patrick.net

WookieMan says

Slap on the wrist for property tax evasion.

It was not about property taxes. It was about getting a more faverable mortgage rate through fraud.

WookieMan says

Slap on the wrist for property tax evasion.

Oh that's right. Mr RE Expert doesn't know what the hell mortgage fraud is.

It's interesting that Trump has the legal right to remove Cook according to the Fed's own charter, but the Fed is proving that it's superior to government in reality.

The charter was bullshit and now the lie is exposed. Those bankers are the true government.

https://slaynews.com/news/trump-preparing-supreme-court-battle-fire-fed-governor-lisa-cook/

President Donald Trump is preparing for a Supreme Court battle to remove Federal Reserve Governor Lisa Cook.

On Monday, the U.S. Court of Appeals for the D.C. Circuit temporarily blocked Trump from firing Cook.

The ruling allows Cook to participate in a pivotal interest rate-setting meeting scheduled to begin Tuesday.

It also sets the stage for the case to go to the high court.

The Trump administration is expected to seek an emergency stay from the Supreme Court.

Anyone who ever hired a fat black female for ANY position is out of his mind.

The stupidest most evil bitches in the USA are fat black women.

Patrick says

It's interesting that Trump has the legal right to remove Cook according to the Fed's own charter, but the Fed is proving that it's superior to government in reality.

The charter was bullshit and now the lie is exposed. Those bankers are the true government.

Agreed. This might be more 3D chess to expose who is actually running things, that the Fed Reserve is non-USA Fed Gov, and that the US corporation is not the USofA Fed Gov.

MolotovCocktail says

WookieMan says

Slap on the wrist for property tax evasion.

Oh that's right. Mr RE Expert doesn't know what the hell mortgage fraud is.

A mortgage rate is trivial to property taxes. So currently she might have got 6.5% on a primary versus a 7.5% on a secondary home. Yes, she lied. It's amortized, but let's keep it simple. 6.5% is $65,000. 7.5% is $75,000. This is on a million dollar home. Now let's look at property taxes on a million dollar home in different locations.

IL: https://www.zillow.com/homedetails/4811-Sebastian-Ct-Naperville-IL-60564/5372651_zpid/
$21,569/yr (will be reassessed if purchased) $1M purchase price.

TN: https://www.zillow.com/homedetails/402-Rudolph-Ave-Nashville-TN-37206/41104507_zpid/
$4,998/yr

Getting a lower amortized rate is trivial by saying it's your primary. I don't have the locations, but this is just an example. You're going to rent out the IL house and have the tenant pay the taxes. The problem is she claimed both as primary. One tax bill would be larger as a non-primary. That would be the IL one. If the mortgage is being paid the lender really gives no shits as well. Would cost the lender more in attorneys fees to take action against her than they'd make up as long as the loan is performing. The STATE and COUNTY are the ones that care.

Gee golly, has nothing to do with property taxes though... 🙄 My example is $16,571 EVERY year assuming it stays flat. An amortized mortgage the interest payment goes down every year and will make no difference in 5-10 years at any substantial level. Mock me all you want, I did this for 15 years and strategized with buyers, sellers and attorneys about this exact thing. These types don't care about the interest rate. It's the property taxes. I think I've made the point pretty clear.

WookieMan says

Gee golly, has nothing to do with property taxes though...

Gee golly...it DOES HAVE NOTHING TO DO WITH PROPERTY taxes.



Mortgage fraud is mortgage fraud. It has nothing to do with property taxes.

WookieMan says

A mortgage rate is trivial to property taxes.

Irrelevant. She committed mortgage fraud by claiming primary residence to get a lower rate and lower downpayment. If she also filed paperwork for a homestead exemption, that is a s separate fraud issue.

HeadSet says

WookieMan says

A mortgage rate is trivial to property taxes.

Irrelevant. She committed mortgage fraud by claiming primary residence to get a lower rate and lower downpayment. If she also filed paperwork for a homestead exemption, that is a s separate fraud issue.

Doesn't matter. He's in another planet. Can't stay on topic.

clambo says

Anyone who ever hired a fat black female for ANY position is out of his mind.

My wife used to work as a contractor at NASA. I visited her at work a few times.

Pretty much all of the NASA permanent government employees in management were obese black women. I think the tragic levels of diversity hiring explains why NASA hasn't done much lately.

MolotovCocktail says

Gee golly...it DOES HAVE NOTHING TO DO WITH PROPERTY taxes.

The biggest amount lost is property taxes. Not interest. I said she lied, not sure how else to explain that. She did it for a property tax break. Prove otherwise beside whining. Anything. A link. Something.

A bank also gets less in interest over time. A 1-2% different in a "fraudulent" mortgage is nothing. $16,000+ a year that grows to $20-25k is huge. It's all about property taxes. You guy read a story and believe it to be true. The interest rate is trivial. Property taxes are massive between states annually. Call it fraud, lenders don't care if it preforms. This is similar to what happened to Trump with Mar A Lago. He tried to lower the value to pay less in property taxes. A 5% or 8% interest rate doesn't matter to this class. They can save more on property taxes.

WookieMan says

The biggest amount lost is property taxes. Not interest.

So fucking what?

Immaterial.



WookieMan says

Prove otherwise beside whining. Anything. A link. Something.

Prove what? Who cares about the fucking property taxes? Nobody.

It has nothing to do with the mortgage fraud she engaged in, which is what the topic of this entire thread is about.

WTF?

The fraud is significant because she is maintaining high interest rates while at the same time committing fraud to achieve a lower interest rate for herself.

How much or how little money is involved is completely irrelevant.

clambo says

The fraud is significant because she is maintaining high interest rates while at the same time committing fraud to achieve a lower interest rate for herself.

How much or how little money is involved is completely irrelevant.

Tax evasion is a far bigger issue. No one has to listen to me because you guys don't know. Property taxes are reported on 1040's. It's a federal tax law violation. The lender literally doesn't care as long as the loan performs. This is what Trump went through by giving a lower value. I don't know her specific loan amounts and location, but the property taxes get the IRS involved for lying on your taxes and local counties pissed and suing for damages where they occurred.

In Trump's case he still paid the assessed tax rate for the counties value. So he avoided the IRS. Banks don't care about anything if you pay. They'll only start looking into it if you don't pay. Know some bank owners and attorneys, might help.... They're making amortized interest, paid up front the difference between 7 and 8% doesn't matter to them. They know the house will be sold in 10 years and it's off the books.

Ultimately it's the underwriters fault for not looking into it more anyway. She got caught on her taxes claiming 2 primary residences. Call her stupid, fine, but this is an IRS situation. Again, mortgage fraud is a slap on the wrist. Tax fraud is a different animal. Depending on properties it could be $100-200k not paid to the counties the properties are in. Supposed "mortgage fraud" could only be a couple thousand depending on values. She pays that back and goes on about her life besides being fired. IRS for lying on property taxes is handcuff time.

Read your taxes next time if you file your own about primary residences. Don't call people out for something you don't know. Attorneys fees for the bank would cost more than the difference in interest. It's tax fraud. County loses money and Federal wages are taxed less if itemizing. Don't believe every news story. Is she in trouble yes, but not for mortgage fraud.

WookieMan says

Slap on the wrist for property tax evasion

WookieMan says

IRS for lying on property taxes is handcuff time.

WookieMan says

Again, mortgage fraud is a slap on the wrist. Tax fraud is a different animal.

Around here. one's property taxes have nothing to do with your mortgage. She lied on her mortgage application to get a better rate and lower down payment. When the assessor sets the property tax, he/she does not look at the mortgage paperwork. In fact, the assessor does not care if the house is a rental or owner occupied - the assessment and taxes are the same. Only when one applies for a homestead exemption are the taxes affected, and even that varies by locality.

WookieMan says

This is what Trump went through by giving a lower value.

If you are talking about that Mar-a-Lago lawsuit incident, Trump was called to court because he supposedly OVERVALUED his real assets to get higher collateral.

WookieMan says

Property taxes are reported on 1040's. It's a federal tax law violation.

The IRS does not give a hoot about anything but what you actually paid. The IRS does not get involved in local assessments. Besides, this contradicts your point anyway - if I pay lower property taxes I have less to itemize and I pay MORE to the IRS.

WookieMan says

Tax evasion is a far bigger issue.

What tax evasion? Federal tax evasion?

WookieMan says

No one has to listen to me because you guys don't know. Property taxes are reported on 1040's. It's a federal tax law violation.

What tax evasion?

Fuck what the hell is wrong with you?

There's no tax law violation if what she reports she paid in property taxes -- and people don't HAVE TO DO SO DESPITE YOUR BULLSHIT OTHERWISE. ONLY IF THEY WANT THE TAX WRITE OFF.

You saying she didn't report the property tax amounts she actually paid? Because that is the only way she can be nailed for misreporting on her federal tax forms.

Everyone! Our PatNet Expert, WookieMan in action! ^^^

Say I get assessed $10k in local property taxes. I only paid $8k and am in arrears for the $2k extra. I report that $8k on my federal form instead of taking the Standard Deduction.

Did I commit federal tax fraud? No. Because I paid what I reported. If I had listed the full $10k even though I paid only $8k, then yes I would be busted if caught.

Are you saying Cook did something like that?

Because all you other bullshit about what the State should have or shouldn't have assessed for her property taxes isn't a federal issue. At all.

HeadSet says

Besides, this contradicts your point anyway - if I pay lower property taxes I have less to itemize and I pay MORE to the IRS.

See? He lives in a total fantasy alternate world.

It's not just me 'bitching about him' because I don't like some of the opinions he posts. It's his lack of a tether to reality while claiming he is the expert and the rest of us "don't know what we are talking about".