Does John Stewart Liebowitz really think banks take people’s word for it when valuing their property???? How stupid does he think we are?
Banks would go out of business in no time if they took people’s word for valuations.
Obviously they have their own teams of experts who estimate the value of any collateral put up for a loan. They don’t give the slightest damn what the customer claims its worth. All they care about is what THEY estimate its worth. Big banks are sophisticated entities.
DUH!
Obviously nobody loaned Trump a plug nickel based on his self professed value of his property. Obviously they did their own research.
They have appraisers who are licensed and who face liability if they do b.s. inflated appraisals.
But the assessed value is what New York is arguing is the true value and the “fraud” is using an appraised value vs. the assessed value. You can see the lawsuit (linked above by me).
It’s insane and basically allows the AG of New York to destroy anyone as pretty much all business owners and property owners don’t use the assessor value to get a home or business loan.
Find the top Trump-hating Dems in New York and do this due diligence. They’ll all use the same defense Trump did and New York State will have to admit so or the dozen Dems would face similar fines.
Only someone who knows NOTHING about how real estate financing works or just hates Trump to the point they don’t care about law or reason would agree with what New York is doing here.