Posted on 02/22/2024 8:16:36 AM PST by SeekAndFind
Notwithstanding that New York, for the above reasons, has no valid claim on behalf of itself or any of the lenders for common law fraud and misrepresentation, New York is claiming under a state statute that some immaterial mistakes or misrepresentations justify recovery, not for the banks, but for the benefit of the state of New York, of all gains or profits that the borrower may have made on each project where claimed illegality may have occurred. All of this results, notwithstanding that the lenders suffered no financial or other loss, were not fraudulently induced to do anything, and were aware and comfortable with the notion that the banks are totally responsible for performing their own due diligence, securing of their own appraisals, and developing their own valuations.
If this ridiculous ruling doesn’t boomerang back to the judge and the AG I’ll be thoroughly disgusted with the judicial abuse in this country.
any chance there’s a judge & court of appeals that has a sense of reality on this judgement vs. a typically normal real estate transaction??
It doesn’t matter...they got Trump. the leftist loons—real estate, bankers, etc—in NY will not make any changes.
Folks, if any estimate of a property’s market value, NO MATTER HOW WRONG, is called a lie and a fraud, and If any lie can put a borrower out of business, even if there is no reliance on it by the ledner, the entire nature of loan transactions will need wholesale realignment, at great expense to both borrower and lender.
Judge Engoron and Letita James have set a very dangerous and fascistic precedent in New York. If the higher courts don’t overturn this decision, New York State is DOOMED.
Folks, if any estimate of a property’s market value, NO MATTER HOW WRONG, is called a lie and a fraud, and If any lie can put a borrower out of business, even if there is no reliance on it by the ledner, the entire nature of loan transactions will need wholesale realignment, at great expense to both borrower and lender.
Judge Engoron and Letita James have set a very dangerous and fascistic precedent in New York. If the higher courts don’t overturn this decision, New York State is DOOMED.
Is Justice Arthur F. Engoron involved in real estate , how much does he own ?
“If the higher courts don’t overturn this decision, New York State is DOOMED.”
If this happened to a rat it would have been overturned within hours, instead the AG is threatening to seize Trump assets in the interim
FTA
A remedy for the disaster being thrust upon normal
nationwide borrower/lender policies and procedures may be this:
<><>Trump and one or more of the national banks might move to seek a judicial or OCC determination
<><>stating that New York state is prevented and pre-empted by federal law from utilizing its state law for the purposes and in the manner utilized in the Trump case
<><>including any other specific manner that “prevents or significantly interferes with” a national bank’s exercise of its powers in connection with the Trump cases.
<><>If any “lie” can put a borrower out of business, even if there is no reliance on it, the entire nature of loan transactions will need wholesale realignment, at great expense to both borrower and lender.
<><>Other extremely damaging consequences will befall banks and other businesses alike.
The Trump judgment has caused consternation in the business community, especially in the real estate sector, the mortgage sector, and other business lending sectors. In cases where there may be claimed fraud or misrepresentation (material or otherwise), borrowers are now at great risk that New York will come after them for all their profits and gains on a project, notwithstanding that no one has suffered financial loss or damage. The Trump case provides excuse and incentive and warning for borrowers, lenders, and other businesses to avoid subjecting themselves to similar outrageous claims. That may, indeed, necessitate removing their businesses and all negotiations, contracts, meetings, and property from the jurisdiction of the state of New York.
RE: Is Justice Arthur F. Engoron involved in real estate
Don’t promote him. He’s only a judge, not a justice.
Estimates are just that...estimates.
The only arbiter of true value is what someone is willing to pay. The marketplace establishes true value, not banks, realtors, or owners.
I have sold boats “worth” $50,000 for 25. I have sold boats “worth” $1500 for 3500. It’s buyer/seller, no one else.
Charging someone with fraud over an estimate is ludicrous, and a blatant abuse of power.
The other real estate developers have nothing to worry about. This prosecution is directed at one person only, Trump.
Real dangerous shat going on in the country right now.
President Trump WILL counter-sue the Judge, the AG and the State of NY for lawyer’s fees, damages and disbarment of the judge and the AG, will he not?
I believe that “Justice” is his official title. New York is weird.
RE: Didn’t the NY gov. just come out with a statement(worried $$$ might go bye-bye)that this was just a targeted political persecution/prosecution(aka hit)?
That was in a radio interview with John Catsamatides. Gov. Hochul didn’t exactly say that it was a targeted political persecution, she in effect simply said this was just a one-off case and real estate investors should not be generalizing it to their own business ( fat chance of that calming down their fears ).
Bump.
Even if this farce is corrected, New York is done! No one will want to invest anything there! Will the last Patriot out of New York please bring the flag.
The organized crime world couldn't have asked for a better incentive for businesses and their customers to operate entirely in a black market underground economy.
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