The 800 MILLION pound Gorilla in the Letita James debacle

[justoffal]

Your crybabying won't help you.

Your projection is amusing...but pitiful. I need no help. I have thoroughly repulsed your insane control freak impulses yet again.
It's fairly routine these days.

 

[candycorn]

Trump doesn’t way 800 pounds; closer to 400

 

[justoffal]

And your crybabying. It's not going to stop anytime soon.

Nor will your accusations that everyone but the orange god is corrupt.

Once again infusing statements that have never been made. I'm sure you can find that quote in my mbtus ...no? Tsk....how sad that you must construct yet another straw man to "Caligulize"... Your failing ego.

 

[justoffal]

Not what you were asked.

Don't waste my time. You know nothing about the charges or the evidence. None 9f you do.

I asked the question to demonstrate that.

Heh heh heh ....I smell frustration and personal failure.

 

[jwoodie]

So would you brag about your wealth in one case , when it could be used in another case where it would require him to pay another person ?

The operative word is BRAG. And who, exactly, are these "other persons?" Did they lose money because of something Trump said?

 

[Crepitus]

Trump is probably a crook. I Don't know the man personally and I don't like him, never did. However I have some considerable experience with both residential and commercial real estate.

My experience doesn't cover deals in the hundreds of millions but it does cover deals in the multimillions. I have literally seen a list of valuation variables with dozens of items on them up to and including the proximity of the nearest underground gasoline storage tank. I have never once been involved in a commercial deal wherein numerous details of the physical property components didn't need to be corrected, rewritten, adjusted and sometimes eliminated. Exaggeration is rampant in this industry. This is why there is entire army of adjusters and appraisers.

Any deal of any size inevitably encounters these things. I can tell you that the word overvalued does not exist in any real sense on the commercial market because property simply will not move if it's not priced correctly.

I have never once seen a bank or lending institution offer out money without sending out, once again, an army of adjusters and appraisers with enemas and microscopes...

I'm simply not able to swallow that Trump was able to get loans based false valuations without the bank knowing exactly what they were getting into. It just doesn't exist.

Additionally I know from dealings with the local hospital system here which has grown to a considerable size and is also a formidable real estate holding company.... That construction loans offered out based on currently held collateral very often seem to be way the hell out of the ballpark considering what the collateral is. I don't know who's responsible for all the seeing these things I'm sure somebody does. This is a pretty common practice with multi-faceted businesses that lean on their real estate holdings both has assets and collateral. Real estate valuation is the grease behind the Wheels of the loan industry. Is it dishonest? I suppose you could call it that.

I don't know the particulars of Trump's situation.... I just think it's laughable that people believe he's done something that is tantamount the ultimate evil when it is practiced far and wide across the economy. If Trump is to be prosecuted with any real teeth which remains to be seen... I suspect there are at least a dozen bank officials out there who will also be held culpable for these things. This is where I begin to develop doubt. Once you begin the journey up the road to conquer that financial Giant you embark on Don Quixote's quest Lance in hand charging up on real windmills that hit back.

And there you have my reasoning behind thinking there's a large RICO case in the works when she's done with tRump.

 

[justoffal]

The operative word is BRAG. And who, exactly, are these "other persons?" Did they lose money because of something Trump said?

The hatred factor is so thick that confirmation bias has assumed the helm. There can be no useful conversations.

 

[justoffal]

And there you have my reasoning behind thinking there's a large RICO case in the works when she's done with tRump.

It makes sense .... I'm rather cynical when it comes to these things but perhaps you are correct. I would welcome it..I think one cannot succeed without the other IMO.

Looooooong overdue.

 

[Crepitus]

It makes sense .... I'm rather cynical when it comes to these things but perhaps you are correct. I would welcome it...
Looooooong overdue.

She's a legal bulldog. She will bite and not let go.

 

[justoffal]

She's a legal bulldog. She will bite and not let go.

She will need that....and a bodyguard too.

 

[justoffal]

She's a legal bulldog. She will bite and not let go.

This thing is at the very heart of the 2008 global money/wealth correction. Trump's overleveraged loans strongly resemble the high end real estate bundles that were packaged as "derivatives" and sold to the international market in the ten year run up to the crash. Enter the credit default swaps....another name for.." we don't got da money"...and you have the perfect recipe for financial cataclysm. It is the very life blood of international commerce even now....lessons have not been learned. This is why I doubt that this can be done effectively; But David did sling that stone once upon a time and Goliath did fall.

 

[AZrailwhale]

Not really. Appeals are not just automatically heard by courts. They have to have merit.

A judge setting property values on a piece of property in another state that professionals universally say is insanely low is grounds for an appeal. There are houses in that neighborhood with no property at all have sold for many times what the judge decided Mar A Lago was worth.

 

[justoffal]

A judge setting property values on a piece of property in another state that professionals universally say is insanely low is grounds for an appeal. There are houses in that neighborhood with no property at all have sold f

or many times what the judge decided Mar A Longo was worth.

It's fucking ludicrous. There is no such thing as real estate overvaluation. If I owned a square yard of shit hole and decided to sell it for a billion dollars it's my prerogative. The whole second tier banking economy is built on non-existent value. If I decided to recategorize that shithole as a Condo and double its price that's still my business. Don't fret....I might just find a buyer.H appens all the time. Trump may be guilty of misdemeanors.

But the fantasaical thought that he is particularly evil is a hilarious concept spawned by lil boy scouts lost in the woods of the big bad real world waiting for Spiderman to rescue them.

Fact is that it sucks out there. The expansion of his collateral was most likely engineered by the bank or banks he was doing business with. See the officers are due commissions based on total money transfer. Digging into this is sure to unearth some serious and unexpected ugly.

I remain quite unconvinced that this thing can actually be tackled. We shall see.

 

[Leo123]

This thing is at the very heart of the 2008 global money/wealth correction. Trump's overleveraged loans strongly resemble the high end real estate bundles that were packaged as "derivatives" and sold to the international market in the ten year run up to the crash. Enter the credit default swaps....another name for.." we don't got da money"...and you have the perfect recipe for financial cataclysm. It is the very life blood of international commerce even now....lessons have not been learned. This is why I doubt that this can be done effectively; But David did sling that stone once upon a time and Goliath did fall.

No, no, no.....The 2008 housing crisis was brought about by Fannie Mae relaxing lending guidelines at the behest of Barney Frank and his queer loan architect a Fannie Mae. The thinking was that the Market was flush with cash due to skyrocketing RE prices. The derivatives were a RESULT of this bad lending practice and false reliance on a stable, every growing housing market. Stated income loans were prevalent back then.

All Trump did was present the bank with his assessment of his own assets. Trump told the lender NOT to rely on his assessment and to get their own. The point is already moot as all the loan money has been paid back.

 

[justoffal]

No, no, no.....The 2008 housing crisis was brought about by Fannie Mae relaxing lending guidelines at the behest of Barney Frank and his queer loan architect a Fannie Mae. The thinking was that the Market was flush with cash due to skyrocketing RE prices. The derivatives were a RESULT of this bad lending practice and false reliance on a stable, every growing housing market. Stated income loans were prevalent back then.

All Trump did was present the bank with his assessment of his own assets. Trump told the lender NOT to rely on his assessment and to get their own. The point is already moot as all the loan money has been paid back.

The point is .... Valuation as opposed to overvaluation. It's highly subjective. I well remember the Dodd-frank connections and how they facilitated false value. In this case the value units were credit scores and income levels....

 

[Leo123]

It's fucking ludicrous. There is no such thing as real estate overvaluation. If I owned a square yard of shit hole and decided to sell it for a billion dollars it's my prerogative. The whole second tier banking economy is built on non-existent value. If I decided to recategorize that shithole as a Condo and double its price that's still my business. Don't fret....I might just find a buyer.H appens all the time. Trump may be guilty of misdemeanors.

But the fantasaical thought that he is particularly evil is a hilarious concept spawned by lil boy scouts lost in the woods of the big bad real world waiting for Spiderman to rescue them.

Fact is that it sucks out there. The expansion of his collateral was most likely engineered by the bank or banks he was doing business with. See the officers are due commissions based on total money transfer. Digging into this is sure to unearth some serious and unexpected ugly.

I remain quite unconvinced that this thing can actually be tackled. We shall see.

If one is a state licensed RE appraiser there certainly IS such a thing as over valuation. This can happen for many reasons all of which should have nothing to do with what the borrower thinks their property is worth. Any appraiser giving an unsupported opinion of value will get prosecuted by the state appraisal board and may be referred to law enforcement if fraud is suspected.

 

[justoffal]

No, no, no.....The 2008 housing crisis was brought about by Fannie Mae relaxing lending guidelines at the behest of Barney Frank and his queer loan architect a Fannie Mae. The thinking was that the Market was flush with cash due to skyrocketing RE prices. The derivatives were a RESULT of this bad lending practice and false reliance on a stable, every growing housing market. Stated income loans were prevalent back then.

All Trump did was present the bank with his assessment of his own assets. Trump told the lender NOT to rely on his assessment and to get their own. The point is already moot as all the loan money has been paid back.

Lenders always get their own.
Trust me the expansion of collateral was engineered from inside the loan agency. COMMISION $$$$.

 

[justoffal]

If one is a state licensed RE appraiser there certainly IS such a thing as over valuation. This can happen for many reasons all of which should have nothing to do with what the borrower thinks their property is worth. Any appraiser giving an unsupported opinion of value will get prosecuted by the state appraisal board and may be referred to law enforcement if fraud is suspected.

Hahaha.....nope. It's rampant, unsupervised and uncontrollable. At least it is here and I've been told that NY state is the epicenter of fraudulent valuation. I stop at the state line.

 

[Leo123]

The point is .... Valuation as opposed to overvaluation. It's highly subjective. I well remember the Dodd-frank connections and how they facilitated false value. In this case the value units were credit scores and income levels....

It's really not that subjective, U.S.P.A.P. provides guidance for appraisers to do their job properly. Remember too, a licensed appraiser's value is an OPINION supported by comparable properties that have just been sold, listed or rented. The opinion of value is good as of the date of the appraisal report only.

 

[justoffal]

It's really not that subjective, U.S.P.A.P. provides guidance for appraisers to do their job properly. Remember too, a licensed appraiser's value is an OPINION supported by comparable properties that have just been sold, listed or rented. The opinion of value is good as of the date of the appraisal report only.

I know both types. There are those that seek out proper comps and those that fabricate value. I have yet to see consequences for it.