FHA blacklists Fred Trump after Senate profiteering investigation

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Dates on Trump File reflect when something happens, not when it's first reported.

In July, Fred Trump is investigated by a Senate committee for profiteering, along with over 30 other real estate developers, using the Federal Housing Administration to acquire large sums of money.

Fred Trump and his partner received at least $3.5 million more from the FHA than the cost to build apartment complexes the money was intended for. During his testimony before the Senate committee, Trump tried to deny profiting from the extra $3.5 million since the Beach House Apartments bank account still held $4 million.

In the investigation, Trump and his attorneys admit that the FHA split $16 million between six different Trump-owned properties and that some or all of the funding was promised before any construction plans had been made for the properties. In other words, there was no expectation that the cost to build the apartment complexes would amount to $16 million.

Even though it’s decided that Fred Trump didn’t break any laws, the investigation results in him being blacklisted from the FHA the following year.

Sources

Senate report

https://observer.com/2017/01/will-donald-trump-slash-the-kind-of-federal-housing-programs-that-made-his-family-rich/

Photograph: Jack Smith/NY Daily News Archive, via Getty Images

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Dates on Trump File reflect when something happens, not when it's first reported.

In July, Fred Trump is investigated by a Senate committee for profiteering, along with over 30 other real estate developers, using the Federal Housing Administration to acquire large sums of money.

Fred Trump and his partner received at least $3.5 million more from the FHA than the cost to build apartment complexes the money was intended for. During his testimony before the Senate committee, Trump tried to deny profiting from the extra $3.5 million since the Beach House Apartments bank account still held $4 million.

In the investigation, Trump and his attorneys admit that the FHA split $16 million between six different Trump-owned properties and that some or all of the funding was promised before any construction plans had been made for the properties. In other words, there was no expectation that the cost to build the apartment complexes would amount to $16 million.

Even though it’s decided that Fred Trump didn’t break any laws, the investigation results in him being blacklisted from the FHA the following year.

Sources

Senate report

https://observer.com/2017/01/will-donald-trump-slash-the-kind-of-federal-housing-programs-that-made-his-family-rich/

Photograph: Jack Smith/NY Daily News Archive, via Getty Images

NOTE FROM TF

Some files are incomplete as the site is still young and Trump world moves fast. Please use the source links to read further if a topic interests you or if you doubt its authenticity. I plan to go back and build on every file in the future.

If there is content you'd like to add context to or something that should be corrected, please contact us by clicking here or email us at trumpfile@protonmail.com

Support The Site:

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