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worth of $400,000. Mr. Yang was listed as president of Torrance
Consulting, as self-employed, and as working at Torrance
Consulting for the previous 1-1/2 years. The loan application
also contained the following notation next to Mr. Yang’s
employment information: “Borrower’s business can be located
anywhere he sells overseas and has no storefront.” In a letter
attached to the loan application, Mr. Yang stated:
I’ve been working as a computer systems consultant for
the past one and half years. My business clients are
those medium to large-sized manufacturers located in
Taiwan and China.
In trying to help them modernize their computer
systems, I found myself spending more and more time
overseas, and there is really no compelling reason to
live in L.A. anymore.
In addition, by moving to Seattle area, with Microsoft
close by, I hope to gain earlier insight of the latest
technology and thus better serve my customers.
On June 14, 1996, petitioners signed, under penalty of
perjury, a loan application to refinance the 1993 home loan.3 In
the application, they reported gross monthly income of $7,000
from “Summit Consulting, Inc.” (Summit Consulting) and net
monthly income of $5,000 for business in Taiwan. Petitioners
also reported owning a business with a net worth of $200,000.
Mr. Yang was listed as president of Summit Consulting, as self-
employed, and as working at Summit Consulting for the previous 5
3The 1996 loan application was also on a Freddie Mac Form
65/Rev. 10/92.
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