To the editor: Michael Hiltzik’s column nailed it (“Why are all these main Democrats abruptly going through mortgage fraud prices? Guess who’s behind it,” Aug 26). Nevertheless, there’s a extra mundane concern that the column didn’t deal with. Particularly, the predicate of bogus fraud prices: What’s a main residence?
The time period has been used numerous occasions in several contexts by varied events and businesses to outline a number of rights and limitations: means 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 a couple of main residence. Intuitively, that might appear to be unattainable. However when Freddie Mac and Fannie Mae’s self-imposed standards are examined, not so, particularly when utilized to federal officeholders and congressional members.
Take into account that members of Congress are anticipated to keep up 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 place of work, the Capitol. Even Freddie Mac’s categorical standards accommodate the opportunity of two main residences. As an example, it supplies, “The Borrower states an intention to occupy the property as a (emphasis added) Main Residence,” not the main 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 main residence can change. You may dwell in a single place after which change your thoughts and transfer to a second house, which turns into your new main residence. Each loans will be your main residence when they’re taken out, however when you transfer, you have got a brand new main residence. This complete “mortgage fraud” factor is absolute nonsense.
Richard Klug, Los Angeles
