Rick Santorum Had a House...ee-i-ee-i-UH-OH!

[MrBenchley]

Remember, this is the fuckwit that the GOP put in charge of ethics (cough cough) reform.....

"Santorum and his wife received a $500,000, five-year mortgage for their Leesburg, Va., home (pictured at top) from a small Philadelphia private 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."

http://www.pnionline.com/dnblog/attytood/archives/002807.html

"It is here, some 43 miles by car and a world away from Capitol Hill, that Pennsylvania’s junior U.S. senator, Rick Santorum, and his wife, Karen, bought a home on November 14, 2001, for $643,361 (now assessed by Loudoun County at $757,000). It is here that the most outspoken social conservative in the Senate is raising his six children in the manner he described in his book last year, which caused so much controversy back in the state where he is seeking a third term this fall. And it is here that Santorum departs most mornings for his newest mission: crafting a package of Senate ethics reforms aimed at removing the stain of the Jack Abramoff lobbying scandal.
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."

http://www.prospect.org/web/page.ww?section=root&name=ViewPrint&articleId=11174

[npincus]

1. what's the monthly payment on a whopping 5-YEAR mortgage

like that, and HOW could he possibly pay for it?

[MrBenchley]

3. Good questions, eh?

Let's see Dog-Sex Ricky answer them....

He's already down 20 points to Bob Casey...this ought to get him good with the undecided Pennsylvania voters...

[canichelouis]

6. 100,000 without interest

That much we know

[beyurslf]

8. When you have a half million dollar, FIVE year mortgage, it owuld be tough

to live off of 300K I would think. The monthly payment has to be close to 10K or 15K on that.

[unblock]

7. surely it's a 5/1 - 5 year fixed, then adjusts annually; 30 years total

i've never heard of a literal 5-year mortage, as in you pay off around 20% each year. unless you live in your car, that is. 5-year CAR loans, that i've heard of.

[npincus]

17. No- it's a 5-year- Link here:

http://www.prospect.org/web/page.ww?section=root&name=ViewPrint&articleId=11174

Neither Santorum nor the bank would disclose the exact interest rate, although a campaign aide called it “market-driven.” Nor would either side say whether the Santorums have paid any fees or points, although Philadelphia Trust’s Web site also states that “here are no fees or points on loan transactions.” The 12-page deed on file in the Loudoun County courthouse does not provide much information about the loan, although it does state that the term is just five years, with repayment of the $500,000 due by November 1, 2007. That would be 11 months after the end of Santorum’s current six-year Senate term.

[unblock]

20. ah, ok, sounds like a baloon payment

maybe interest-only or amortizes on a 30-year schedule, but with a balloon payment to close it out after 5 years.

that i've heard of.

[yellowcanine]

21. Could be a 5 year with a balloon payment. Could also be "interest only".

5 year loans can be 5/15, 5/25, 5/30, etc. meaning they are paid off on the terms of the second number (15 years, 25 years, 30 years, etc.) but that the whole loan comes due in 5 years, when the homeowner either refinances or sells the house. These types of loans are popular during periods of high interest rates - homeowners hope that when it is time to refinance better terms will be available. They are also popular for homeowners who only plan to stay a few years - particularly in a rising housing market. It is possible Santorum got an interest only loan for 5 years. This would more affordable than a standard 30 year fixed loan. It is also possible he is hedging his bets in case he loses the election. Of course that still doesn't explain why he didn't go to a standard lender - he could have gotten the same deal, presumabely - unless he couldn't, then there is indeed an ethical problem. There definitely is a big puff of smoke here. Either a new pope has been elected or there is a fire somewhere.

[gatorboy]

2. Can't live off $162,100,? Cry me a river...

I can't believe the Freepers love this guy so much. :puke:

[livetohike]

4. Taking money from his parents

Grow up Ricky. How cruel to take money from retired parents.

Maybe Rick will go the way of Duke Cunningham - straight to jail.
.

[MrBenchley]

5. Amazing, isn't it?

What a dishonest piece of shit he is.

And remember, the Republicans made HIM their point man on ethics "reform"....talk about th e culture of corruption!

[annofark]

11. Will def. be a millionaire if he loses

If he loses to Casey, (I can not WAIT to see what happens with this race, btw) he will most definitely become an overnight millionaire though because he will
1. go around making speeches at $50,000-$100,000 a pop
2. sign on with a K street lobbying firm

[newyawker99]

22. Hi annofark!!

Welcome to DU!! :toast:

[unblock]

10. actually, senate/congressional pay does SUCK

especially with all that travel time.

you have to remember that most congresscritters could earn MANY times more in the private sector, and often DID earn that prior to getting elected. and it's just human nature to find it difficult to cut back after going up in standard of living.

imagine earning $400,000/year, getting into a $1,000,000 home, then getting elected to the house and earning only $162,100/year. try making the $100,000/year mortgage payment on top of taxes and other bills.

not that i have any sympathy for not playing by the rules, but my point is that congresscritters shouldn't be squeezed. their pay should be easily three or four TIMES what it is today and then they have no excuse to take bribes or skim funds from anywhere else.

[ChiciB1]

9. It Was On C-Span This AM & I Heard The Bank Pres Gave

around $17,000.00 to his campaign himself. The amount could be wrong... maybe $12,000.00. It wasn't chicken feed anyway!

[MrBenchley]

12. Interesting, no?

You might recall Bill Frist also got a sweetheart loan to bail him out when he put his campaign funds into the stock market and got fleeced....

http://www.washingtonpost.com/wp-dyn/articles/A26558-2004Dec1.html

[ChiciB1]

18. Is This The Fracas He's Facing Now???

How NICE it would be to be able to lose $500,000.00. I haven't heard much about Frist lately, but then what else is new??

Seems EVERY scandal is but a "one day" story!!!

[MrBenchley]

19. That's why you gotta keep bringing them up....

[ChiciB1]

23. Yes, Of Course... Bu I Would MUCH Rather See Some

ACTION!! Personally, I've been pushing REVOLUTION for some time now!

[bunkerbuster1]

13. I'm ever so glad he's still running for re-election

and I'm ever so glad the Reeps have him watching the ethics chicken coop.

It's like, oh, I dunno, having Darth Cheney still in there as Veep!

[MrBenchley]

14. I know what you mean....

Let's hear him explain this deal every day from now until November.....

[merbex]

15. His parents are reitred VA employees and they HIM a check every

once and a while???

What a dirtbag

And I have to say that his parents must be pretty screwed up too

Pennslyvannia, get rid of him!!!!

[MrBenchley]

16. They must be mighty proud to have a son like Dog Sex Ricky

Anybody know what two pensions from the VA would add up to MAXIMUM? Somehow I'd guess it's less than 162,000 a year.....