A Trump donor, now a regulator, leads effort to accuse president's foes of mortgage fraud

[ThisIsMe]

Trump appinted Bill Pulte to run the Federal Housing Finance Agency. Pulte is using his position to attacknents of Trump. He is accusing them of mortgage fraud. He is making allegations against Adam Schiff and Leticia James. He is behd theclims tht hs lead to investigations.

A Trump donor, now a regulator, leads effort to accuse president's foes of mortgage fraud​

Behind a White House effort to saddle President Trump's political foes with accusations of mortgage fraud is a 37-year-old home construction executive with a deep partisan past.

Bill Pulte, a Florida native, rose in Trump's orbit toward the end of his first term. After courting Trump for years on social media and through generous donations, he now runs the Federal Housing Finance Agency — a perch that has allowed him to target prominent figures who have crossed the president.

In the last five months, Pulte has referred three claims of mortgage fraud against Trump's foes to the Justice Department, leveled against Letitia James, the attorney general of New York; Adam Schiff, the Democratic senator from California; and this week, Lisa Cook, a governor on the board of the Federal Reserve.

Each has denied wrongdoing. Trump announced on Monday night that he was moving to fire Cook.

It is an unusual role for a director of the FHFA, which regulates Fannie Mae — the nation's largest company by assets — and Freddie Mac. The two mortgage financing organizations, which support nearly half of the U.S. residential mortgage market, were taken over by the FHFA during the 2008 economic crisis.

MSN

So, what matters isnt who brought them up, what matters is, are the allegations true. The investigation should bare this out. If they are innocent then they will be exonerated of all the allegations.

 

[ThisIsMe]

Her signature is on two mortgages taken out a month apart in which she claimed BOTH properties were her primary residence! That's mortgage fraud. Just like Adam Schiff. Just like Letitia James. If you on the left didn't want to play this game...then why did you go after Trump with the bullshit "fraud" charges that you did? Did you really not grasp that if your house wasn't in order that you and yours could be subjected to the same thing? To be honest with you, IM2? You deserve this. Every single one of you that thought "lawfare" was so cool when it was being employed against Trump needs to do a little self reflection now.

James' allegation could be possibly explained away, possibly, but the allegations about schiff are pretty solid, the evidence is plain to see.

Whether anyone will do anything about it or not is another matter.

 

[Man With A Plan]

Mar a Lago was not valued at 18 million by the judge. They were merely comparing the tax appraisal to the stated value.

The problem with the valuation of Mar a Lago is that they pretended that it could be sold on the open market as a private residence or be subdivided. It can't.

That's fraud, to represent a property in a factually false manner.

You cannot pretend it's completely subjective. It's not. There's a method and a process.

Do you really think that any loan of the magnitude that we're talking about in this case would have been made without the bank involved doing due diligence before any money was loaned? What I pointed out to you is that in the appraisal process there are 3 methods for determining the value of a property. Comps...highest and best use...and replacement cost. What I'm asking you is which appraisal method did the court use to arrive at the number that they used for the value of Mar A Lago?

 

[Man With A Plan]

So you're saying the bank didn't mind being cheated? And wouldn't mind being cheated again?

How was the bank cheated? The loan was paid ahead of time with full interest. The bank has stated publicly that they would do business again with Trump. Who was the "victim" in this case that justified a half a Billion dollar penalty? Who ELSE has been charged with this same statute for a private transaction between two sophisticated entities both of which were satisfied with the result of the transaction? That was the question that was asked by the appeals court of the attorney representing Letisha James and she couldn't come up with a single example. It's the definition of selective prosecution!

 

[Thinker101]

How was the bank cheated? The loan was paid ahead of time with full interest. The bank has stated publicly that they would do business again with Trump. Who was the "victim" in this case that justified a half a Billion dollar penalty? Who ELSE has been charged with this same statute for a private transaction between two sophisticated entities both of which were satisfied with the result of the transaction? That was the question that was asked by the appeals court of the attorney representing Letisha James and she couldn't come up with a single example. It's the definition of selective prosecution!

You may want to direct your attention to the person I was responding to, they feel the bank was cheated.

 

[Man With A Plan]

You may want to direct your attention to the person I was responding to, they feel the bank was cheated.

My apologies...

 

[Marener]

Do you really think that any loan of the magnitude that we're talking about in this case would have been made without the bank involved doing due diligence before any money was loaned? What I pointed out to you is that in the appraisal process there are 3 methods for determining the value of a property. Comps...highest and best use...and replacement cost. What I'm asking you is which appraisal method did the court use to arrive at the number that they used for the value of Mar A Lago?

The issue at hand is the statement of financial condition which listed literally every single property Trump has any interest in. We know for a fact that the bank did not do an independent assessment of every property. The bank said that they trusted that the statement was correct (as it was legally required to be correct) and also cut his net worth in half. Why half? That's just what they do.

The bank has a considerable interest to avoid pissing off their rich customers, so their statements should be taken with a grain of salt.

Seems to me that the bank knows that rich people like Trump are full of shit and so they assume they're inflating their assets and don't really want to be bothered with the effort to do a deep dive into his finances.

Anyway, the court did not assign a value to Mar a Lago and really didn't assign a value to any of Trump's properties. What they did is look at the methods by which Trump valued his properties and determined those methods were fraudulent. When Trump valued Mar a Lago, he did so as if it didn't have a covenant that limited it's use. He valued it as though it were a single family residence which it legally cannot be. That's fraud in and of itself.

 

[Man With A Plan]

The issue at hand is the statement of financial condition which listed literally every single property Trump has any interest in. We know for a fact that the bank did not do an independent assessment of every property. The bank said that they trusted that the statement was correct (as it was legally required to be correct) and also cut his net worth in half. Why half? That's just what they do.

The bank has a considerable interest to avoid pissing off their rich customers, so their statements should be taken with a grain of salt.

Seems to me that the bank knows that rich people like Trump are full of shit and so they assume they're inflating their assets and don't really want to be bothered with the effort to do a deep dive into his finances.

Anyway, the court did not assign a value to Mar a Lago and really didn't assign a value to any of Trump's properties. What they did is look at the methods by which Trump valued his properties and determined those methods were fraudulent. When Trump valued Mar a Lago, he did so as if it didn't have a covenant that limited it's use. He valued it as though it were a single family residence which it legally cannot be. That's fraud in and of itself.

The issue at hand is the statement of financial condition which listed literally every single property Trump has any interest in. We know for a fact that the bank did not do an independent assessment of every property. The bank said that they trusted that the statement was correct (as it was legally required to be correct) and also cut his net worth in half. Why half? That's just what they do.

The bank has a considerable interest to avoid pissing off their rich customers, so their statements should be taken with a grain of salt.

Seems to me that the bank knows that rich people like Trump are full of shit and so they assume they're inflating their assets and don't really want to be bothered with the effort to do a deep dive into his finances.

Anyway, the court did not assign a value to Mar a Lago and really didn't assign a value to any of Trump's properties. What they did is look at the methods by which Trump valued his properties and determined those methods were fraudulent. When Trump valued Mar a Lago, he did so as if it didn't have a covenant that limited it's use. He valued it as though it were a single family residence which it legally cannot be. That's fraud in and of itself.

So I looked into the terms of the loan in question. It was never a loan secured by property. It was a loan made on Trump's personal guarantee. Basically on his reputation. Loans like that are made by special branches of a bank that deal with select customers. In other words someone at the bank who's job it is to deal with high end customers looked at Trump's loan application and loaned him the money based on his reputation. Tish James claim that Trump getting a special rate cheated the New York taxpayers is laughable since the vast majority would NEVER have even been considered for that kind of a loan! The reason that loan was paid back ahead of time with full interest is that the relationship with the bank would have been lost if it wasn't paid on time and in full. So tell me in what way the granting of that loan affected the citizens of New York in any way!

 

[CrusaderFrank]

Trump appinted Bill Pulte to run the Federal Housing Finance Agency. Pulte is using his position to attacknents of Trump. He is accusing them of mortgage fraud. He is making allegations against Adam Schiff and Leticia James. He is behd theclims tht hs lead to investigations.

A Trump donor, now a regulator, leads effort to accuse president's foes of mortgage fraud​

Behind a White House effort to saddle President Trump's political foes with accusations of mortgage fraud is a 37-year-old home construction executive with a deep partisan past.

Bill Pulte, a Florida native, rose in Trump's orbit toward the end of his first term. After courting Trump for years on social media and through generous donations, he now runs the Federal Housing Finance Agency — a perch that has allowed him to target prominent figures who have crossed the president.

In the last five months, Pulte has referred three claims of mortgage fraud against Trump's foes to the Justice Department, leveled against Letitia James, the attorney general of New York; Adam Schiff, the Democratic senator from California; and this week, Lisa Cook, a governor on the board of the Federal Reserve.

Each has denied wrongdoing. Trump announced on Monday night that he was moving to fire Cook.

It is an unusual role for a director of the FHFA, which regulates Fannie Mae — the nation's largest company by assets — and Freddie Mac. The two mortgage financing organizations, which support nearly half of the U.S. residential mortgage market, were taken over by the FHFA during the 2008 economic crisis.

MSN

“If they did nothing wrong, they have nothing to fear” — when Progressives are in charge

 

[Marener]

So I looked into the terms of the loan in question. It was never a loan secured by property. It was a loan made on Trump's personal guarantee. Basically on his reputation. Loans like that are made by special branches of a bank that deal with select customers. In other words someone at the bank who's job it is to deal with high end customers looked at Trump's loan application and loaned him the money based on his reputation. Tish James claim that Trump getting a special rate cheated the New York taxpayers is laughable since the vast majority would NEVER have even been considered for that kind of a loan! The reason that loan was paid back ahead of time with full interest is that relationship with the bank would have been lost if it wasn't paid on time and in full. So tell me in what way the granting of that loan affected the citizens of New York in any way!

No, it was secured by a golf course, which they did appraise. There was also a personal guarantee and a covenant agreement. The agreement required his net worth always maintain a certain amount or else they could call the loan, and Trump had to give them his statement of financial condition to keep them abreast of his net worth.

That statement of financial condition massively inflated his net worth and was fraudulent despite the fact that it was required to be truthful by law.

 

[Man With A Plan]

No, it was secured by a golf course, which they did appraise. There was also a personal guarantee and a covenant agreement. The agreement required his net worth always maintain a certain amount or else they could call the loan, and Trump had to give them his statement of financial condition to keep them abreast of his net worth.

That statement of financial condition massively inflated his net worth and was fraudulent despite the fact that it was required to be truthful by law.

No it was not secured with property. It was secured by "personal guarantee".

 

[Man With A Plan]

And let's be honest here...keeping his net worth above 50 million is a laughably small number.

 

[Man With A Plan]

The reason why Tish James, Adam Schiff and Lisa Cook committed mortgage fraud is that their loans were not based on their personal guarantees...they were based on the properties. Banks give better loan rates to people who reside in a property because they are far less likely to default on those mortgages something with the three people in question obviously knew when they claimed that two different properties were where they resided. That's fraud.

 

[Marener]

No it was not secured with property. It was secured by "personal guarantee".

It doesn't actually matter. What matters is the covenant that was part of the loan and was required by the bank to maintain a certain net worth.

 

[Man With A Plan]

It doesn't actually matter. What matters is the covenant that was part of the loan and was required by the bank to maintain a certain net worth.

No...what actually MATTERS is that this was a private contract between two sophisticated parties...a contract that was agreed to by both sides...a contract that was satisfied with the loan being paid in full with interest ahead of schedule! There is no reason (other than the use of lawfare against a political opponent!) that this lawsuit should have even been allowed in a court room and any unbiased judge would have laughed it out of court! Tish James and Arthur Engeron's behavior has stained the reputation of the New York justice system!

 

[Marener]

No...what actually MATTERS is that this was a private contract between two sophisticated parties...a contract that was agreed to by both sides...a contract that was satisfied with the loan being paid in full with interest ahead of schedule! There is no reason (other than the use of lawfare against a political opponent!) that this lawsuit should have even been allowed in a court room and any unbiased judge would have laughed it out of court! Tish James and Arthur Engeron's behavior has stained the reputation of the New York justice system!

Does that likewise mean that there's no reason for Trump's crony to go after James, Schiff, and Cook? None of their banks had any problems. It's just digging by Trump's crony.

 

[Man With A Plan]

Does that likewise mean that there's no reason for Trump's crony to go after James, Schiff, and Cook? None of their banks had any problems. It's just digging by Trump's crony.

Those loans were not based on the personal guarantees of James, Schiff and Cook. Those loans were granted based on the appraised value of the properties. A lower interest rate is granted by lenders if the house is the borrower's primary residence because they've learned that people who live in a house are much less likely to walk away from an underwater loan. James, Schiff and Cook would have all know that fact and obviously exploited it by claiming that multiple homes were their primary residence! That is mortgage fraud.

 

[Marener]

Those loans were not based on the personal guarantees of James, Schiff and Cook. Those loans were granted based on the appraised value of the properties. A lower interest rate is granted by lenders if the house is the borrower's primary residence because they've learned that people who live in a house are much less likely to walk away from an underwater loan. James, Schiff and Cook would have all know that fact and obviously exploited it by claiming that multiple homes were their primary residence! That is mortgage fraud.

The contract was agreed to by both sophisticated parties and the loans are being paid on time with interest. Why is that good enough for Trump but not for everyone else?

 

[Man With A Plan]

Does that likewise mean that there's no reason for Trump's crony to go after James, Schiff, and Cook? None of their banks had any problems. It's just digging by Trump's crony.

Each one of them owes a lender additional money on the loan that was taken out on the home that ISN'T their primary residence and they should be fined heavily by the courts to send the message that if you're going to claim that nobody is above the law then you need to obey the law yourself!

 

[Man With A Plan]

The contract was agreed to by both sophisticated parties and the loans are being paid on time with interest. Why is that good enough for Trump but not for everyone else?

Because the loans were always fraudulent since Cook, James and Schiff lied to the banks on their mortgage applications.