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Report: Elizabeth Warren Did Not Disclose $1.3 Million Credit Line From Bank Of America
TheDC ^ | 5/20/15 | Alex Pappas

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 ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: boa; corruption; democrat; fauxcahontas; fauxcahontasloan; irrelevance; mediabias; nonstory; warren; warren2016; whocares
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To: blueyon

So?

It’s a line of credit, against her house.

Who cares? Particularly since she hasn’t used it yet....


21 posted on 05/20/2015 6:36:29 PM PDT by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: lordpumblechook; potlatch; PhilDragoo

Warren’s an alleged 1/32 Indian.


22 posted on 05/20/2015 6:39:05 PM PDT by ntnychik
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To: Maine Mariner

I wonder if she burned down Bank of America buildings when she was at college?

Just asking!


23 posted on 05/20/2015 6:49:57 PM PDT by MadMax, the Grinning Reaper (madmax)
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To: dp0622

Good point. That probably puts her in the top .001% of Native Americans.


24 posted on 05/20/2015 6:51:39 PM PDT by Yardstick
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To: Maine Mariner

That’s what I’m thinking.


25 posted on 05/20/2015 6:53:20 PM PDT by Rusty0604
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To: dp0622
guess it means her house is worth 1.3 million?

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.

26 posted on 05/20/2015 6:59:35 PM PDT by Michael.SF. (If Hillary was running against Satan, I'd probably abstain.)
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To: Michael.SF.

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.


27 posted on 05/20/2015 7:06:39 PM PDT by DAC21
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To: MrEdd

I would prefer (to borrow your excellent phrase) to “focus on her actionable misconduct.”


28 posted on 05/20/2015 7:22:17 PM PDT by Maine Mariner
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To: Maine Mariner
It pains me to say this but a line of credit that has never been used and has a zero balance does not sound like something that needs to be reported. No liability to the bank has been created. Am I missing something?

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.

29 posted on 05/20/2015 7:35:13 PM PDT by mac_truck (Aide toi et dieu t aidera)
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To: mac_truck

Good point!


30 posted on 05/20/2015 7:36:20 PM PDT by Maine Mariner
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To: max americana
Line of credit? That only applies to white people. She’s native American, you know?

$1.3M is heap big wampum.

31 posted on 05/20/2015 7:43:46 PM PDT by Flick Lives ("I can't believe it's not Fascism!")
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To: blueyon; All

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.


32 posted on 05/20/2015 8:46:26 PM PDT by Din Maker (247 elected to the House is is the most since 1928. 54 in the Senate is one off the modern high of 5)
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To: Maine Mariner

Exactly what I was thinking.


33 posted on 05/20/2015 8:50:56 PM PDT by Scotswife
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To: Maine Mariner

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.


34 posted on 05/20/2015 9:33:36 PM PDT by pepsionice
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To: ntnychik
One of thirty-two great-great-great grandparents. How marvelous.
35 posted on 05/21/2015 1:09:42 AM PDT by PhilDragoo (Hussein: Islamo-Commie from Fakistan)
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To: Yardstick

Lol..


36 posted on 05/21/2015 3:29:34 AM PDT by dp0622
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To: Maine Mariner
It pains me to say this but a line of credit that has never been used and has a zero balance does not sound like something that needs to be reported. No liability to the bank has been created. Am I missing something?

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....

37 posted on 05/21/2015 4:27:00 AM PDT by trebb (Where in the the hell has my country gone?)
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To: blueyon

She is a Cherokee princess and special rules apply.......


38 posted on 05/21/2015 4:47:32 AM PDT by zzwhale
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To: trebb

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.


39 posted on 05/21/2015 6:06:41 AM PDT by Maine Mariner
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To: ntnychik

Ridiculous!


40 posted on 05/21/2015 3:10:17 PM PDT by potlatch ("Dream as if you'll live forever...Live as if you'll die today")
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