https://www.thegatewaypundit.com/2025/11/primary-residence-scam-heres-why-james-schiff-cook/
The Primary-Residence Scam: Here’s Why James, Schiff, Cook, and Swalwell’s Mortgage Fraud Cannot Be Tolerated
by Joel Gilbert Nov. 17, 2025 8:00 am
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Allowing lies about occupancy hides this elevated risk.
When someone misrepresents a second home or investment property as their primary residence, they distort the lender’s assessment of risk.
The bank thinks they are issuing a safer loan than they actually are. In reality, they are being exposed to the elevated risks associated with investment properties including higher vacancy rates, greater likelihood of strategic default, and more volatile cash flows.
If this deception is tolerated, the pricing model for mortgages collapses. The lender cannot correctly measure risk, and without accurate risk assessments, the cost of lending rises for everyone.
Make no mistake, primary-residence fraud is theft. Lying about primary residence constitutes mortgage fraud, a federal crime under 18 U.S.C. § 1014. Penalties may include federal felony charges, up to 30 years in prison, fines up to $1 million, and civil liability, including treble damages.
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Sorry, but I feel little sympathy for politicians and bureaucrats who commit mortgage fraud. As someone, who has had multiple homes and multiple mortgages, I ALWAYS played by the rules. And, suffered bigger down payments, higher interest rates, and more expensive insurance rates. I think the legal distinction between: domicile, primary residence, other residences, multiple homes, and “vacation” homes as arbitrary and confusing. (I also object to paying property taxes on a home where I can not vote how money is spent, but I can sure pay those taxes from which money is spent.)
The politicians and bureaucrats, who are always in the top tier of wealth, should be held to a standard like Caesar’s wife. And, when they fall afoul of the laws they created, they should be judged and punished harshly.
Equality under the law for everyone; not just us “little people”!
That goes for insider trading too!
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