General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUnwittingly, Trump has revealed the shady, criminal side of Big Real Estate
One of the many fallouts from the Trump investigation is just how dirty Big Real Estate is. In essence, Trump allowed his brand to be used to launder money for global criminals, Russian Oligarchs, corrupt foreign leaders, etc. Because RE is not nearly as regulated as Big Banks, it was easy and simple to do these transactions in cash.
Trump cannot be the only RE mogul doing this. This has to be going on around the world. Trump is the loud mouth who may have opened up this practice to govt. scrutiny.
unblock
(52,235 posts)but, yeah, i think we're highly overdue for greater regulation and oversight in this area....
that said, i did have to fill out an awful lot of forms last time i refinanced my mortgage. they look into every tiny deposit in the last 3 months. of course, i'm a peon, so they'll scrutinize me. for a billionaire i'm sure they roll out the red carpet....
MoonchildCA
(1,301 posts)A billionaire doesnt have to take out a mortgage.
unblock
(52,235 posts)how could that possibly be a problem?
Wellstone ruled
(34,661 posts)building any type of Real Estate ,uses your money to pull it off. They usually pledge ad percentage,but in most cases,that percentage is converted to some type of lender leverage. And the Pledge is returned with interest.
Yavin4
(35,439 posts)else entirely. There are other ways to deal with domestic mob bosses.
DBoon
(22,366 posts)There's no way that most NYers could possibly afford all of these multi-million dollar condos that spring up on almost every block.