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 ...
She’ll just say “there was nothing sinister about it” and “my staff made a mistake in not disclosing it” and that will be that.
Line of credit? That only applies to white people. She’s native American, you know?
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?
MSM...”Nothing to see here”.
Please support FR tonight. Thank you.
What difference does it make? She’s not running for office is she?
Hey, Fauxcahontas....about that equity....you didn’t build that!
If a person hasn’t borrowed the money, then there’s nothing to report.
I think anyway.
She has a (potential) sum of money in the asset known as a house, but that (potential) credit hasn’t been used, hasn’t been drawn against.
So it is not a credit yet.
No?
It means she has a lot of equity in the house and she opened the line of credit on it.
Yes, that makes her a hypocrite.
She rails and demonized against the large banks including BOA for their perceived evil banking practices, yet she has the nerve to do business with him..
Her base will be very unhappy with her..
I’m a native American. I was born in Wash, DC. I think you mean she’s an Indian.
Her base may be in a tiff for a few minutes but it won’t last long.
I think she’s right on this one. It’s not a loan until money moves.
I think she’s right on this one. It’s not a loan until money moves.
“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?”
I agree with your comment, but, that isn’t actually whatnthe aide said:
“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.”
Zero balance does not mean it was never used.
I guess it means her house is worth 1.3 million? Not bad for someone just off the reservation.
> 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.
Gotta agree. Just because I have a $50,000 limit on a credit card doesn’t mean I’ll even take that card out of the drawer.
Might hint she is thinking about running....
When conservatives excoriate her for the socialist tripe she is part of, the left desperately needs to be able to show how she has been unfairly criticized over irrelevant nonsense.
So get with the spirit of this thread and attack Lie-a-watha over this bogus nonsense, and quit trying to focus on her actionable misconduct.
The fake Indian hates rich people yet she lives in an 8 million dollar home..gee Lizzie, when are you going to share some of that wealth of yours
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