Reply to What is going on with all the mortgage fraud?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Sheesh, stop paying attention to the lies from right wing media.[/quote]

Are you claiming that applying for mortgages on two properties, more or less simultaneously—and claiming both as your primary residence—is not mortgage fraud?[/quote]

MAGAs told me it’s not fraud unless you don’t pay back the loan and the bank loses money.[/quote] You get a lower rate if it’s your primary residence, but you have to swear to that effect. [/quote]

Donald Trump got a lower rate when he lied to banks about his assets.  MAGA said that was fine because he paid the loan.[/quote]

No, he actually didn’t, which is an important point.  He simply made a representation as to what his property was worth in attempting to secure a loan.  Properties are worth what someone is willing to pay at any given time, so the banks had an opportunity to conduct their own independent assessment; they did not dispute his assessment and granted the loan.  He did not receive any reduced rate, unlike Lisa Cook, and the bank did not suffer any harm.[/quote]

Lisa Cook just made a representation as to the property.  The banks had an opportunity to conduct their own independent assessment and granted the loan.  She didn’t get a reduced rate and the bank didn’t suffer any harm.[/quote]

[b]Are you stupid?  There’s no gray area in designating a primary residence – you’re either telling the truth or you’re lying.[/b]

There is a lot of gray area in assessing the value of a property. That’s why properties sit on the market for months or a year and have multiple rounds of price reductions. It’s quite normal for a property owner to think their property is worth more than it actually is.

Not to mention the rank hypocrisy of someone being essentially in charge of setting interest rates for the country and also cheating to get a lower interest rate for herself.[/quote]

Not true at all. Homes bought for the purpose of sheltering a family member - a child, sibling, parent, or other dependent - can count as a "primary" residence for the purposes of F2 underwriting. We don't know if there is a 2nd person on these loans.

Here's the definition from Freddie Mac:

[quote][i]
Primary Residence
A Primary Residence is the residential property physically occupied by an owner as the principal home domicile, except as specifically stated in Section 4201.11 for active-duty military Borrowers. Among the criteria the Seller should consider in evaluating whether a property is a principal home domicile are the following:

It is occupied by the owner for the major portion of the year.
It is in a location relatively convenient to the owner's principal place of employment.
It is the address of record for such activities as federal income tax reporting, voter registration, occupational licensing and similar functions.
It possesses the physical characteristics to accommodate the owner's immediate dependent family. These characteristics are those traditional to both the owner and the neighborhood.
The Borrower states an intention to occupy the property as a Primary Residence.

Freddie Mac may, in its discretion, determine that a property is not a Primary Residence.[/i][/quote]

https://guide.freddiemac.com/app/guide/content/a_id/1001276[/quote]

There is nothing in your quote that states you can have a relative live in the home and claim it as a primary residence.  From your own quote: [b]It is occupied by the owner for the major portion of the year.[/b][u]

Not a relative, or child, or sibling, but the OWNER.  [/quote]

"An owner" is the term used in the definition. Again, we do not know who else is listed as an owner on the mortgage because Pulte only selectively released a copy of her signature (fyi - a big violation of Privacy Act and rules around PII).

There's also this, which explains the process for acquiring a mortgage for purposes of primary residence for a disabled family member: https://www.investopedia.com/what-is-a-family-opportunity-mortgage-how-it-works-eligibility-and-benefits-8654115

[/quote]

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