Well exactly. But I keep reading people selling real estate, which is what the author of the Thinker article is writing about.. That’s not the same as seeking financing and using real estate or other asset as collateral. It’s a false equivalency.
This whole bogus charade really gets me worked up. I already own Boardwalk. I used it as collateral to buy Park Place and the bank agreed to finance. What crooked judge that already hates me, working with an AG that campaigned to get me can now say Boardwalk is only worth 18 million so therefore I overestimated the value and I must pay half a billion in 30 days or else? It is political persecution. Election interference. Do not pass go. The judge and AG must go to jail! If they can do this to Trump they can use it on any real estate transaction...if you are in the wrong party. Meanwhile Biden finances his deals using China as a bankroll. Nothing to see there...move along.
It is completely the same.
Both are loans based on value only given by the bank, and both are loans in which the customer estimates what he hopes to get from it.
Only the bank and the customer decide to go through it, on terms they both subsequently agree to.
There is no defrauding and the bank and customer, in each case, only go forward with mutually beneficial terms.