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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Land Shark who wrote (1534499)	4/20/2025 2:43:37 PM
From: Broken_Clock	5 Recommendations Recommended By bjzimmy locogringo longz miraje tntpal Respond to of 1579725

from a friend in the mortgage business +++ Mortgage Fraud Last October I wrote about two types of fraud in real estate, fraud for financial gain, and fraud for housing. Within the last month two well-known politicians have been accused of mortgage fraud, specifically fraud for housing. Today we’ll review the rules and see what these politicians have been accused of. It will not only be entertaining, but you’ll learn what you’re not allowed to do. This is not political. It just burns me - and it should anger you as well, that those in power get away with things you and I would be found guilty of in a heartbeat. Fraud for housing, also known as fraud for property, is a type of mortgage fraud where borrowers intentionally misrepresent information on a loan application to secure a mortgage, often to obtain a better loan or even gain ownership of a home. This type of fraud typically involves the borrower as the perpetrator and may include misrepresenting income, assets, liabilities, *or occupancy. Adam Schiff* Adam Schiff has been a US Congressman for many years representing California. In November he won a statewide election to become the junior US Senator for the golden state. Schiff owns a beautiful 3,280 sqft home in Maryland – an easy commute to Washington D.C. He also owns a 650 sqft condo in Burbank California. The problem, Schiff claims owner-occupancy on the condo in Burbank while also claiming owner-occupancy for the Maryland home. Schiff gets a property tax break on the condo because of his claim of owner-occupancy, but has also profited by obtaining more favorable mortgage terms the 3 times he’s refinanced his Maryland home. Schiff must claim a California property as his primary residence to fulfill his residency requirement, otherwise he is disqualified to represent his state in DC. He can’t claim both places as his primary residence. Either he lives in Maryland, and can’t fulfill his California residency requirement, or he claims the Burbank condo as his primary residence, but can no longer benefit financially by claiming the Maryland home as his primary residence. You can’t have it both ways. Letitia James A publication uncovered documentation about real estate transactions for the New York Attorney General that has spawned a criminal referral to the DOJ to investigate. The documentation that’s been released is pretty damning against the NY AG. In the referral from FHFA, the government agency that controls Fannie Mae and Freddie Mac, they focus on two properties owned by James. The first is a Brooklyn multi-unit brownstone. This is a picture of the property. It has a basement, plus 3 additional floors. The top floor is split into two separate units. The NYC Department of Buildings’ certificate of occupancy says the building has 5 units, but James has repeatedly claimed the property has only 4 units. What’s the big deal? Fannie and Freddie do not fund 5+ unit properties because anything over 4 units is considered commercial. Without the fraud, James would have needed to find less desirable commercial financing. Not only did she obtain financing fraudulently, but she also applied and received a favorable loan modification under the HAMP (Home Affordable Modification Program) offered to Fannie and Freddie residential properties. The second property is a single-family home in Virginia. That property was purchased by James and her niece in 2023. The source of financing for this property also came from Fannie and Freddie. In that transaction, James signed a notarized declaration that the property would be her primary residence. What makes this this truly egregious is that James, an attorney, knows better than us folk about the consequences of lying in relation to a federal mortgage application. James also knows that a requirement to be the Attorney General for the State of New York is that she must reside in the state. Claiming residency in another state would render her no longer qualified to be NY AG. If there was any doubt a fast one was pulled here, the document was witnessed by the First Deputy Attorney General, Jennifer Levy. Another lawyer that should know better. James and her niece benefitted by obtaining a lower owner-occupant rate than buying as a second home or investment property. They also benefitted from a smaller down payment requirement for owner-occupants. And in one other extremely bizarre claim in the criminal referral, FHFA documented how James, in 1983 at age 25, bought a home with her dad, by claiming him to be her husband. They refinanced the property in 2000 with the same claim of marriage. In the end, nothing will happen to Senator Schiff. The statute of limitations has run out on the mortgage portion of his fraud. His last refinance transaction in Maryland was in 2013. If you’re wondering, the statute of limitations for mortgage fraud is 10 years. For New York AG James, she is in deep kimchee. In her case, it’s not a matter of “he said, she said”, the signed documents say it all. It doesn’t matter who you are or the position you have in life, everyone should play by the same rules. There’s no justification for the rich or powerful to be allowed to play by a different set of rules than the ones we are held to. That includes fraud for housing. Don’t do it – it’s not worth it. Penalties for housing fraud, especially mortgage fraud, can be severe, including fines, imprisonment, and restitution. Federal mortgage fraud convictions can lead to up to 30 years in prison and a $1,000,000 fine. Additionally, individuals may face a federal felony criminal record and be required to pay back the amount of money defrauded.