Anyone who has tried to get a loan from a bank secured by real estate should know that bankers take nothing on the say so of the would be borrower. At the level Trump operates, every loan he asks for is basically put under a microscope by the banks before it is approved, with teams of experts being deployed to assess the value for the banks of all real estate acting as security. The idea that he committed fraud in submitting his assessment of the value of the real estate is to fundamentally misunderstand the secured loan process. I have been representing banks for four decades and this is banking 101.
Burn of the Day
- Donald R. McClarey
Donald R. McClarey
Cradle Catholic. Active in the pro-life movement since 1973. Father of three, one in Heaven, and happily married for 43 years. Small town lawyer and amateur historian. Former president of the board of directors of the local crisis pregnancy center for a decade.
Exactly.
We can debate (morally) whether or how dishonest Trump was in presenting his numbers, but this legal culpability in which the wronged party does not care and suffered no actual injury is absurd.
I’ve done a few mortgages, all well under $500k and the bank trusted NOTHING, to the point of me submitting the same documents at two separate times during the process. I assume anyone who has been through the mortgage process knows this.
Goldman: “… I invite you to inflate the values of your properties to acquire a loan and then lower them at tax time.”
Is this guy, Goldman, a total idiot? (A. Yes) So he has zero knowledge of federal income tax or capital gains tax, and that it is only triggered by actual income l? The IRS never considers loan applications in regards to income tax or capital gains, and only the actual realization of income affects taxes.
It’s always interesting to see how the midwit class of the left defends actions like these. The top know that they’re just doing this to get Trump, and the bottom don’t care at all about justifications. It’s only the middle that feels the need to find some intellectual justification, but as the actions were done without any they always come up with something lame, and usually five different midwits come up with five different explanations.
The fellow is telling you he’s never owned any real estate or sold any assets.
Have a gander at his mug and his capsule career description. He’s some sort of media professional in middle age.
We have a “home equity line of credit” from our bank; obtained it years ago when we were doing various remodel jobs. It was paid off, and now just sits there.
.
We had occasion to draw on it recently, however. When I went to try to pay it off via the bank website, I was taken to the page about the “loan” we had and was absolutely shocked at how much the “value” of our house had increased in the 23 years we’ve been here. (ALL due to inflation–of that I have no doubt.) The bank told me the “value” of my house and the “value” of all the houses around me. I suspect the calculations were based on local market values and some calculation cooked up by AI. No appraiser has ever come to my home.
.
So, when the county assesses property values and inflates them to determine your taxes?
Counties make their own assessments as to value, and have no access to what you say to a bank to get a loan. In Illinois you can file a challenge against an assessment of your real estate.