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Casey also got mortgage from a bank with donors
|Last Edited||Scott³ Feb 23, 2006 04:01pm|
|Media||Newspaper - Philadelphia Inquirer|
|News Date||Friday, February 24, 2006 12:00:00 AM UTC0:0|
|Description||Philadelphia Inquirer article. |
"Democratic Senate candidate Bob Casey Jr. released details of his $120,000 home mortgage yesterday, showing that, like his Republican opponent, he holds a loan with a bank whose board members are campaign donors.
Casey went to First National Community Bank, a Lackawanna County bank with a politically active board, for a 30-year adjustable-rate mortgage that fluctuates every five years. His initial interest rate of 8 percent in 1998 dipped to 6 percent in 2003; both rates were within market value for the time.
Casey disclosed the documents a day after Sen. Rick Santorum (R., Pa.) released details of his home mortgage: a $500,000, five-year interest-only balloon loan at 5 percent, a rate that also reflected market conditions. Santorum released the information after a published report raised questions about his loan arrangement.
"It doesn't sound like either of them got a particularly good deal," said Keith Gumbinger, vice president of HSH Associates of Pompton Lakes, N.J., a publisher of mortgage information.
The sparring reflects an escalating debate between the candidates over ethics. Casey has made the issue a centerpiece of his campaign, while Santorum has taken a lead in Washington on an ethics reform bill following the guilty plea last month of lobbyist Jack Abramoff.
Santorum received his mortgage from Philadelphia Trust Co., a private bank whose executives and family members have contributed $23,000 to his leadership PAC, America's Foundation, and reelection campaigns. The bank also gave $10,000 to Santorum's nonprofit organization.
Such bank-related campaign cash has also flowed to Casey, and his brother, Patrick, who received $3,500 from bank leaders for his unsuccessful bids for Congress in 1998 and 2000."