Jim Delmonte’s claim that Donald Trump had the right to value his real estate at whatever price he wanted is just plain wrong in the context in which Trump did what he did (“Trump had right to set value of his properties,” Star-Advertiser, Letters, Oct. 4).
Apparently, Delmonte did not read the New York judge’s decision. When one applies for a large loan and puts up real estate as collateral as security, the borrower represents the value as a good-faith valuation, usually based on an appraisal by a professional appraiser. Trump even expressly warranted that his valuations were fair values when he knew they were false, because he had appraisals that showed the true values to be a great many times less.
Also, the bank interest rate is based on the true values. By overstating values by multiple times, Trump received favorable interest rates to which he was not entitled. Trump even claimed that his 10,000-square-foot apartment in Trump Tower in New York had 30,000 square feet, in using it as collateral for a loan. Trump clearly engaged in blatant and patent fraud, as the New York court found.
Do not take my word. Read the decision yourself, which is available online.
Earle Partington
Nuuanu
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