Home About Chat Users Issues Party Candidates Polling Firms Media News Polls Calendar Key Races United States President Senate House Governors International

New User Account
"A historical political resource." 
Email: Password:

  Casey also got mortgage from a bank with donors
Parent(s) Race 
Last EditedScottĀ³  Feb 23, 2006 04:01pm
Logged 0
MediaNewspaper - Philadelphia Inquirer
News DateThursday, February 23, 2006 10:00:00 PM UTC0:0
DescriptionPhiladelphia Inquirer article.

An excerpt...
"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."
ArticleRead Article

Date Category Headline Article Contributor