Trump Disgraces America Every Day

[Chicks]

The Kushners’ Freddie Mac Loan Wasn’t Just Massive. It Came With Unusually Good Terms, Too.

https://www.wnycstudios.org/podcasts...-kushner-loans

A new analysis by ProPublica shows Kushner Companies received unusually favorable loan terms for the 18 mortgages it obtained with Freddie Mac’s backing. The loans allowed the Kushner family company to make lower monthly payments and borrow more money than was typical for similar loans, 2019 Freddie Mac data shows. The terms increase the risk to the agency and to investors who buy bonds with the Kushner mortgages in them.

Moreover, Freddie Mac’s estimates of the Kushner properties’ profitability — a core element of any decision to back a loan — have already proven to be overly optimistic. All 16 properties in the firm’s biggest loan package delivered smaller profits in 2019 than Freddie Mac expected, despite the then-booming economy. The loan for the largest property lagged Freddie Mac’s profit prediction by 31% last year.

U.S. taxpayers could be responsible for paying back much of the nearly $850 million in Freddie Mac financing if Kushner Companies defaults and its properties drop significantly in value.

The Trump family business model has always been to default, leaving “suckers” to clean up their messes. Guess who the suckers are this time? These loans should NEVER have been approved.