Banker: We had "sanity checks" on Trump's loans

QP! said:
The bank DID NOT know all the figures as was stated in court.
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how can you claim that.....the witness was the bank employee who processed the loan application......who is in a better position to testify as to what the bank knew?.....you?.....
 
QP! said:
Nothing shows why the Right is doomed to fail in all they do more than the above.

Sorry to say it but there are not 5 functioning brain cells collectively amongst them.

They are so easily duped and fooled that if you say to them 'if you can find a Mortgage Broker who is a criminal and willing to sub it fraudulent forms for you to get you a bunch of properties and mortgages, you would not qualify for, it is not illegal as long as you can make the payments'.

So if you manage to rent all the properties out and never miss a mortgage payment, but the gov't now knows that both you and Mortgage Broker perpetrated this fraud, the gov't cannot do anything except sit idly by and wait and see if you miss a payment, at which time then they can charge you and the Mortgage broker.

There is not much that is more stupid than that and yet the Right falls for it thinking 'oh ya i can lie and borrow as much as i want and it is not fraud as long as i do not miss a payment'.

I invite all of them to try it.
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Are they really that dumb, or do they just want to believe Trump that badly?
 
JesusAI said:
the bank said trump committed no fraud. the judge ignored it.
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Cite please?


Trump’s fraudulent financial statements were key to getting loans, former bank official says

Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent, a retired bank official testified Wednesday at the former president’s New York civil fraud trial.

Trump’s statements of financial condition were key to his approval for a $125 million loan in 2011 for his Doral, Florida, golf resort and a $107 million loan in 2012 for his Chicago hotel and condo skyscraper, former Deutsche Bank risk management officer Nicholas Haigh testified.

They also helped Trump secure bigger loans and lower interest rates, said Haigh, who headed the risk group for the bank’s private wealth management unit from 2008 to 2018.

...Deutsche Bank’s rules required Trump to act as a guarantor for the Doral and Chicago loans in addition to putting up the Miami-area resort and Wabash Ave skyscraper as collateral, meaning he would’ve been obligated to repay the loans if his properties faltered.

Deutsche Bank’s private wealth management unit, which handled the loans, wouldn’t have approved them without a “strong financial guarantee” from Trump, Haigh said.

Haigh said he reviewed Trump’s financial statements before approving the loans and, at the time, had no reason to doubt their validity.

The documents portrayed Trump as a wealthy businessman, heavily invested in golf courses and other real estate with strong cash flow and little debt, Haigh said. Deutsche Bank representatives also met with Trump Organization executives to go over the information, he said.

“I assumed that the representations of the assets and liabilities were broadly accurate,” Haigh said of Trump’s financial statements.

Trump’s 2011 financial statement listed his net worth as $4.3 billion. Haigh said he used that figure to shape a loan condition requiring that Trump, as guarantor, maintain a minimum net worth of $2.5 billion, excluding any value derived from his celebrity.

“As the ultimate decider, I needed to be comfortable with the terms of the loan, including the covenants that protected the bank,” Haigh said. The $2.5 billion benchmark, he said, was set “to ensure the bank was protected in adverse market conditions.”...
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PostmodernProphet said:
that's just it.....he didn't.....he gained that loan based on the decision of the bank following their own assessment.....they did not RELY on his application.....
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And yet they did as was stated above.

Again you show, that as a claimed lawyer, you have zero understanding of the law.

Just because Banks will do some of their own diligence to try and ensure what you are telling is true and accurate DOES NOT mean they are not relying on your representations on signed documents.

It is beyond belief that you, as a claimed real estate lawyer would tell a client, 'make up whatever net worth and income you need to get the loan as the bank does it its own diligence so nothing you say is fraud or matters'


That as a lawyer you believe that is the biggest tell you are not a lawyer. Representation on Bank and Insurance form matter even if those Institutions try to prevent fraud by donning some diligence. You should know that.
 
Jarod said:
How so? Lying to a bank in order to induce a better loan is not fraud?
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Derp logic : If you would not otherwise qualify for the loan, like the Deutsche bank loan manager said Trump would not have, you simply lie about everything to tell them what they need to hear to give you the loan, and at cheaper rates. That the bank faces more risk, in adverse conditions, should the loan not be paid back, and the collateral be worth a fraction of what was claimed, simply does not matter, as long as, in the end you pay back the loan.


/derp reasoning.
 
QP! said:
And yet they did as was stated above.

Again you show, that as a claimed lawyer, you have zero understanding of the law.

Just because Banks will do some of their own diligence to try and ensure what you are telling is true and accurate DOES NOT mean they are not relying on your representations on signed documents.

It is beyond belief that you, as a claimed real estate lawyer would tell a client, 'make up whatever net worth and income you need to get the loan as the bank does it its own diligence so nothing you say is fraud or matters'


That as a lawyer you believe that is the biggest tell you are not a lawyer. Representation on Bank and Insurance form matter even if those Institutions try to prevent fraud by donning some diligence. You should know that.
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the banks signed too.
 
QP! said:
Derp logic : If you would not otherwise qualify for the loan, like the Deutsche bank loan manager said Trump would not have, you simply lie about everything to tell them what they need to hear to give you the loan, and at cheaper rates. That the bank faces more risk, in adverse conditions, should the loan not be paid back, and the collateral be worth a fraction of what was claimed, simply does not matter, as long as, in the end you pay back the loan.


/derp reasoning.
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According to NY Criminal code, it does not matter how the victim reacts to the fraud, its only the action of the Criminal that matters.

If I try to scam an elderly person out of her savings, and she is to smart to fall for it... I still committed a crime.
 
Jarod said:
According to NY Criminal code, it does not matter how the victim reacts to the fraud, its only the action of the Criminal that matters.

If I try to scam an elderly person out of her savings, and she is to smart to fall for it... I still committed a crime.
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It’s why I report scammers! It’s really important people do that.
 
Phantasmal said:
It’s why I report scammers! It’s really important people do that.
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Trumppers know better, why do they keep falling for his lies over and over again, just to look stupid the second someone points out the truth?
 
JesusAI said:
your desperation is showing, deep state china.
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But that is what you right derps believe.

That a Mortgage Broker can simply submit 100% fraudulent forms and lie about income, assets, etc to any bank, to help clients get loans they otherwise would not, and then even the DoJ knows, and can prove those forms were all fraudulent you guys are saying they cannot be charged if and until a loan goes into default. You are saying that as long as payments are being made the fraud is perfectly legal to do.

That is basement dweller stupid and you and PostmodernIdiot and other keep arguing that is how the law works. IT DOES NOT. Filling out fraudulent bank and insurance forms is a crime, at the time you submit those doc's. There is no need to wait and see if you pay or default to charge that crime.
 
JesusAI said:
the banks signed too.
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The banks sign on the representations that what you submit is true and accurate, knowing you know it is crime for you to lie on the forms.

I simply have to accept you guys, on the right, are simply so dumb you cannot comprehend this point.

But it is illegal for you or a mortgage broker, to submit forms filled with lies about your net worth or income or other lies, to help you get a loan at a lower rate, you otherwise would not qualify for.

It is clear you derps believe it is perfect to valid to tell that lie and there is nothing the gov't can do to the Mortgage broker and you, as long as you make your monthly payments on the loans, but that is WRONG.

And you guys are so painfully stupid you can read the above and still not comprehend it.
 
QP! said:
But that is what you right derps believe.

That a Mortgage Broker can simply submit 100% fraudulent forms and lie about income, assets, etc to any bank, to help clients get loans they otherwise would not, and then even the DoJ knows, and can prove those forms were all fraudulent you guys are saying they cannot be charged if and until a loan goes into default. You are saying that as long as payments are being made the fraud is perfectly legal to do.

That is basement dweller stupid and you and PostmodernIdiot and other keep arguing that is how the law works. IT DOES NOT. Filling out fraudulent bank and insurance forms is a crime, at the time you submit those doc's. There is no need to wait and see if you pay or default to charge that crime.
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banks aren' that stupid.

you don't need to worry about banks getting taken advantage of.

your sense of justice is warped by core elitistis biases.
 
JesusAI said:
banks aren' that stupid.

you don't need to worry about banks getting taken advantage of.

your sense of justice is warped by core elitistis biases.
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The Trump haters in this case are making a hypocritical claim that a big corporations should make more profit than they made. That's the reverse of what they usually call for...
 
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