Trump's past mortgages mirror those now called 'fraud'

"At the time of the purchases, the Miami Herald quoted Trump's agent as saying he had hired an expensive New York design firm to dress them up to the nines and lease them out annually. Mortgage law specialists who reviewed the documents for ProPublica said that claiming two primary residences can be legal and is seldom prosecuted. But they noted that Trump's filings exceed the standard his own administration has used to accuse political opponents."

"Given Trump's position on situations like this, he's going to either need to fire himself or refer himself to the Department of Justice (DOJ), said Kathleen Engel, a Suffolk University law professor. Trump has deemed that this type of misrepresentation is sufficient to preclude someone from serving the country. Experts told ProPublica that borrowers can hold multiple owner-occupied mortgages in limited circumstances such as job relocations or lender-approved exceptions but intent is central to proving fraud."

"If somebody is claiming two primary residences, that is not appropriate, and we will refer it for criminal investigation, Bill Pulte, director of the Federal Housing Finance Agency, has previously stated. President Trump's two mortgages you are referencing are from the same lender, a White House spokesperson later told the outlet. There was no defraudation. It is illogical to believe that the same lender would agree to defraud itself."

Two properties north of Mar-a-Lago were purchased and treated as rental investments and never served as the owner's primary residence. The homes were marketed with high-end design work and intended to be leased annually. Mortgage law specialists say claiming two primary residences can be legal and is seldom prosecuted, but the mortgage filings in this case exceed standards the administration has used to allege wrongdoing. Borrowers can hold multiple owner-occupied mortgages in limited circumstances, yet intent is central to proving fraud. The administration views multiple primary-residence mortgages as suspicious and would refer such cases for criminal investigation, while officials have denied any defrauding lender.

Read at www.housingwire.com