if there were two mortgage applications in process at the same time marked as primary there is at least room for serious questions
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That's true, but DoJ isn't asserting that. The _only_ assertion is that there are two applications with claims of primary residence. DoJ is not releasing any more details.
aug 31, 2025, 3:29 pm • 0 0 • view
the referral letter has dates and it is easy enough to find the basic information. Cook closed the refinance while she was already under contract for the purchase
aug 31, 2025, 3:31 pm • 1 0 • view
TY. _None_ of the reporting I've seen mentions this. Seems like an important detail. Still, for criminality, wouldn't they need to prove that she knew she could not assert that "this house _is_ my primary and that house _will be_ my primary"? Still seems overreachy.
aug 31, 2025, 3:38 pm • 0 0 • view
the reporting on this whole thing sucks major ass assuming even barely competent underwriting there would have been questions about claiming the purchase as primary. it doesn't really matter what she knew at the point of initial application, there would need to be answers to satisfy the lender
aug 31, 2025, 3:42 pm • 1 0 • view
Also a legal issue / question: what should one do if you wish to buy two homes and live 50% of the time in each? How does one choose? Based on voter registration (you cannot register twice), or what? I see it as muddy. Aside: Why is there a reduced rate for primary residence anyway?
aug 31, 2025, 3:33 pm • 0 0 • view
The first issue is going to be situation specific, but something like voter registration is one possible factor that would be considered. What address is on your DL? What about your paystubs/W2? What location does your employer think of as your main office?
aug 31, 2025, 3:37 pm • 1 0 • view
regarding rates: to some extent there is less risk to primary vs second homes. Think of it in the general sense of what most second homes are like and choices that people will make - if money gets tight do you stop making payments on the family home or the cabin?
aug 31, 2025, 3:39 pm • 0 0 • view
True, but for the fact that the foreclosure fees are highly profitable. If the equity is insufficient to cover those fees, then the bank made a mistake (or the market fell too much). SO: if there is a reduced return on foreclosed mortgages, it wouldn't be very significant. Anyway, thank you 4 info
aug 31, 2025, 3:44 pm • 1 0 • view