Trump Mortgage

Trump Mortgage LLC was an American financial services company founded by Donald Trump and E.J. Ridings, who served as president and chief executive officer (CEO). Trump Mortgage operated out of the headquarters for Trump Organization at 40 Wall Street in New York City.[1]

“ I knew in my heart and soul that Trump Mortgage can make a difference in this gigantic industry. The financial opportunity is huge—but there is more. Not only will we make money, but it is a humanitarian venture as well. We have created a safe haven where people can get the best deal on a residential or commercial mortgage without worrying about all the hidden clauses. ”
— E. J. Ridings, Trump University Entrepreneurship 101[2]

Donald Trump appeared on CNBC in April 2006 representing Trump Mortgage and made the statement, "I think it’s a great time to start a mortgage company [...] the real estate market is going to be very strong for a long time to come."[1] In his autobiography Trump 101: The Way to Success Trump writes, "I expect [Trump Mortgage] to be an effective company, and it makes sense. A lot of things I am doing now are things I thought of but had to postpone until the time was right."[3]

The chief executive officer of Trump Mortgage was E.J. Ridings, who was introduced to Donald Trump by his son, Donald Trump, Jr. According to former Trump Mortgage manager Jan Scheck, who left the company after one year, Ridings lacked leadership.[1] In December 2006, it was reported that Ridings had exaggerated and invented items on his resume.[4]

In 2007, Trump Mortgage folded operations and Donald Trump licensed his name to First Meridian Mortgage. David Brecher was tapped to run the firm, which became known as Trump Financial. After a few years Trump Financial shuttered.[1]

Ms. Jennifer McGovern, a former employee of Trump Mortgage, brokered a $26,500,000 financing, which earned more than $500,000 in commissions for Trump Mortgage. Trump Mortgage collected their commission, but stiffed McGovern. McGovern filed a lawsuit and, in 2009, obtained a judgment of US$298,274 against Trump Mortgage. To date, the judgment remains unsatisfied.[1][5]

A U.S. Department of the Treasury tax lien was implemented on Trump Mortgage in 2009 for US$3,555 in unpaid taxes.[1]

See also

References

  1. 1 2 3 4 5 6 Hamburger, Tom; Kranish, Michael (February 29, 2016). "Trump Mortgage failed. Here's what that says about the GOP front-runner". The Washington Post. Washington, D.C.
  2. ↑ Gordon, Mike (2007). Trump University Entrepreneurship 101: How to Turn Your Idea into a Money Machine. Hoboken, New Jersey: Wiley. p. 110. ISBN 0470047127. Retrieved March 5, 2016.
  3. ↑ Trump, Donald J.; McIver, Meredith (2006). Trump 101: The Way to Success. Hoboken, New Jersey: John Wiley & Sons. p. 69. ISBN 0470100400.
  4. ↑ Stephen Gandel, "Trump mortgage chief inflated resume", Money, 2006-12-26.
  5. ↑ Brooks, David (March 4, 2016). "The Great Betrayer: Commentary". The New York Times. New York City, New York. p. A23.


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