Santorum Gets $500K Bank Loan Not Available To Average PA Residents

[TaleWgnDg]

.

Sen. Santorum Gets $500,000 Bank Loan Not Available To Average Penn. Residents

SEN. RICK SANTORUM and his wife received a $500,000, five-year mortgage for their Leesburg, Va., home from a small, private Philadelphia bank run by a major campaign donor - even though its stated policy is to make loans only to its "affluent" investors, which the senator is not.

Good-government experts said the mortgage from The Philadelphia Trust Co. raises serious questions about Santorum's conduct at a time when he is the Senate GOP's point man on ethics reform. They said it would be a violation of the Senate's ethics rules if Santorum received something a regular citizen could not get.

. . . more at . . . http://www.huffingtonpost.com/2006/02/21/sen-santorum-gets-5000_n_16094.html

[AzDar]

1. I read the article this morning and there were a couple of facts that

I hadn't previously known about ol' Man-on-Dog. For instance, he used to be PRO-choice (!), and before he married his wife, Karen, she lived with the founder of one of Pennsylvania's (iirc)first-ever ABORTION clincs.
Who ARE these FREAKS??

[TaleWgnDg]

5. I agree. But isn't the more important question: Who voted for

these freaks? And, that hopefully Santorum won't be re-elected?

[AzDar]

6. Yep. And last I heard, he was behind in the polls by double-digits!

Whoo-hoo...unless Diebold intervenes, of course.

[orleans]

28. makes me want to shout

"it's the hypocrisy, stupid!"

can't he sell the freakin house so he doesn't have to take his moms money?

LIVING WITH founder of abortion clinic?

the hypocrisy is killing me.

[AX10]

2. "The Philadelphia Trust Co" CEO Michael Crofton also donated...

to Santorum's campaign fund.

http://www.opensecrets.org/indivs/search.asp?NumOfThou=0&txtName=Crofton%2C+Mic&txtState=PA&txtZip=&txtEmploy=&txtCand=&txt2006=Y&txt2004=Y&txt2002=Y&Order=N

CROFTON, MICHAEL G
LAVEROCK,PA 19038
THE PHILADELPHIA TRUST COMPANY
2/27/2003
$2,000
Santorum, Rick

[TaleWgnDg]

3. see also:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=175&topic_id=9358&mesg_id=9358

.
.

With A Little Help From His Friends

(TAP) Exclusive: An investigation into the private and public finances of (U.S. Senator) Rick Santorum (Republican, Pennsylvania) suggests that the Senate GOP might want to reconsider making him its ethics czar.

by Will Bunch, The American Prospect (TAP) online

. . . snip . . .



The Santorums bought their oversized Shenstone “estate” even though his financial disclosure forms since 2001 have shown little family income beyond his Senate salary, now $162,100, and he admits that life hasn’t been financially easy. The senator made a startling remark to The New York Times Magazine last spring: “We live paycheck to paycheck, absolutely.” But he explained that his parents help out. “They’re by no means wealthy -- they’re two retired VA employees -- but they’ll send a check every now and then,” he said.

The Prospect decided to heed Santorum’s advice by taking “an honest look at the family budget” -- his family budget. What we found is that Santorum’s exurban lifestyle is financed in ways that aren’t available to the average voter back home in Pennsylvania -- namely a political action committee that lists payments for such unorthodox items as dozens of trips to the Starbucks in Leesburg, a number of stops at fast-food joints, and purchases at Target, Wal-Mart, and a Giant supermarket in northern Virginia. Although a Santorum aide defends those charges as legitimate political costs, good-government experts say the expenditures are at best unconventional, and at worst a possible violation of Senate rules, and the purchases appear to be unorthodox when compared with other senators’ filings. Santorum’s PAC -- a “leadership PAC,” whose purpose is to dispense money to other Republican candidates -- used just 18.1 percent of its money to that end over a recent five-year period, a lower number than other leadership PACs of top senators from both parties.

These facts may well raise questions in Pennsylvanians’ minds about how the senator is conducting their business in Washington. But it is Santorum’s Virginia home that raises the hardest questions for the third-ranking Senate Republican.

Initially, according to Loudoun County property records, the purchase was financed with a $405,000 mortgage from a conventional lender, Westminster Mortgage Company. But a year later, the couple refinanced for $500,000. That was not unusual in the fall of 2002, when many homeowners were refinancing to take advantage of plunging interest rates, while also cashing in on the rising equity in their homes. What was curious was the source of the increased mortgage. It was a new private bank catering to “affluent investors and institutions” -- whose officers have contributed $24,000 to Santorum’s political action committees and re-election campaign -- called Philadelphia Trust Company.

Rick and Karen Santorum do not appear to fit the profile of customers to whom the financial institution would normally issue a loan of any kind. According to information currently posted on Philadelphia Trust’s Web site, banking services “are offered at no additional charge to our clients” and “are available only to investment advisory clients whose portfolios we manage, oversee or administer. Interest rates on loans and deposits are competitive. Loan payments will be customized to match each client’s specific needs. Approved loans will be collateralized by your investment portfolio.”

. . . more at . . . http://www.prospect.org/web/printfriendly-view.ww?id=11174

(bold-faced type emphasis by TaleWgnDg)

*Santorum and his family dive into Santorum's PAC funds to put food on his table, etc.? Wha?

*Santorum and his family get a special deal from a Virginia bank to mortgage his Virginia estate? Wha?

.

[corporatemedia]

10. Their story is EXCLUSIVE but the PICTURE of the house IS NOT !

The picture of his "McMansion" is posted where it has been since January 2005 (along with 2 other pics of "Santara") at -

http://santorumcybergate.blogspot.com/2005/01/where-does-tricky-ricky-really-live.html


I posted this story on LBN at 4:44pm -

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x483049

The Mods moved it to General Discussion.

This thread (the SAME story) began began at 5:25pm.

This is not a criticism, just the facts.

And please, everyone feel free to distribute the picture, but please give a little credit to a little blog.

Thanks,

corporatemedia

http://santorumcybergate.blogspot.com/

[spooky3]

15. how does a single income of approx $160000 support 6 kids

and the husband and wife AND a $500000K mortgage AND a home in his home district?

[RUMMYisFROSTED]

18. Easily doable on $160K.

Mortgage payment= $5K per mo. or $60K per year. Still a hunny K left.

Ah, the life of a worthless Seantor...

[anotherdrew]

23. the 500k was a 5 year loan tho

[wordpix]

24. you can't pay back that much in 5 yrs. unless wife is rich or other income

supplied to Sanitorium

[Mithras61]

25. Good question...

If you divvy that $500K into 60 payments with NO interest, that's still $8334/month, or $100K/year. If he's already got a mortgage on that property that he's paying, and typical expenses for a family of 6, he's in DEEP debt (too bad he can't declare bankruptcy anymore, huh? :D)

[RUMMYisFROSTED]

32. Well that makes it a lot tougher!

A LOT tougher.

[spooky3]

29. uh, are you forgetting that

on that income he would also pay $30000+ in federal, state and local income taxes, another $8000? in FICA or retirement and medicare. His real estate taxes on a McMansion like that would probably be $7000 or more. I've read a report that he pays $37K in private school tuition and fees.

Plus he would have home repair and maintenance costs (that's a big house and lot), furniture and household stuff to buy, medical insurance co-pays, cars and car insurance, clothing for all 8 members of the family, food, gasoline and home heating, electrical, and cooling costs (these would probably be close to $1000 a month where he lives); recreation and entertainment, travel, school supplies, etc., etc., etc. I assume he makes charitable and church contributions and may also make political contributions.

Plus he has the costs of maintaining the home in his home district as required by law.

Add it up. There is NO way he is living on $160000 per year. He has unreported income or loans or other help from other sources that should be disclosed.

Don't forget that this is a very expensive part of the country. Not only are housing costs high, all other prices such as food, clothing etc., are high because people who work at grocery stores, for example, have to earn enough to cover their housing costs too. I know a lot of single people and couples without kids nearby on an income close to that in much smaller houses in the area (and who don't have 5 year mortgages) and it is necessary to budget expenses carefully to do it and live a middle-class lifestyle.

[RUMMYisFROSTED]

33. Not to mention, as stated above, it's a 5 year loan.

On top of your point, it becomes impossible.

I retract my post.

:toast:

[spooky3]

34. Cheers!

[OKNancy]

4. Philadelphia Inquirer article

http://www.philly.com/mld/dailynews/13922215.htm

[Missy M]

7. The other question is how do you pay off a $500,000.00...

mortgage in five years with a salary of $162,000.00 per year?

[jbonkowski]

8. It has a balloon payment at the end

The plan is that he gets a high paying lobbyist job if he doesn't get re-elected, and pays it off then, otherwise they re-finance and he pays off after he loses the next election, and so on.

Also, don't forget, that if you raise money for an election, and you don't spend it all, you get to keep the money. All he has to do is hold back a 1/2 million of his campaign money if he is going lose, and then use that to pay it back.

All legal, sadly.

jim

[Ilsa]

9. What's the waiting period for becoming a lobbyist after serving

in Congress? One year? Eighteen months? Longer? The bank may have to wait awhile to get their interest payment. Sounds like it could be a nonperforming loan.

[petepillow]

16. see, now i'm pissed off.

man, i hate rick santorum. why pennsylvanians elected him...arg.

[high density]

11. Refinance at the end

I'm sure they'll waive all the fees for him so he can just keep chugging along.

[IthinkThereforeIAM]

17. How???

... by losing re-election and keeping the war chest.

[BurgherHoldtheLies]

12. { { { { { { { { { { { { { { { { { THWAP!! } } } } } } } } } } } } } }

This nun needs to get out her ruler and write another LTTE. This is a classic (and actual) LTTE written by a Pittsburgh nun...I think she needs to write another one about (P)ricky's latest "special" financing.


**************LTTE*****************************

Not moral messages


As a teacher for the Diocese of Pittsburgh for 14 years, one important lesson I learned was that no matter what I said to the child, whatever the parents said superseded my message. What parents say and how they live sends a message stronger than any teacher's voice no matter what the issue.

Sen. Rick Santorum and his wife have taught their children a powerful lesson on civic responsibility by refusing to pay any tuition money to the Penn Hills School District for their children who attended the Pennsylvania Cyber Charter School ("Penn Hills Loses Bid to Charge Santorum," July 12). Released from that payment on a technicality shows that even an upstanding, moral gentleman like Sen. Santorum teaches his children the following lessons:

1) Take advantage of the system whenever you can.

2) The little guy pays while the rich and powerful guy gets away with it.

3) As a Catholic, you have no obligation to pay your share to the common good in spite of Catholic social doctrine.

Finally, I am shocked that our religious leaders who see Sen. Santorum as some sort of faith-and-morals hero have not spoken up on this issue at all.


SISTER LIGUORI ROSSNER
Sisters for Christian Community
Bloomfield

http://www.post-gazette.com/pg/05202/541074.stm

[Mr_Spock]

13. Mr. Poopy Diaper got himself a crib on the cheap

:D

[williesgirl]

14. Just emailed to my brother & wife who live in Pittsburgh so they know

even more about their Repug Senator. Don't know if they voted for him, but my guess is yes.

[TaleWgnDg]

19. Attaway! . . . n/t

[PA Democrat]

20. Santorum: "Life hasn't been financially easy ."

According to the American Prospect article:

The senator made a startling remark to The New York Times Magazine last spring: “We live paycheck to paycheck, absolutely.” But he explained that his parents help out. “They’re by no means wealthy -- they’re two retired VA employees -- but they’ll send a check every now and then,” he said.

Oh, I have to run and get a hanky. Sob! Sob! Poor Ricky, it's such a struggle to afford raising 6 kids and financing that big McMansion!

More stinking hypocrisy from the cretin who was against increasing funding for child care for singles mothers going from welfare to work. Santorum said, "Making people struggle a little bit is not necessarily the worst thing."

http://www.washingtonpost.com/ac2/wp-dyn/A15664-2003Sep15?language=printer

And this is the disgusting asshole who wanted to fine people who didn't have the means to evacuate New Orleans. He said:

"I mean, you have people who don't heed those warnings and then put people at risk as a result of not heeding those warnings. There may be a need to look at tougher penalties, candidly, on those who decide to ride it out and understand that there are consequences to not leaving."

http://www.thecarpetbaggerreport.com/archives/5181.html

[PA Democrat]

21. And then there is Mrs. Santorum's "consulting" job

Santorum funnels millions in campaign funds to an ad firm for his reelection bid and that firm conveniently hires Mrs. Santorum to do "consulting" work for them to the tune of $4,000 per month. When asked about her job performance, the ad firm couldn't remember any new business that Karen Santorum brought them.


I read about this several years ago when doing some research on Santorum:

<snip>
"She helped us try to get accounts and often acted as our Washington representative," Brabender said. "She was both a stay-at-home mom and a professional at the same time."

Brabender said his hiring of Karen Santorum had "nothing to do" with Sen. Santorum hiring BrabenderCox.

Karen Santorum is trained both as a lawyer and neonatal nurse. She has also written a book, "Letters to Gabriel," about letters to her son, Gabriel Michael Santorum, who had a fatal birth defect and lived only two hours.

Brabender could not name a client Karen Santorum specifically signed, but said that her job was instead to herd clients Brabender's way. He said she also counseled some clients' wives on becoming productive parts of their husbands' campaigns, including the wife of Illinois Republican state Rep. Al Salvi in his unsuccessful bid to unseat Democratic Sen. Richard Durbin in 1996. Salvi, now a private attorney in Illinois, did not return a call seeking comment.

http://quickstart.clari.net/qs_se/webnews/wed/ce/Uus-sa...

Mrs. Santorum, who home schools all 6 of their children, has authored several books and STILL finds time to act as a "consultant" for the ad firm her husband gave millions of dollars of business. And she seems to have no accountability for job performance. Where can I get a job like that?

[wordpix]

26. yeah, nice job when you're home schooling 6 kids

[Nomen Tuum]

22. Hey, I want MY PAC to pay ARBY's too!

This is incredible!

"Arby’s, the fast-food chain specializing in roast-beef sandwiches, has been a particular favorite. Eleven Arby’s meals, totaling $118.25, were charged to the PAC -- eight of them in Dillsburg, Pennsylvania, a small town on U.S. 15 south of Harrisburg. The PAC also charged four meals at Burger King, totaling $50.36 -- three of these in Virginia or Maryland. Other meals were charged at fast-food eateries such as Wendy’s, Boston Market, Sbarro, and Papa John’s pizza."

Folks, C'mon, I want YOU to contribute to the NOMEN TUMM PAC so I can have YOU pay for my trips to Arby's, Wendy's etc...Hell, I even remember when Arby's served REAL ROAST BEEF, but that was 40 years ago...

[wordpix]

27. anti-env't Santorum aids sprawl on beautiful VA farmland with a McMansion

[maxrandb]

30. I posted the Freaker Thread on this issue the other day. Check it out

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=479469&mesg_id=479469

Love the Freeper that thinks we should pay our Senators more money in the hope they would stop stealing.

No shit. A Freeper actually posted that if we paid the Senator a lot more money, they wouldn't have to prostitute themselves. That's not an actual quote, but that was the gist of it.

[spooky3]

31. Here's a cost of living calculator

Although $160K sounds like plenty of money for a family of 8, and it would be plenty in many communities, it's not plenty in this area, given that he's living in a McMansion and paying private school tuition. If you want to see how far his $160000 goes (or how far your income would go in this area), go to this site.

http://cgi.money.cnn.com/tools/costofliving/costofliving.html

Put in the DC choice from the menu (the VA choices that are given are not near where he lives. The DC/Alexandria/Arlington market is more relevant).