#ManafortTrial - Thread on Peggy Miceli, VP underwriting at Citizen's Bank, one of the banks prosecutors claim Manafort defrauded.
According to Miceli, Manafort wouldn't have been able to secure a loan for roughly $3.4 million against one of his New York city properties if ...

the bank would have been aware that the property was actually a rental instead of a second residence.
The loan surpassed the maximum limit of $1 million for an investment property and while some exceptions can be made, Miceli said, those exceptions didn't apply here

If the bank had known Manafort reported the property as available for rent all year, she said it would've been dubbed an investment property by law.

Miceli also told prosecutor Uzo Asonye that the bank would have wanted to know if a loan forgiveness letter totaling $1.5 million - to Manafort from Peranova Holdings, one of his Cypriot entities - had been written in 2016 and if it was backdated.

During cross, defense attorney Jay Nanavati asked Miceli if she believed there would have been a benefit in Citizen's Bank knowing that the Peranova Holding entity belonged to the former lobbyist.
(Sidebar - uh, you think?)

"Yes, it would have," Miceli said.
Nanavati then strayed from the questions about Peranova and instead focused on Citizen Bank policy.

In the last year, the bank has launched a partnership with Airbnb and Fannie Mac which allows people to use rental income earned through their site to refi their mortgages. Nanavati asked Miceli if she was aware of the program at any point before or after her dealings w/Manafort

She said she wasnt.
During redirect, prosecutor Asonye contended that whether Miceli knew or not, ultimately, it might not matter that much. The program only applies to hosts on Airbnb who list their main, or primary residence, on the site for short term rentals.

Manafort's properties were rented beyond the short term maximum, he argued.