Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

[stealthycat]

really have to get an AG and a judge to determine values/deals/loans/sales etc and if fraud was committed

 

[beefheart]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

So much FAIL here.
You realize this is nothing like what Trump did. Selling a house is the ultimate in free market economies.

I have some really stupid rich people who live across the street from me who paid at least $150,000 more than their house is worth, all because they were in a hurry, didn't do much diligence, and were wowed by a flipper who completely renovated the house, and they believed the hype. Then, they added a swimming pool, it took over a year because the company that did it conned them out of tens of thousands of dollars because they realized that they had found their mark.

Try harder next time.

 

[Callen]

You're just screeching, not rebutting. Fact is, Stewart undervalued his house for tax purposes, and property tax is how schools are funded. Now, you can tell me what I got wrong or you can screech some more.

Stewart did no such thing. If you had read the OP you would know it was the tax assessor who assessed the property.

 

[Opossum]

Stewart did no such thing. If you had read the OP you would know it was the tax assessor who assessed the property.

Uh huh...and the tax assessor just happened to be off by over 800%? Please.

 

[Geoist]

Uh huh...and the tax assessor just happened to be off by over 800%? Please.

No, the buyer just overpaid. Try and keep up.

 

[Napoleon]

Provide the quote and link.

According to Judge Engoron, fraud is committed when a materially false financial statement is made. He defines “material” on page 77 of his decision:

“…this Court confidently declares that any number that is at least 10% off could be deemed “material,” and any number that is at least 50% off would likely be deemed material.”

The baseline in this case being tax appraised value. And, indeed, also page 77 he seems to be declaring the very idea of market value as inherently fraudulent:

“Yet another great red herring in this case has been that different appraisers can legitimately and in good faith appraise the same property at different amounts. True enough, as appraising is an art as well as science. However, the science part cannot be fraudulent. When two appraisals rely on starkly different assumptions, that is not evidence of a difference of opinion, that is evidence of deceit.”

DocumentCloud

www.documentcloud.org

 

[BlueTex]

Of what value is this silly, endless repeated argument?

Do you imagine the courts are going to suddenly agree?

The courts are generally not as ignorant of how financial fraud is committed as the MAGA crowd.

 

[BlueTex]

Banks made money off of it, Stewart deprived schools of funding.

What if I lie about the source of funds for a down payment? Everyone gets their money.. Is that still mortgage fraud?

 

[Jessie C]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

Do you understand the difference between a home and a commercial property? You can sell your home for whatever you want, you can even start a bidding war to get the highest selling price. Sheesh.....

 

[Callen]

Uh huh...and the tax assessor just happened to be off by over 800%? Please.

......are youfor real? You really think people assess their own properties for property tax purposes? Obviously you don't own property.

 

[lwf]

Less funding for the school district he lived in.

In what way?

 

[Loulit01]

Now I can't vote for John Stewart or Hunter Biden.

 

[Napoleon]

......are youfor real? You really think people assess their own properties for property tax purposes? Obviously you don't own property.

See post 131. According to Judge Engoron, the baseline is tax appraised value and any representation of value above 10% of that and certainly above 50% of that is materially false and fraudulent. We’ve been saying all along how profoundly stupid that is, but you guys are just now catching up.

 

[Rogue Valley]

It’s unlikely that anyone (other than Trump or other threat to demorat power) would be found to be liable under the ridiculous allegation that they ‘unlawfully’ overvalued their real estate.

Overvalued his real estate for lower-interest loans (mortgage/bank fraud) plus under-reporting property valuations for fraudulent tax purposes (tax fraud).

Trump and his organization consistently engaged in such frauds. Which is why he now finds his cheating ass in Appellate Court.

 

[BlueTex]

See post 131. According to Judge Engoron, the baseline is tax appraised value and any representation of value above 10% of that and certainly above 50% of that is materially false and fraudulent. We’ve been saying all along how profoundly stupid that is, but you guys are just now catching up.

If I lie about the source of funds for a down payment on the mortgage is that mortgage fraud? Why does anyone care where the funds originated?

 

[lwf]

Nothing "MAGA" about it. Trump has done that long before he went political and *gasp* so have tons of other real estate people. There is a reason why the NY governor had to made a public statement that no one else would be gone after, and it was only about Trump, because she didn't want business and investment to be scared away.

Most real estate people aren't in the habit of committing fraud because if they get caught doing so they get into trouble, like Trump did.

 

[notquiteright]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

Straw grasping...

Stewart didn't overvalue his property to get a loan, undervalue to avoid taxes. If my quarter section of farmland is appraised for 400,000 but I can sell it for 800,000 to a developer who wants to create a housing community- that's not fraud. If he sells the 5 acre lots and only gets 600,000 in total that's business since he made a few million building single-family homes.....
Crap on a cracker- the Rabid Right is desperate to defend the grafter as he circles in his toilet bowl....

 

[Geoist]

According to Judge Engoron, fraud is committed when a materially false financial statement is made. He defines “material” on page 77 of his decision:

“…this Court confidently declares that any number that is at least 10% off could be deemed “material,” and any number that is at least 50% off would likely be deemed material.”

The baseline in this case being tax appraised value. And, indeed, also page 77 he seems to be declaring the very idea of market value as inherently fraudulent:

“Yet another great red herring in this case has been that different appraisers can legitimately and in good faith appraise the same property at different amounts. True enough, as appraising is an art as well as science. However, the science part cannot be fraudulent. When two appraisals rely on starkly different assumptions, that is not evidence of a difference of opinion, that is evidence of deceit.”

DocumentCloud

www.documentcloud.org

The judge is correct in his statement.

As I understand it, Trump assessed (or hired someone to assess) his own property values both to the government and to the banks.

The numbers presented to each were wildly different and those discrepancies benefitted Trump.

On the 'science' part, I'd imagine the judge is thinking of the square footage, which Trump blatantly lied about.

Again, Stewart's situation is completely different and there is no evidence he committed any fraud.

 

[Napoleon]

Most real estate people aren't in the habit of committing fraud, because if they get caught doing so, they get into trouble, like Trump did.

That’s because, until Judge Engoron’s decision, nobody in real estate considered a representation of value above tax appraised value as fraud.

 

[Opossum]

No, the buyer just overpaid. Try and keep up.

Of course...the buyer just happened to over pay by over 800%? Totally believable.

 

[Geoist]

Of course...the buyer just happened to over pay by over 800%? Totally believable.

People do it all the time.

So where's the fraud?

 

[Opossum]

......are youfor real? You really think people assess their own properties for property tax purposes? Obviously you don't own property.

Are you for real? You think a tax assessor was off by over 800% on accident? I own two homes. Would be nice if the tax assessor undervalued them by over 800% for tax purposes.

 

[upsideguy]

That’s because, until Judge Engoron’s decision, nobody in real estate considered a representation of value about tax appraised value as fraud.

No, look up the S&L crisis, which was a house of cards built up on inflated real estate values and easy money. In that circumstance, no one got hurt (during the building of the house of cards) until everyone got hurt (when the house of cards collapsed). The financial crisis of 2008 also had a component of this (inflated real estate values and easy money), but was less directly applicable.

This stuff has been going on in banking and real estate for a long while. Trump's problem is he got too greedy and stuck his hand too deep in to the cookie jar, too many times. He is a proven fraudster and known fraudster. Like Al Capone, it was just a matter of time before the law caught up with him. He enjoyed a good career as an outlaw, but good things often come to an end.

 

[lwf]

That’s because, until Judge Engoron’s decision, nobody in real estate considered a representation of value about tax appraised value as fraud.

Of course they did. Lying about the square footage of your property has always been fraud. You don't get to "fudge the numbers" on official documents just because you think your property is worth more than the market value.

 

[Napoleon]

The judge is correct in his statement.

As I understand it, Trump assessed (or hired someone to assess) his own property values both to the government and to the banks.

The numbers presented to each were wildly different and those discrepancies benefitted Trump.

On the 'science' part, I'd imagine the judge is thinking of the square footage, which Trump blatantly lied about.

Again, Stewart's situation is completely different and there is no evidence he committed any fraud.

The judge is completely off the rails. Market value and tax appraised value have always relied on starkly different assumptions. The tax appraiser doesn’t care that Marilyn Monroe once took a dump in the joint. But the Real Estate agent knows that there are people who will pay a premium for that association and value the property accordingly. According to the judge, that is fraud.

Market value has always relied on starkly different assumptions than those used by tax appraisers. So according to him, market value is a deceitful and fraudulent metric.