By whose estimation could they not have exceeded 140k??? 140k is all the investment capital Santorums got?? Excuse me if I believe this number may not be accurate.
A 500k 5 year mortgage on a property means that property alone is worth likely far far more than 500k... so what the heck is this only worth 140k stuff?
I'm not saying the story is not accurate, but it sure doesn't seem to add up. You take an unencumbered 1MM or 1.5MM property to any bank and ask for 500k mtg you'll get it.. I don't care what the bank is.
"A 500k 5 year mortgage on a property means that property alone is worth likely far far more than 500k... so what the heck is this only worth 140k stuff?"
Exactly. He bought the house in 2001 for $643,000. Loan from traditional lender, only $405,000. Extra year of appreciation before he re-fianced, probably got a great interest rate. Clearly he was worth more than 140K. (Don't forget the house in Pa.)
The guy qualifies for a personal line of credit at most banks if he makes $150 g a year. Not to mention your other observations, which are correct.
This is just typical RAT mudslinging. An invasion of privacy in my opinion. Santorum ahould turn this around and throw it right back at them.
They were referring to liquid assets, and the bank policy of catering to affluent customers with at least $250k in liquid assets.
I think the 140k is from a certain category when Congressmen file their financial statements -- sounds like Santorum's investments were in a range from $XX-$140k. I'm guessing this is only stocks, bonds, etc, and doesn't include real estate, at least not residences, which is where it seems most of their assets are tied up, and also may not include retirement savings in certain categories?
According to the article, the private bank only deals with people who invest a minimum of $250k in "liquid assets" in that bank, but this in the PG. Hard to tell what the real story is.
The numbers are from Santorum's own personal finance disclosures, which he releases each year. He could be lying about having not more than $140,000 (note: because the range is large, he could have far less than that too) but that hardl yseems likely.