94chem said:
BusterAg said:
Signing two different mortgage notes within 30 days of eachother, both attesting that they will be your primary residence, is way, way, way worse than any statement that might have inflated the opinion of value of a property you held.
Is it? I mean, I don't know how to rank these things. I mean, I can't claim real estate depreciation on my taxes because I make $150K, but he can lie about his real estate value to get better terms. Rules for thee... Is it worse than calling hush money to your side piece a business expense?
First of all, accounting mistakes in legal payments for services/
hush money are ok for people like Hillary Clinton. Just a small fine. Second, the 'hush money' is not something that put the US at risk if a lender made a decision based on a fraudulent application for money, as is the case with the FDIC and banks.
Quote:
There is no statute that makes it a crime to falsely claim two primary residences.
The statute in question, 18 USC 1014, makes it a crime to make any "false statement" for the purpose of influencing the decision of any financial institution whose accounts are insured by FDIC -- including on mortgage applications -- in order to secure a loan.
There are no specifics with regard to the kind or substance of the false statement -- any false statement will suffice.
It is not a defense to say "No one gets prosecuted for claiming two primary residences."
People get prosecuted for making false statements. If the false statement in question has to do with whether the subject property is a primary residence, it is a crime no different than if you state your income as 10x what it actually is.
As stated, it was the Democrats proud accomplishment under Obama of Dodd Frank that revamped the legal landscape around false statements on mortgage applications. Giving the federal government sweeping, broad authority to prosecute crimes often doesn't long term work out, for a party that sees the government as always 'their side.' Rep Schiff enthusiastically
voted for the act, oh by the way.