Comment by ben_w
6 days ago
From what I've heard, "primary residence" is a different issue, something along the line of US banks asking this at time of issue and never checking about updates.
Saying the property is worth more or less than it is… I don't know how this would even happen. The countries in which I've looked at mortgages, the banks don't give an option for a self-assessment. Is the US not like that? Or is it specifically a thing for getting a loan secured on a property that you already own rather than a new purchase?
The point is that in both cases it was a lie on a loan document, which is fraud. Donald Trump's loan was not a simple residential mortgage so the same underwriting process does not apply.