WorldWatcher
Gold Member
- Dec 28, 2010
- 12,487
- 4,647
I have not seen the papers used. I know for a fact Banks or lenders do not trust customers written words. It is because we can't do that. We are also subject to being audited.
Since you evaded.
The false statements center around NOT the collateral property acting as the principal of loan.
The false statements center around lying for years on "Statement of Financial Condition" and other such legally required documents to receive lower rates for the loan then would normally be available. Why? Because the conditions of the loans were that certain levels of Net Worth were required to continue to get the preferred rates (interest and insurance).
So simplify it in comparison to a home loan:
- You have the principle, the physical property, that is the amount of the loan. Lenders have certain protections because in case of default they can have the property turned over to them.
- Then you have the interest rate. For a normal consumer home loan that rate is set based on various factors the lender evaluates: Income, Income to Debt Ratio, current assets, Credit Score, etc. The more favorable your situation, the better the rates will be.
As was shown in court, FPOTUS#45 and the Trump Organization consistently lied about #2 to inflate Net Worth to fraudulently receive rates lower than was justified.
This isn't about the banks "evaluating" the colleterial property, this is about FPOTUS#45/Trump Organization inflating the worth of their 500 shell companies, a labyrinth interlocking shell companies to hide value and debt that no lender is going to unravel from the outside.
WW
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