For all the 'legal eagles' out there that keep falsely claiming the Trump Org and Mr Trump didn't commit a crime simply don't know what they are talking about.
From Bankrate.com
Lying on a loan application may seem harmless at first — after all, a lender may not even check your inflated income claim or current employment status. But even if a lender does not verify every piece of information, it is still considered fraud. While it can be tempting to misrepresent your income, employment or assets to seem more appealing to lenders, you could face serious consequences.
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way the action of the Federal Housing Administration, the Farm Credit Administration, Federal Crop Insurance Corporation or a company the Corporation reinsures, the Secretary of Agriculture acting through the Farmers Home Administration or successor agency, the Rural Development Administration or successor agency, any Farm Credit Bank, production credit association, agricultural credit association, bank for cooperatives, or any division, officer, or employee thereof, or of any regional agricultural credit corporation established pursuant to law, or a Federal land bank, a Federal land bank association, a Federal Reserve bank, a small business investment company, as defined in section 103 of the Small Business Investment Act of 1958 (15 U.S.C. 662), or the Small Business Administration in connection with any provision of that Act, a Federal credit union, an insured State-chartered credit union, any institution the accounts of which are insured by the Federal Deposit Insurance Corporation,,[1] any Federal home loan bank, the Federal Housing Finance Agency, the Federal Deposit Insurance Corporation, the Farm Credit System Insurance Corporation, or the National Credit Union Administration Board, a branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978), an organization operating under section 25 or section 25(a) [2] of the Federal Reserve Act, or a mortgage lending business, or any person or entity that makes in whole or in part a federally related mortgage loan as defined in section 3 of the Real Estate Settlement Procedures Act of 1974, upon any application, advance, discount, purchase, purchase agreement, repurchase agreement, commitment, loan, or insurance agreement or application for insurance or a guarantee, or any change or extension of any of
Not only can you lose your loan funds, which means you never see them or have to repay what you borrowed immediately, you can also face prison sentences. Always be honest when you apply for a personal loan — or any form of credit — and update the lender if there are any changes to your employment or income.
From Bankrate.com
Lying on a loan application may seem harmless at first — after all, a lender may not even check your inflated income claim or current employment status. But even if a lender does not verify every piece of information, it is still considered fraud. While it can be tempting to misrepresent your income, employment or assets to seem more appealing to lenders, you could face serious consequences.
18 U.S. Code § 1014 - Loan and credit applications
Not only can you lose your loan funds, which means you never see them or have to repay what you borrowed immediately, you can also face prison sentences. Always be honest when you apply for a personal loan — or any form of credit — and update the lender if there are any changes to your employment or income.
