Both properties, located just north of Mar-a-Lago, were initially purchased as rental investments, contradicting the current administration’s stance on fraudulent behavior.
Shirley Wyner, who managed Trump’s real estate affairs in the area, stated to ProPublica that “They were rentals from the beginning. President Trump never lived there.”
Insights from Experts
Reports from the Miami Herald at the time of purchase indicated that Trump had hired a New York design firm to renovate the homes for annual leasing.
Legal experts analyzing the situation for ProPublica mentioned that while having two primary residences can be legal, Trump’s actions exceed the standards set by his own administration for accusing others of similar conduct.
According to Kathleen Engel, a law professor at Suffolk University, Trump’s misrepresentation could warrant a referral to the Department of Justice based on his administration’s criteria.
Although borrowers can have multiple owner-occupied mortgages in specific circumstances, the intent behind the transactions is crucial in determining fraudulent behavior.
The White House responded to inquiries about Trump’s Florida loans by denying any fraudulent activity and dismissing the claims as attempts by the media to tarnish the president’s reputation.
Response from the White House
Trump’s mortgages, issued by Merrill Lynch, required him to occupy the homes as his primary residence for a specified period, which public records and media accounts suggest he did not fulfill.
While any potential violations are beyond the statute of limitations and the loans have been repaid, the original documents from Merrill Lynch are no longer in possession of Bank of America.
Similar cases involving misrepresentation of primary residences have occurred, including the indictment of New York Attorney General Letitia James, which was later dismissed.
Trump’s actions have also led to the removal of Federal Reserve Governor Lisa Cook for holding two primary-residence mortgages, citing “gross negligence.”
Despite claims of non-partisanship, no public referrals involving Republicans have been made by Bill Pulte, director of the Federal Housing Finance Agency.