides protection. Applying fuzzy logic that the bankers should have none is not the case. The issues is bankruptcy and who is holding the bag.

Yes unless Trump goes bankrupt then it probably is not a problem with the bankers as long as he makes the payments.

Trump had at least 4 casinos go under and how can we forget Trump air.

Who do you think was holding the

6 Corporate Bankruptcies​

The Details About the 6 Donald Trump Corporate Bankruptcies

Find out which of Donald Trump's companies went bankrupt. See how many times Trump has sought bankruptcy protection for his ventures.

www.thoughtco.com

you scoured the interwebbs for hours and came up with thoughtco.com as your strongest source?
You are without a doubt one of the dumbest MFers on the planet.

 

[LAUGHatLEFTISTS]

Except the banks took the word of Trump's appraisers, who forged documents overvaluing the properties, that was the problem here.

Wow are you stupid.

 

[justoffal]

Latisha James, NY Attorney General is engaged in a highly publicized fraud trial against Donald Trump. My own views on Trump are strictly neutral. I feel that Mar a Lago (sp) is not the only overvalued real estate in the country. My guess is that almost all high-end property is way overvalued.

The only way these properties change hands is in highly complex, highly leveraged transaction. Only a lunatic or eccentric would pay real money for most commercial or high-end resort properties such as Mar a Lago.

If Latisha James wins, it would expose the fact that most real estate is highly leveraged and their titular "owners" have little or no equity. If the values dropped to fair salable values, the properties would instantly have huge negative equity and face foreclosure. There would be no cash market for most of these properties. If Latisha James wins, could she trigger a depression by winning?

I'm not worried about her at all she took the wrong angle and the wrong subject. They will cut her throat and sink that case long before it gets to make any precedent because you are exactly correct.

 

[Kilroy2]

you scoured the interwebbs for hours and came up with thoughtco.com as your strongest source?
You are without a doubt one of the dumbest MFers on the planet.

sorry I doesn't take hours. But you don't seem to understand that filing bankruptcy becomes public information that anyone can easily find

well I take that back , you probably can't do it .

Column: A lengthy list of Trump's disastrous business deals — compiled by his newest business partners

We’re watching Trump’s 7th bankruptcy unfold

Trump's reelection missteps echo mistakes from his casino and hotel bankruptcies. Yet he always seems to get another chance.

finance.yahoo.com

Everything you want to know about Donald Trump's bankruptcies


oh, I get it your correct and everybody is wrong about Trump companies filing bankruptcy

Sweet dream princess with that mindset.

3 minute search is all it takes

 

[Care4all]

The ^ words of a libturd. Surprisingly forthright. But absolutely retarded.

You have no proof of that claim, Bitch.

Trump has already been found Liable/guilty, in a court of law for it, with evidentiary proof....

 

[CrusaderFrank]

No, they do it for the same reason they do it in any country... Because there are different rules for the rich. You and I are going to get a colonic exam of our finances to get a mortgage on a condo, but a guy like Trump can claim a 11,000 SF apartment has 30,000 SF, claim a building with operating revenue of $20 million is producing $100 million in revenue, and the big banks will say, "yup, yup, yup."

Hell, Trump probably would have gotten away with it if he hadn't been such a shitty president.

So, is Trump the one and only rich guy who benefited from this system? Did Bill Gates, Warren Buffet or Bezos ever get similar treatment?

 

[frigidweirdo]

Latisha James, NY Attorney General is engaged in a highly publicized fraud trial against Donald Trump. My own views on Trump are strictly neutral. I feel that Mar a Lago (sp) is not the only overvalued real estate in the country. My guess is that almost all high-end property is way overvalued.

The only way these properties change hands is in highly complex, highly leveraged transaction. Only a lunatic or eccentric would pay real money for most commercial or high-end resort properties such as Mar a Lago.

If Latisha James wins, it would expose the fact that most real estate is highly leveraged and their titular "owners" have little or no equity. If the values dropped to fair salable values, the properties would instantly have huge negative equity and face foreclosure. There would be no cash market for most of these properties. If Latisha James wins, could she trigger a depression by winning?

So, don't get Trump for committing a crime because all the rich commit crimes all the time, and it'll just anger the rich and make them lose money if we do...

Sounds like a good reason to go after Trump to me.

 

[Care4all]

So, is Trump the one and only rich guy who benefited from this system? Did Bill Gates, Warren Buffet or Bezos ever get similar treatment?

Yes, the only one that bold and arrogant! They expect some exaggeration of 10% to even up to 30% variance.

But trump exaggerated on all his property values by 300% to over 1000% higher estimates than market value or general accounting standards....something never seen before! Bill Gates and Warren Buffet don't need to lie about their worth and assets to get loans at a good interest rate, like the 6 time bankrupt, Trump Organization, silly one!

 

[CrusaderFrank]

Yes, the only one that bold and arrogant! They expect some exaggeration of 10% to even up to 30% variance.

But trump exaggerated on all his property values by 300% to over 1000% higher estimates than market value or general accounting standards....something never seen before! Bill Gates and Warren Buffet don't need to lie about their worth and assets to get loans at a good interest rate, like the 6 time bankrupt, Trump Organization, silly one!

So in all America, Trump was the one and only rich guy to do this?

 

[BackAgain]

Trump has already been found Liable/guilty, in a court of law for it, with evidentiary proof....

Nah. That’s just a pretrial determination which makes not one tiny bit of legal sense.

It is going “bye bye” on appeal.

 

[AZrailwhale]

He could have said it but when he filled out loan documents which does require an accurate appraisal then it is a different scenario . Appraisal are done by professional and not the owner who gives a figure that he THINKS is correct. They can overinflated the value easily.

So he can broadcast to the world what he thinks the value is!

But when applying for a loan he should get it appraised by professionals. Just because he may not like the figure is no reason to ignore it.

A value he believes to be true because it will get him favorable loans. Mortgage and real estate fraud is a crime in all the books.

If trump used figures in a loan application based on what he believes , yet when it is appraised at a lower value by a professional appraisal agency then he ends up where he is at. In court.

Property owners can say; what they think the value of the property is.

When doing business, they need to be accurate and its best to use professionals.

rich guy like trump can afford to pay someone.

Trump has had 4 failed casinos, failed airline

Though he has acknowledged mistakes in piling crippling debt on Trump Hotels and CasinoResorts, Donald Trump has steadfastly maintained that his resorts were the best-run and highestperforming casinos in Atlantic City.

yet went bankrupt

https://docs.house.gov/meetings/JU/JU00/20200929/111078/HMKP-116-JU00-20200929-SD002.pdf

This but one example and there are plenty more

The seller doesn’t get the appraisal, the LENDER does.

 

[JoeB131]

First of all, she is a crummy two bit lawyer. At least I credit her for being a lawyer.
I spent many years as an appraiser. There is another poster who was also a long term appraiser. And we both agree on some facts. First do not have lawyers appraise property. Second the tax assessment is a guess. Appraisals are also estimates of value but we also include a lot of research in our appaisals and we disclose any potential flaws in our appraisals. Lawyer James and the Judge did none of this this. They hate Trump and of course therein lies their fatal flaw. They are not out for justice, they want to simply hate Trump.

This isn't about "a bad guess". Trump outright lied on his loan applications, such as saying an 11,000 SF apartment was 30,000 SF, or that a building with operating revenue of $20,000,000 was generating $100MM in profits. These aren't whoopsies, these are outright frauds. And the fact that Duetschbank went along with the fraud doesn't make it any less fraud.

 

[hadit]

You still miss the point where Trump as the president signs off on it. Trump owns the company. The company does not exist without an owner who is responsible. The employee is not getting the loan.
The owner or owners are responsible. Common sense. Employees may be held responsible by the owner but for a loan it is the owner who signs the agreement for the company. He alone is responsible.

It really an easy concept to understand.

Are you maintaining that TRUMP!'s company (under his control) was actually allowed to appraise TRUMP!'s own property and the lender accepted their appraisal for collateral on a multi-million-dollar loan, that there was no independent appraisal done? That seems to be the height of fiscal mismanagement, do you not agree?

 

[JoeB131]

Are you maintaining that TRUMP!'s company (under his control) was actually allowed to appraise TRUMP!'s own property and the lender accepted their appraisal for collateral on a multi-million-dollar loan, that there was no independent appraisal done? That seems to be the height of fiscal mismanagement, do you not agree?

No, Wet Fart, it was the height of FRAUD on Trump's part. Trump provided false information, and he knew it was false, hence the fraud charges.

 

[hadit]

No, Wet Fart, it was the height of FRAUD on Trump's part. Trump provided false information, and he knew it was false, hence the fraud charges.

Well, dingleberry, it would seem to be incumbent on the lender to fire all those involved in bringing them to this extreme fiscal calamity (no, they weren't damaged because of course TRUMP! paid it back on time, why wouldn't he?). Of course, had they been following good fiscal practices, there would be no way they would accept any applicant's word for the value of a collateral property. The very fact that TRUMP! was even allowed to present a value and have it accepted exposes a glaring flaw. Basically, they would deserve the shortfall if someone defaulted.

 

[JoeB131]

Well, dingleberry, it would seem to be incumbent on the lender to fire all those involved in bringing them to this extreme fiscal calamity (no, they weren't damaged because of course TRUMP! paid it back on time, why wouldn't he?). Of course, had they been following good fiscal practices, there would be no way they would accept any applicant's word for the value of a collateral property. The very fact that TRUMP! was even allowed to present a value and have it accepted exposes a glaring flaw. Basically, they would deserve the shortfall if someone defaulted.

Oh, I agree, the banks should have realized Trump is a fraud and always has been.
Then again, so should the 47% who keep voting for this fool no matter how much damage he does.

"You never should have trusted a disreputable character like me" isn't a defense for Fraud and never will be, Wet Fart. Caveat Emptor is never a defense for fraud.

 

[hadit]

Oh, I agree, the banks should have realized Trump is a fraud and always has been.
Then again, so should the 47% who keep voting for this fool no matter how much damage he does.

"You never should have trusted a disreputable character like me" isn't a defense for Fraud and never will be, Wet Fart. Caveat Emptor is never a defense for fraud.

And that's where the wheels fall off your tricycle, because obviously they had no reason to fear that he wouldn't pay it back on time and they were correct, dingleberry. A true fraud would have taken the money and rode off into the sunset, never to return. That's where you got confused.

 

[Robert W]

This isn't about "a bad guess". Trump outright lied on his loan applications, such as saying an 11,000 SF apartment was 30,000 SF, or that a building with operating revenue of $20,000,000 was generating $100MM in profits. These aren't whoopsies, these are outright frauds. And the fact that Duetschbank went along with the fraud doesn't make it any less fraud.

I would almost bet money that you have submitted financials that you would call fraudulent.
The bank wears big boy pants and has experts on staff in the case you don't know that.