alt Hacker NewsYea, I read through the court cases. He got 3rd party valuations on property and just decided to change it on his whim to get a better deal on loans.
I understand that the rich are usually not prosecuted for this fact but if one of us plebs did that and the banks found out, they’d be all over us for fraud.
No, they really wouldn't. People do this all the time. Take the example of the (politically motivated) charges against Leticia James for mortgage fraud. Everybody lies about the house being their primary residence to get a better interest rate and nobody who doesn't piss off politically powerful people are ever charged for it. Fraud is essentially never charged if the loan is paid back.