Posted on 05/20/2015 5:43:03 PM PDT by blueyon
Massachusetts Sen. Elizabeth Warren, the populist Democrat and foe of big banks, has not listed a $1.3 million credit line against her home with Bank of America on annual financial disclosure documents because of a loophole in federal law, according to a new report.
The Boston Herald reported Wednesday that Warren, who is required to disclose financial assets and liabilities, avoided listing it in 2014 because it’s a line of credit — not a mortgage — and the Democrat doesn’t actually owe enough money yet.
Here’s how the Democrat’s office explained the situation to the Boston Herald: “An aide for Warren said the amount represents a home equity line of credit, not a mortgage. According to the aide, a line of credit does not trigger reporting requirements if the borrower has not borrowed on it, or if the amount owed is less than $10,000. Warren’s account had a zero balance, the aide said.”
(Excerpt) Read more at dailycaller.com ...
So?
It’s a line of credit, against her house.
Who cares? Particularly since she hasn’t used it yet....
Warren’s an alleged 1/32 Indian.
I wonder if she burned down Bank of America buildings when she was at college?
Just asking!
Good point. That probably puts her in the top .001% of Native Americans.
That’s what I’m thinking.
More like "at least" 1.3 Million. I thought I saw recently her house was worth upwards of 5 Million.
She may be borrowing against the equity and not the value.
Maybe all to do about nothing, but the Clinton crime syndicate decided to throw it out there taking no chances at Cacklebeasts rise to the Thrown.
I would prefer (to borrow your excellent phrase) to “focus on her actionable misconduct.”
If Warren wanted to take a loan out for another property the lender involved would consider her existing home equity line as a liability when calculating her debt to income ratio, even if she had a zero balance.
Other than that circumstance an unused equity line is like an unused credit card.
Good point!
$1.3M is heap big wampum.
We have a line of credit on one of our checking accounts and you have to go through a credit check to be approved. We actually didn’t ask for it (they offered) and in 3 years, we’ve NEVER used the Line of Credit. But, it is DEFINITELY a loan; there for the taking anytime.
Exactly what I was thinking.
I’m in agreement....it’s like a lotto card worth a million but laying on the kitchen table. It’s not of value until you hand it over to the lotto people and they pay you.
Course, the question would be....how the Boston paper found out about this and if some Clinton Foundation people were behind the ‘leak’. It’s a bit strange that a Boston paper would be sniffing around someone who isn’t actively in some campaign.
Lol..
Nope - folks stepping on their own genitals in an effort to be the ones "most against Leftist liars".
I suppose one could wonder if it might be used during her campaign and all, but even twits like her haven't done anything wrong until they've actually done something wrong.
The same folks who rail about how the Left (to use Rush's phrase) "condemn some one not on the facts, but the seriousness of the charge", won't hesitate to do so themselves. They then say they believe in the Constitution and its amendments to protect the People....
She is a Cherokee princess and special rules apply.......
Agreed!
Warren is a moonbat to be sure. But simply applying for a line of credit on your home equity does not speak of hypocrisy.
Ridiculous!
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