To the editor: Michael Hiltzik’s column nailed it (“Why are all these main Democrats out of the blue going through mortgage fraud costs? Guess who’s behind it,” Aug 26). Nonetheless, there’s a extra mundane concern that the column didn’t deal with. Particularly, the predicate of bogus fraud costs: What’s a major residence?
The time period has been used numerous occasions in several contexts by varied events and companies to outline a number of rights and limitations: capacity to carry workplace, native and nationwide tax points and, right here, preferable mortgage eligibility. The principles, which aren’t essentially the identical nor common, are set by every company: legislatures and contracting events (i.e., lender and borrower).
The foundational query is whether or not a borrower can have multiple major residence. Intuitively, that will appear to be unimaginable. However when Freddie Mac and Fannie Mae’s self-imposed standards are examined, not so, particularly when utilized to federal officeholders and congressional members.
Think about that members of Congress are anticipated to take care of their residency of their districts and states, but their work requires them to spend a lot of their time in D.C. Their D.C. residence, not the residence of their districts, is clearly extra handy to their principal office, the Capitol. Even Freddie Mac’s categorical standards accommodate the opportunity of two major residences. For example, it supplies, “The Borrower states an intention to occupy the property as a (emphasis added) Main Residence,” not the major residence. A survey of all 535 congressional members, not simply President Trump’s enemies, may very well be revealing.
Louis Lipofsky, Beverly Hills
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To the editor: As a longtime actual property licensee, I do know that one’s major residence can change. You may dwell in a single place after which change your thoughts and transfer to a second dwelling, which turns into your new major residence. Each loans could be your major residence when they’re taken out, however should you transfer, you could have a brand new major residence. This complete “mortgage fraud” factor is absolute nonsense.
Richard Klug, Los Angeles
