Mortgage Fraud By Politicians/Appointees

#1
evillawyer

evillawyer

Have No God Before His Orangeness
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#1
I actually have no issue with Trump going after the Fed lady. I think she should first be adjudicated to have committed mortgage fraud before being able to be removed for cause (especially since fraud has an intent element). But if she committed mortgage fraud, she's fair game for being removed. However, if Trump goes after her, all politicians should be fair game. And you know that's gonna hit Republicans more than Dems (as they own more 2nd and 3rd homes).

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What say ye? Let sleeping dogs lie or bring it on? I'm of the bring it on persuasion.
 
#2
#2
Been reading about that. The guy who for Trump has made thay charge against Cook has said expressly that if you claim more than one primary residence you will be charged ... so when will the charges be made against the three Cabinet officials ???
 
#3
#3
I am no expert on corruption, but I thought bribes in the form of fake loans to congress have always been kinda normal. What she did was not even on that level as far as I can tell. In the corruption case, You don’t commit fraud at all. I just lend you money and waive the payments. I could charge you one dollar a year for a million years. No lying, no taxes, nobody needs to know.

If She lied to a lender that’s pretty vanilla puddin to me.
 
#4
#4
Firebirdparts said:
I am no expert on corruption, but I thought bribes in the form of fake loans to congress have always been kinda normal. What she did was not even on that level as far as I can tell. In the corruption case, You don’t commit fraud at all. I just lend you money and waive the payments. I could charge you one dollar a year for a million years. No lying, no taxes, nobody needs to know.
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The issue is that when you claim on a mortgage application that its for the primary residence you usually get a lower rate as the bank figures you are more likely to protect your actual home.

In a sense, its fairly black and white. You aren't going to have multiple primary residences. But already the administration is moving the goal posts in this, from "its always fraud," to "not the same."

From what I've read however so far their "its not the same" analysis is word salad gobbledygook.
 
#5
#5
evillawyer said:
I actually have no issue with Trump going after the Fed lady. I think she should first be adjudicated to have committed mortgage fraud before being able to be removed for cause (especially since fraud has an intent element). But if she committed mortgage fraud, she's fair game for being removed. However, if Trump goes after her, all politicians should be fair game. And you know that's gonna hit Republicans more than Dems (as they own more 2nd and 3rd homes).

Latest from politico:



What say ye? Let sleeping dogs lie or bring it on? I'm of the bring it on persuasion.
Click to expand...

Don't forget Paxton and his 3 primary residences.
 
#6
#6
evillawyer said:
I actually have no issue with Trump going after the Fed lady. I think she should first be adjudicated to have committed mortgage fraud before being able to be removed for cause (especially since fraud has an intent element). But if she committed mortgage fraud, she's fair game for being removed. However, if Trump goes after her, all politicians should be fair game. And you know that's gonna hit Republicans more than Dems (as they own more 2nd and 3rd homes).

Latest from politico:



What say ye? Let sleeping dogs lie or bring it on? I'm of the bring it on persuasion.
Click to expand...

Many mortgage documents require the borrower to certify that they “intend to occupy the property as a primary residence within the next 60 days.”

From what I understand (I may be wrong here, I haven’t really kept up), the Cook mortgages were very close in time, so close as to have made that requirement impossible.

It is certainly possible for someone to get a primary residence loan, live in the house for a period of time, and then buy another house they intend to live in as a primary residence. Think: starter home, 12 years later, buy a bigger house and keep starter home as an investment = no fraud.

However, two simultaneous applications for loans on different properties = fraud.

Again, I don’t know all the details for Cook, but I would say, absolutely investigate all these allegations, but just pursue charges on those that seem to probably be fraudulent.
 
#7
#7
Ritzwatch said:
Many mortgage documents require the borrower to certify that they “intend to occupy the property as a primary residence within the next 60 days.”

From what I understand (I may be wrong here, I haven’t really kept up), the Cook mortgages were very close in time, so close as to have made that requirement impossible.

It is certainly possible for someone to get a primary residence loan, live in the house for a period of time, and then buy another house they intend to live in as a primary residence. Think: starter home, 12 years later, buy a bigger house and keep starter home as an investment = no fraud.

However, two simultaneous applications for loans on different properties = fraud.

Again, I don’t know all the details for Cook, but I would say, absolutely investigate all these allegations, but just pursue charges on those that seem to probably be fraudulent.
Click to expand...
You have to notify your mortgage company if you turn your primary residence into a rental property. At least, when I was looking at doing this a few years ago, I was informed by lender that I would need to
 
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#8
#8
I like these recent moves like this, and the campaign finance investigations. And where politicians wealth is coming from.

That weapon is going to be turned right back around on republicans at a later date but it's time these pimps were exposed for creating wealth for themselves in ways that would find us in prison. I support it bipartisanly
 
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#12
#12
I'm a big ethics in government guy. I'm all for them - whether it's Trump or Dems - going after politicians who commit financial crimes. Public servants should be there to serve the public, not get rich. I'm also in favor of an individual share trading stock ban. Get all of this crap out of government, across the board.
 
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#13
#13
evillawyer said:
I'm a big ethics in government guy. I'm all for them - whether it's Trump or Dems - going after politicians who commit financial crimes. Public servants should be there to serve the public, not get rich. I'm also in favor of an individual share trading stock ban. Get all of this crap out of government, across the board.
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Agreed, I would also add that family, close friends and or business associates of these politicians should not be lobbyists while they are serving in office.

The whole thing is legalized money laundering, extortion and bribery.
 
#14
#14
volfanhill said:
You have to notify your mortgage company if you turn your primary residence into a rental property. At least, when I was looking at doing this a few years ago, I was informed by lender that I would need to
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Many loan packages have an "assignment of rents" clause, where if you stop paying the mortgage, they can go to the tenant to collect the rent directly to offset the borrower's failure to pay. That is one reason you are supposed to let your lender know.

But that happens after the original purpose of the loan, which was to fund a purchase of a primary residence.

What is illegal is not having more than one loan which was obtained for a primary residence, rather, claiming that a home would be a primary residence when it will not. That is easier to prove when applying for two loans very close together in time than if the loans were obtained years apart.

Another instance where this type of fraud occurs is where the borrower affirms they will use a residence as a primary residence and they immediately list it for rent after buying it. That stinks, especially if the buyer got an FHA loan or some other sort of forgivable interest assistance loan in buying the house. In those instances, we, the taxpayer, are funding someone else's investment property. But it happens all the time.
 
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#15
#15
lawgator1 said:
The issue is that when you claim on a mortgage application that its for the primary residence you usually get a lower rate as the bank figures you are more likely to protect your actual home.

In a sense, its fairly black and white. You aren't going to have multiple primary residences. But already the administration is moving the goal posts in this, from "its always fraud," to "not the same."

From what I've read however so far their "its not the same" analysis is word salad gobbledygook.
Click to expand...
Yeah. Kinda like deporting illegals and due process. It's not the same when it's largely democratic Martha's Vineyard.
 
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