NY AG indicts Trump family

[elysiantraveller]

Originally Posted by MargieRose

Bottom line: no bank, most especially at the level of the types of loans that someone like mega-builder Trump would be requesting, would not cross every *t* and dot every *i* when making the deal, and of all banks, certainly not a bank like Deutsche Bank (The bank's network spans 58 countries with a large presence in Europe, the Americas, and Asia. Wikipedia).

How many banks have ever sued Trump for fraud? Zero!

AG James can attempt to pull off this persecution because NY has a law on the books that allows her intervene at her discretion, even when no one else is interested. This is not the case in all states. She is clearly a bitter bitch with an agenda!

Bottom-bottom line...it is stupid to believe that this is anything more than just another gross witch-hunt. Will you ever learn??

The due diligence part is irrelevant. The lender should do it but can still be lied to.

Story time;

Several years ago I attended a closing for a borrower of mine. Standard loan with regular documentation, W2s, Paystubs, IDs, asset statements. All the normal stuff. Super easy loan everything is all good.

We're at the closing and I ask the borrower if he was happy his commute to work would now be shorter and he enthusiastically replied yes.

Lenders on regular W2 employees always perform a verbal verification of employment within 48 hours of closing. (Business owners we do something different) This isn't my responsibility and for some reason it wasn't done on this transaction until a few hours after we'd closed.

And he'd been fired 10 days prior.

So we'd done all of our due diligence except for one item. Been lied to. Funded and closed on the loan... it was done. Wires sent and checks cut.

Needless to say I wasn't pleased having been lied to directly to my face. My bosses instructed me to relay 2 options to the guy; get a job within the next 48 hours that paid at least as much as his previous one... or get a lawyer...

I did have fun making that call though.

[elysiantraveller]

Originally Posted by davew

This was her campaign advertisement 4 years ago. What do they call it when they convict someone before they find a crime?

https://www.youtube.com/watch?v=D1yj0NKSsuU

Are politics at play? Probably some.

But Trump pled the 5th... a lot... in his deposition. The burden of proof for civil suits is significantly lower than a criminal case.

It's gets extremely low when you continually plead the 5th under oath.

Two things can be possible at once; you not liking the NY AG and Trump being civilly and/or criminally guilty.

[MargieRose]

Originally Posted by elysiantraveller

The due diligence part is irrelevant. The lender should do it but can still be lied to.

Story time;

Several years ago I attended a closing for a borrower of mine. Standard loan with regular documentation, W2s, Paystubs, IDs, asset statements. All the normal stuff. Super easy loan everything is all good.

We're at the closing and I ask the borrower if he was happy his commute to work would now be shorter and he enthusiastically replied yes.

Lenders on regular W2 employees always perform a verbal verification of employment within 48 hours of closing. (Business owners we do something different) This isn't my responsibility and for some reason it wasn't done on this transaction until a few hours after we'd closed.

And he'd been fired 10 days prior.

So we'd done all of our due diligence except for one item. Been lied to. Funded and closed on the loan... it was done. Wires sent and checks cut.

Needless to say I wasn't pleased having been lied to directly to my face. My bosses instructed me to relay 2 options to the guy; get a job within the next 48 hours that paid at least as much as his previous one... or get a lawyer...

I did have fun making that call though.

That was your boss, the lender, who initiated the ultimatum. Had he not, would have the AG of your state gotten involved?

[elysiantraveller]

Originally Posted by MargieRose

That was your boss, the lender, who initiated the ultimatum. Had he not, would have the AG of your state gotten involved?

If they hadn't the state could/would have.

In life post Consumer Financial Protection Bureau/Dodd Frank/9-11/AML (name one they all would apply) the state can operate as a plaintiff. I have issues with the CFPB and other regulatory bodies but this isn't one of them. It's actually a good thing.

If ABC Bank fucks me over the odds are I don't have the financial juice to take them on in court... but the CFPB and the State of Michigan do.

[MargieRose]

Originally Posted by elysiantraveller

If they hadn't the state could/would have.

In life post Consumer Financial Protection Bureau/Dodd Frank/9-11/AML (name one they all would apply) the state can operate as a plaintiff. I have issues with the CFPB and other regulatory bodies but this isn't one of them. It's actually a good thing.

If ABC Bank fucks me over the odds are I don't have the financial juice to take them on in court... but the CFPB and the State of Michigan do.

The bank or loan institution would have the financial "juice" to take your client on in court (insurance ??); otherwise, why make the threat? Or, maybe he would have himself gotten the AG involved. Still, not the AG sniffing around and acting on his own from which ever direction an offense occurred.

[JustRalph]

Originally Posted by MargieRose

Who initiated the law suit?

I don't see the comparison...

Why Teresa and Joe Giudice Are Being Sent to Jail

They falsified loan applications. She says he filled the forms out and she just signed them at his direction. That led to a bunch of other shit….including him being deported. They took a plea bargain. They could have been in much more trouble

[myohmyjustify]

Tell us who did Trump (and his Family) commit fraud against?

The banks? Other similar financial institutions?

FWI: All these Trump loans in question were paid off by Trump to these same banks and financial institutions he borrowed from and to whom Tish claim he defrauded.


Amazing, simply amazing... this stupidity never ends.

[MargieRose]

Originally Posted by JustRalph

They falsified loan applications. She says he filled the forms out and she just signed them at his direction. That led to a bunch of other shit….including him being deported. They took a plea bargain. They could have been in much more trouble

Here, too, who initiated the law suit? Was it the state AG sniffing around for some "juicy" crimes?

[chrisl]

When I purchased my last home. A red flag went up, because of deposits to my bank account from Xpressbet. They thought it was a source of income, I was not declaring. Thank you very much HTR...LOL

[xtb]

Originally Posted by myohmyjustify

Tell us who did Trump (and his Family) commit fraud against?

The banks? Other similar financial institutions?

FWI: All these Trump loans in question were paid off by Trump to these same banks and financial institutions he borrowed from and to whom Tish claim he defrauded.


Amazing, simply amazing... this stupidity never ends.

And on top of that, Trump personally guaranteed the loans.

[myohmyjustify]

Originally Posted by MargieRose

Here, too, who initiated the law suit? Was it the state AG sniffing around for some "juicy" crimes?

A state AG is supposed to look after and protect injured parties in civil cases. Everyday citizens injured by big, bad companies, to put it simply.

Looks to me that Tish James has failed to show who was injured.

Plus, it also looks like she is protecting the interests of big banks and Wall Street institutions. And better still, despite that, the Trump loans he received from these banks, etc., that he "defrauded" were all paid off.

Tish is a partisan hack who is on the verge of losing her race in November.

[myohmyjustify]

Originally Posted by xtb

And on top of that, Trump personally guaranteed the loans.

Yes.

And I bet you are not a know-it-all and boring mortgage banker who has been lecturing us on this very thread and never mentioned that fact once.

[elysiantraveller]

Originally Posted by chrisl

When I purchased my last home. A red flag went up, because of deposits to my bank account from Xpressbet. They thought it was a source of income, I was not declaring. Thank you very much HTR...LOL

That would have been AML. (Anti-Money Laundering)

We have to source any deposit greater than 50% of Gross Monthly Income if it's going to be used in a transaction.

That's the baseline rule.

Some lenders are more rigorous than others on that though. The lender can just deduct it from the funds necessary to close. A UW could also ask for a letter of explanation if there were several and they were curious.

Mine wouldn't but we have a different thing we ask for that annoys the shit out of me.

[elysiantraveller]

Originally Posted by MargieRose

The bank or loan institution would have the financial "juice" to take your client on in court (insurance ??); otherwise, why make the threat? Or, maybe he would have himself gotten the AG involved. Still, not the AG sniffing around and acting on his own from which ever direction an offense occurred.

The AG is literally tasked with doing this by law.

They would in my state and NY is waaaay more regulated than Michigan. NY-CA-TX then everyone else when it comes to regulations.

This clearly was a criminal investigation that they decided to go the civil route instead because of the lower bar.

As I said before they already have the depositions and Trump can't do anything about since he chose to plead the 5th.

He likely increases his criminal exposure if he wants to amend them to defend himself in this case.

[elysiantraveller]

Originally Posted by myohmyjustify

Tell us who did Trump (and his Family) commit fraud against?

The banks? Other similar financial institutions?

FWI: All these Trump loans in question were paid off by Trump to these same banks and financial institutions he borrowed from and to whom Tish claim he defrauded.


Amazing, simply amazing... this stupidity never ends.

Originally Posted by xtb

And on top of that, Trump personally guaranteed the loans.

I've already covered this. It's irrelevant to a fraud case.

Even Ralph and I agree on that.

I'm a lender. He's a cop.