Manafort's shady loans

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David Dayen delves into Paul Manafort's shady real-estate loans:

Since 2012, Manafort has taken out seven home equity loans worth approximately $19.2 million on three separate New York-area properties he owns through holding companies registered to him and his son-in-law Jeffrey Yohai, a real estate investor. They include a condo on 27 Howard Street in Manhattan, a condo in Trump Tower, and a four-story, two-unit brownstone in Brooklyn, at 377 Union Street.

"By June 1," Dayen continues, "the lender, Genesis Capital, had filed for foreclosure, alleging a missed payment:"

The total borrowing cost appears to exceed the equivalent market value of a property of that size in the neighborhood, and it's also unusual from a risk management standpoint to loan millions of dollars for a home already in default by the same owner.

In case Manafort's name doesn't ring any bells for you:

A longtime Republican strategist, Manafort's removal from the Trump campaign last summer came amid reports that a pro-Russian political party in Ukraine gave him $12.7 million in off-the-books payments. He has re-emerged in the news because of leaked intelligence reports suggesting his ongoing contacts with Russian government officials during the Trump campaign. Manafort has denied all of these allegations.

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This page contains a single entry by cognitivedissident published on February 24, 2017 12:19 PM.

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