More upsetting news here to report about White House Senior Advisor Jared Kushner and first daughter/wife Ivanka Trump.
This is just the latest in a long string of disturbing stories with regard to Pres. Donald Trump’s son-in-law.
It comes following reports that federally-backed Freddie Mac signed off last year on over $780 million in loans to Kushner Companies.
In particular now there is evidence of overly friendly terms given on these reported deals. Those even said to be among the biggest amounts the company has ever transacted.
Media outlet ProPublica has revealed some details about those cushy arrangements. One troubling detail is how Freddie Mac packaged the 16 loans into bonds in August 2019 and sold them to investors.
That which reportedly increase the risk to the agency plus investors who buy bonds with Kushner mortgages in them.
It has also been claimed that Freddie Mac then gave the green light for another $60+ million to lend Kushner and company.
These funds allowed Kushner to purchase thousands of apartments on the east coast. .
Beyond that, another bothersome detail of the arrangement is how Freddie Mac is accused of overestimating the Kushner companies profitability. A highly dangerous game to be playing, especially with someone else’s money.
If the Kushner Companies default on the loan by decreases in property value, the U.S. taxpayers could be the one responsible for paying back a large portion of the $850 million in Freddie Mac financing.
Freddie Mac says that’s unlikely. However, taxpayers had to bail out the agency and its larger family member, Fannie Mae, during the last real estate crash by the sum of $190 billion as the agencies plummeted.
To address the issue, Freddie Mac said it does “not consider the political affiliations of borrowers or their family members.” And called ProPublica’s analysis “random, arbitrary and incomplete” then asserted that the Kushner loans “fit squarely within our publicly-available credit and underwriting standards.”
On a related note, President Trump and his daughter were granted at least 18 business trademarks by China within a matter of two months back in late 2018.
An almost unprecedented feat accomplished without having exclusive access. Clearly, we see a pattern.
What recourse do the people have? Interesting to note that Kushner’s financial records were made public earlier this year, revealing that the Trump administration funneled millions of dollars in aid to companies with potential conflicts of interests.
Those companies included some that are owned by Jared Kushner and his family as well as buildings operated by Donald Trump’s real estate company.
The Small Business Administration released the records, which cover all loans greater than $150,000 awarded under the Trump administration’s Paycheck Protection Program (PPP).
The PPP issued more than half a billion dollars in loans that are forgivable if the recipients use most of the funding to maintain payroll or cover rent and other expenses.
The records show that Observer Holdings, LLC, the parent company of Kushner’s former publishing company, Observer Media, received $350,000 in PPP cash.
Kushner is no longer the owner of the company, however, his brother-in-law, Joseph Meyer, counts the company as part of his investment firm, Observer Capital.
The companies Princeton Forrestal LLC and Esplanade Livingston LLC, owned by Kushner’s father, mother, brother, and sister received between $1.35 million and $3 million in PPP funds.
The Trump Organization had 22 tenants at its 40 Wall Street building in downtown Manhattan receive PPP loans totaling more than $16.6 million, records indicate.
At least two companies renting space at the Trump International Hotel on Central Park West and the Trump Hotel in Washington, D.C., got between $2.1 million and $5.3 million collectively, the records show.
Needless to say, this likely won’t be the last time that Jared Kushner makes headlines.