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To: Ponce de Leon County
How do you "overstate" an asset value in a transaction that is covered by state banking regulations?

If I own a $300,000 home I can pretend it's worth $10 million. Who the hell is going to let me use the home as collateral for a $5 million loan without getting a third-party appraisal first?

52 posted on 02/22/2021 12:29:20 PM PST by Alberta's Child ("And once in a night I dreamed you were there; I canceled my flight from going nowhere.")
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To: Alberta's Child

It seems like retribution, because they don’t like trump & because tax reform has hurt their bottom line as well.

https://www.bloomberg.com/news/articles/2017-04-26/trump-s-tax-plan-could-be-painful-for-new-york-new-jersey-and-california


61 posted on 02/22/2021 12:45:04 PM PST by smokingfrog ( sleep with one eye open (<o> --- )
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To: Alberta's Child

Conceptually it’s quite easy. You get a dummy buyer...a shell corporation in Panama, let’s say...to put up $1 million (refunded under the table by you) for a 10% interest.

Voilà! Your property is now worth $10 million!


63 posted on 02/22/2021 12:49:55 PM PST by Ponce de Leon County (Ad maiorem Dei gloriam )
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