President Trump is in a spot of bother because the New York Attorney General is concerned that he overestimated his net worth and the value of some of his properties.
If memory serves, EVERY bank (public corporations, I might add) refused to mark-to-market assets that were not performing in 2009. Furthermore, they refused to mark-to-market other assets in those tranches.
The real-estate values peaked in August 2006 with a median, adjusted CPI value of $314k.
Median values slid until February, 2012 to an adjusted CPI value of $222k...if you could find a buyer.
Both Q4, 2009 and Q1, 2010 loans printed a 90 day "nonperformance rate" of more than 5.6% vs a historical average of about 1.0%.
Assuming 50 million houses + duplexes in the US, does Attorney General Letitia James have any intention of prosecuting the banks "hiding" the fact that $5 TRILLION of assets vaporized. $5 TRILLION dwarfs the amount of value that President Trump supposedly assigned to some of his property.
OK, I get that the Statute of Limitations probably expired...but what comes around goes around.
If real-estate valuations go in the toilet over the next 6 months, will Leti be bird-dogging the banks and prosecuting CEOs and CFOs for lapses in mark-to-market?
Just asking for a friend. I am sure Leti will be extremely popular when she started poking around the records of those New York banks.