A loophole in a federal financial disclosure law for members of Congress let U.S. Sen. Elizabeth Warren — a strident critic of big banks — withhold information about a high-limit line of credit against her Cambridge home with one of the country’s largest banks.A seven-figure HELOC? That ain't bad. And not having to disclose it? Even better. As always, what politicians do is more important than what they say, and Warren has been all about the kabuki when it comes to big banks for her entire career.
Federal law requires members of Congress and other federal officials to annually disclose their financial assets and liabilities, including mortgages. In a form filed last week, Warren stated she and her husband, Bruce Mann, had no debt liabilities in 2014.
But according to a Middlesex South Registry of Deeds record, Bank of America holds a $1.3 million mortgage on the Cambridge home owned by Warren and Mann.
An aide for Warren said the amount represents a home equity line of credit, not a mortgage.
Thursday, May 21, 2015
Heh
Elizabeth Warren hates the big banks, except when she does business with them:
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They've had good income for years and are 65. One wonders why they're this deeply into debt. If only we had a profession with typewriters, printing presses, TV and radio stations, and even websites that might be willing to investigate this.
Seriously, I'm guessing that the debt was contracted for her to buy a nice condo in DC. Even so, however, it strikes me how many politicians can't manage to save a dime off income most of us would love to have.
she's living off her casino proceeds, bubba.
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