Posted by chris on December 31, 2000 at 08:54:49:
JohnBoy-
What I find kind of funny is that spouses(Bill Clinton) of newly elected members of Congress get to have lunch with the first lady as kind of a welcome to Washington type thang. I wonder if Bubba will be there?
-Chris
How Are They Going To Pay For It ??? - Posted by phil fernandez
Posted by phil fernandez on December 29, 2000 at 19:54:11:
Just saw an interesting article where soon to be ex president Bill Clinton and wife are buying a second house in Washington DC. The article goes on saying that the Clinton’s are buying the house at 2.85 million and will be getting a mortgage of 1.995 million to finance the purchase. The article goes on saying that Bill Clinton will be getting a $157,000 per year pension and his wife will be making $145,000 per year at her job as a senator from New York.
I got thinking. Can the Clintons qualify or even afford this $1.995 million mortgage on this house with their stated salaries.
Mortgage payments on the newly acquired mortgage would be $13,949 per month times 12 months would equal $167,388 plus the annual taxes of $10,671 for total payments of $178,059 a year. With a combined income of $302,000 their debt to loan ratio would be 58.95%. How the heck are they going to qualify for the loan and they put 30% down. Where’s the creative financing here.
But it gets more bizzare. Do you remember they bought a house in New York less than a year ago for 1.7 million. On that deal they put 20% down so they had to fiance 1.36 million. Using the same 7.5% interest amortized over 30 years, their payment would be $9,509 each month. That would be $114,108 per year plus the taxes of $26,000 would become a total for the New York house of $140,108 per year. And do you think the Clintons will be renting the New York house out. Of course not so no cash flow there.
After the smoke clears the Clintons have housing payments on the two houses totalling $318,167 with an income of only $302,000 per year.
Geez I don’t get it. Their debt to income ratio is above 100%. Actually its 105.35% and this doesn’t even take into account the maintenance of the two properties.
And he takes credit for the current economy. What am I missing here.
Re: How Are They Going To Pay For It ??? - Posted by SCook85
Posted by SCook85 on December 30, 2000 at 09:17:37:
Phil,
Last I heard the home in NY was for sale. The down payment from that home came from democratic contributors, and they will probably get their down payment on the new house through the same means.
It is just mind boggling to me how they can sleep at night. Buy the house in NY just so Hillary can run for Senate, win the race and skip town. Do they have any integrity?
Steve
Re: How Are They Going To Pay For It ??? - Posted by B.L.Renfrow
Posted by B.L.Renfrow on December 29, 2000 at 23:11:24:
Hi Phil,
Interesting figures! Regarding that Chappaqua property, I read somewhere it quietly went on the market the day after Hillary won the Senate race…and expectations were it would fetch about 50% over what the Clintons paid, by virtue of Bill and Hillary having slept there a couple nights. And to think I’m fortunate to get 1-2% annual appreciation on my properties!
Look forward to catching up with you in Atlanta again in March.
Brian (NY)
Re: How Are They Going To Pay For It ??? - Posted by Bill Fuller
Posted by Bill Fuller on December 29, 2000 at 20:43:54:
Phil,
You didn’t factor in the income from monies earned on Hillary?s book deal(s) [8M]. Also, there is unearned income from investment assets locked up for the last eight years in blind trusts, and the income from any positions Bill Clinton accepts in the future, (which I?m sure have already been offered, negotiated and agreed to). As an ex-president Bill Clinton additionally, has at his disposal a government expense account for certain maintenance items like residences, secretaries, etc. Then there are those who will make contributions, loans, and offer investments from time to time just to stay in tight with an ex-president.
His retirement income and her salary is pocket change.
Believe me he will not be in financial straights.
Isn’t there a law??? - Posted by dewCO
Posted by dewCO on December 30, 2000 at 20:13:39:
I thought you had to have your primary residence in the state from which you are elected. Conscious is one thing, but isn’t there a law??? (Of course consider who would be bending or breaking the law I guess!) New Yorkers who voted for her deserve everything they get by electing her. Can’t believe they did that.
Re: Isn’t there a law??? - Posted by JohnBoy
Posted by JohnBoy on December 30, 2000 at 23:26:22:
Just wait until she runs for the white house!!!
God, help us! The return of the Clintons!
Oooooh Nooooooo!!!
- Posted by JoeNJ