I've owned three homes in 28 years and have never refinanced.

Not that there's anything wrong with that.

annie88 said:

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I've owned three homes in 28 years and have never refinanced.

Not that there's anything wrong with that.

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I refinanced once in nearly 30 years. Refinanced the lake house once in 24 years before we sold it a few months back.

This is definitely bizarre.

How very Thomas Jefferson of him.

aggiehawg said:

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combat wombat said:

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I bet you he's getting sweetheart deals and having fees waived.

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And apparently zero appraisals to justify the loan to value ratio.

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Where are all the Soros backed Attorney Generals when you need one.

doubledog said:

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Money laundering 101... Thanks Joe for the head's up.

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Humble brag by doubledog.

I wish I had money to be laundered.

So about the Wilmington Savings Fund Society?

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Since 2008, more than 450 banks have gone into FDIC receivership. But some banks came out of the recession stronger than before. WSFS, a 41-branch retail bank based in Delaware, is one of them.

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Mark Turner, WSFS CEO and president, attributes this success to the bank's culture. "Associate engagement is part of our strategy, and it's what makes us different," Turner says. Since 2008, WSFS has hired nearly 300 associates, increasing its staff by 50%, and exited the TARP program.

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When branch managers go to their quarterly regional meetings, they talk about how their branches and region did financially, which are lagging indicators of success, but they also talk about engagement and their impact plans, which are leading indicators. We have very aggressive impact plans -- that is, plans created by associates to improve engagement -- and we hold ourselves accountable to them. If you do that for 12 years, you make great progress, and you build a common culture and get rid of a lot of differences.

And we do little things like nametags too. Six or seven years ago, everybody in the bank started wearing a nametag. It seemed a bit out of character for a bank, but people are much more willing to engage you in a conversation if they know your name. Nametags are conversation starters, and when conversations happen, good things happen. Problems get solved, differences get eliminated, opportunities get pursued. Little things like that reinforce and operationalize our strategy and our mission on a daily basis.
How would you explain why those things matter to the kind of numbers-driven CFO you used to be?
Turner: The advice I'd offer is, look at the data. Look at the Q12 meta-analysis, which clearly points to what I think most people know in their heart -- that people who love to come to work, work better. If the workplace aligns with what they want to do personally and professionally -- if they take an ownership interest and not just a "punch-the-time-card" interest in what they do every day -- they will be more productive, and they will create an environment where the people around them can be more productive and more service oriented. If you're in the service business, that will translate to more seamless, consistent, above-and-beyond service to customers, which will create customers who want to do business with you, then want to do more business with you, and who are willing to pay for it because they value the relationship.
To those people who might be skeptics, I'd tell them to look back 10 years. Look at the top players in our marketplace; seven of the top 10 names are not around anymore. They either were forced to combine with somebody else or they went out of business entirely, and their name, their brand, and their legacy -- sometimes 100 years of legacy -- were eliminated. If you would have asked people in our marketplace 10 years ago how many banks would last for another decade, no one would have thought that only three institutions would survive, because there were a lot of long-lasting, very strong names then, and it's unlikely WSFS would have been picked as a survivor. I believe our 10-year journey of engagement and customer advocacy has sustained us through a difficult time.

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LINK

Seems this bank is FDIC and has been on an acquisition binge the last ten years.

I have to question why the release of this info now? Seems like one side of DNC wants Biden under the heat.

One other thing I stumbled across is that Delaware has very very lax laws about setting up LLCs with a minimum of required disclosures. Given Hunter's penchant for creating multiple shell companies, have to wonder how those could be tied to this financial activity?

After presidency, someone foreign will buy his house for 3 times the amount of comparable properties

aggiehawg said:

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One other thing I stumbled across is that Delaware has very very lax laws about setting up LLCs with a minimum of required disclosures. Given Hunter's penchant for creating multiple shell companies, have to wonder how those could be tied to this financial activity?

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I listened to a podcast not too long ago that talked about the uniqueness of Delaware in terms of financial laws, LLC's, etc. Talked about the history of major financial institutions setting up shop in that state for those reasons, and then made connections to the Bidens' family history in that state.

I wish I could find it. It's been a few months.

aggiehawg said:

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One other thing I stumbled across is that Delaware has very very lax laws about setting up LLCs with a minimum of required disclosures. Given Hunter's penchant for creating multiple shell companies, have to wonder how those could be tied to this financial activity?

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That and corporations as well.

Also interesting that Fed Bankruptcy Court is in Delaware....

Tramp96 said:

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aggiehawg said:

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One other thing I stumbled across is that Delaware has very very lax laws about setting up LLCs with a minimum of required disclosures. Given Hunter's penchant for creating multiple shell companies, have to wonder how those could be tied to this financial activity?

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I listened to a podcast not too long ago that talked about the uniqueness of Delaware in terms of financial laws, LLC's, etc. Talked about the history of major financial institutions setting up shop in that state for those reasons, and then made connections to the Bidens' family history in that state.

I wish I could find it. It's been a few months.

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Let me put it this way. It is easier, meaning less documentation, to set up questionable and shady LLCs and other entities in Delaware than it is in the Caymans. Why Delaware is the choice for money launderers. Can stack shells upon shells upon shells.

Now, could a forensic account wade in and tie those back to some or all of the debt service on these multiple loans? Possibly but without adequate documentation since it is not required in Delaware? Not a lot f dots to connect without that paper trail.

But my question goes back to the FDIC. Where we they when all of these loans were being originated? Did these go through the banks' proper loan committees? Were any of the SARs reports out of 200, related to these wires/debt service?

But this is Delaware. Weiss is US Attorney there.Will any of this be touched upon in Hunter's tax evasion trial?

The Delaware Divisions of Corporations has an answer...

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Why Choose Delaware as Your Corporate Home?

More than 1.1 million business entities have their legal home in Delaware including more than 55% of all U.S. publicly-traded companies and 65% of the Fortune 500. Businesses choose Delaware because we provide a complete package of incorporation services including modern and flexible corporate laws, our highly-respected Court of Chancery, a business-friendly State Government, and the customer service oriented Staff of the Delaware Division of Corporations.

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https://icis.corp.delaware.gov/eCorp/

They even have a slick pdf brochure that explains it.

https://corpfiles.delaware.gov/whycorporations_web.pdf

Biden is an idiot.. however, refinancing your home to pull out cash tax free to invest in other real estate or business deals is an extremely common investment strategy.

It's literally the principle of BRRRR investing in real estate

I'd like to know what percentage of our government is NOT corrupt.

FTAC2011 said:

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Biden is an idiot.. however, refinancing your home to pull out cash tax free to invest in other real estate or business deals is an extremely common investment strategy.

It's literally the principle of BRRRR investing in real estate

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What other business deals and real estate purchases did Biden do? His tax forms don't show anything afaik.

You don't have to do business deals I'm just giving examples of why to cash out refinance

The principal of this discussion (the cash out refi)… there is nothing wrong with it. What he did with the money could very possibly be wrong.

aggiehawg said:

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• POTUS and first lady refinanced their two homes 35 times over the years
• Current Wilmington house has outstanding $541k loan 28 years after purchase

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…,,,(deleted to save space)
LINK

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Uhmm, who is paying on those loans? That should have been an awful lot of costs and fees for each transaction, in my view. Then again if someone else has been paying the loans for them? Hunter, maybe?

Way to launder money? Joe really does not understand much about financial matters, it would appear. After all he sold his own driveway off to others, twice.

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