Reply to thread

Message

<blockquote data-quote="Jimi77" data-source="post: 8916047" data-attributes="member: 673702">Most importantly, it should be noted that the way these &quot;wealthy folks&quot; loans work is the wealthy person tells the bank the value of their assets and then the bank reassesses the value of the assets.&nbsp; It&#039;s common for banks to &quot;trim&quot; the value of the assets in these type of loans.&nbsp;&nbsp; I liken it to the numerous loan applications I took where somebody said the value of their home was $300k, but the appraisal or tax records came back with a value of $275k.&nbsp; Or they stated their income was $60k/yr but it was really $55k.&nbsp; Had Trump, for example, provided doctored tax filings or bank statements, that would be fraud.&nbsp; If they applied this law downstream to everybody that applied for a mortgage like they did to Trump, I&#039;d guess that would put about 50% of applicants in jail, especially in markets were real estate prices dropped or stopped appreciating.&nbsp; It&#039;s a ridiculous legal standard.</blockquote>

[QUOTE="Jimi77, post: 8916047, member: 673702"] Most importantly, it should be noted that the way these "wealthy folks" loans work is the wealthy person tells the bank the value of their assets and then the bank reassesses the value of the assets. It's common for banks to "trim" the value of the assets in these type of loans. I liken it to the numerous loan applications I took where somebody said the value of their home was $300k, but the appraisal or tax records came back with a value of $275k. Or they stated their income was $60k/yr but it was really $55k. Had Trump, for example, provided doctored tax filings or bank statements, that would be fraud. If they applied this law downstream to everybody that applied for a mortgage like they did to Trump, I'd guess that would put about 50% of applicants in jail, especially in markets were real estate prices dropped or stopped appreciating. It's a ridiculous legal standard. [/QUOTE]

Verification