Palm Beach County Tax Records Show Donald Trump Committed Mortgage Fraud On Two Multimillion Dollar Properties
Propublica has busted Donald Trump for having committed mortgage fraud in Palm Beach county. In the 1990s, Trump did exactly what he accused Lisa Cook and New York AG Letitia James of doing. However, in Trump’s case it was a little more brazen.
For months, Trump has been accusing its political enemies of mortgage fraud. He claims that claiming more than one primary residence is a felony.
President Donald Trump branded one foe who did so “deceitful and potentially criminal.”
He called another “CROOKED” on Truth Social and pushed the attorney general to take action.
Yet, Palm Beach county records show Trump did the very thing
In 1993, Trump signed a mortgage for a “Bermuda style” home in Palm Beach, Florida. He pledged that it would be his principal residence. Seven weeks later, he got another mortgage for a neighboring property. He attested that it too would be his principal residence.
In reality was legally a New York resident at the time and never lived in either home. Therefore, he could not used them as a principal residence.
News reports and real estate agents show Trump used the two houses as investment properties and rented them out. This is the same sort of scenario his administration has pointed to as evidence of fraud.
Trump’s real estate agent Shirley Wyner stated:
“They were rentals from the beginning. President Trump never lived there.”
Mortgage Law Experts Amazed How Low Trump Has Set Bar For Mortgage Fraud
Mortgage law experts who reviewed the records for ProPublica were struck by the irony of Trump’s dual mortgages. They said claiming primary residences on different mortgages at the same time is often illegal. However, prosecutors rarely charge people for it. However, Trump’s two loans exceed the low bar the Trump administration itself has set for mortgage fraud.
Mortgages for a person’s main home tend to receive more favorable terms. This also includes lower interest rates as compared to mortgages for a second home or an investment rental property.
Legal experts say one primary-residence mortgage can sometimes be legitimate. Determining ill intent on the part of the borrower is key to proving fraud. Experts said lenders have significant discretion in what loans they offer clients. (In this case, Trump used the same lender to buy the two Florida homes.)
Trump Hypocricy
But in recent months, the Trump administration has asserted that merely having two primary-residence mortgages is evidence of criminality.
FHFA Director Bill Pulte has been leading the charge. He said earlier this year:
Yet, Pulte’s parents did the same Trump did.
The Trump administration has made similar fraud allegations against other political enemies. This includes Democrats Sen. Adam Schiff and Rep. Eric Swalwell. Both of whom have denied wrongdoing.
In September, ProPublica reported three of Trump’s Cabinet members have also called multiple homes their primary residences in mortgage agreements. Bloomberg also reported that Secretary of the Treasury Scott Bessent did something similar. (The Cabinet members have all denied wrongdoing.)
Trump Doesn’t Like Reporters Calling Him Out For His Hypocricy
Trump slammed the phone down on a ProPublica reporter asking about Florida mortgages.
In response to questions, a White House spokesperson told ProPublica:
Of course this word salad makes no sense. But then again what do you expect from the Trump Administration?
The White House did not respond to questions about Trump’s fraud. Answers that could shed light on what Trump told the lender or if the lender made any exceptions for him.
Trump bought the two Woodbridge Road homes directly north of Mar-a-Lago in December 1993 and January 1994. Afterwards, he got mortgages in quick succession. The lender on both mortgages, one for $525,000 and one for $1,200,000, was Merrill Lynch.
Each mortgage contains the standard occupancy requirement. They both state that he must make the property his principal residence within 60 days. He must also live there for at least a year unless the lender agreed otherwise.
In the ensuing years, listings popped up in local newspapers advertising each of the homes for rent. In 1997, real estate agents were advertising the larger of the two home for rent at $3,000 per day.
Even if Trump did violate the law. he is well outside the statute of limitations for mortgage fraud.
Read More About Politicians Commiting Mortgage Fraud ForeclosureDefenseNetwork.com
This article Originally Appeared On MFI-Miami.com.
