Rangel had no-interest mortgage more than 10 years

The New Dems.  Ha!! 

WASHINGTON (AP) – Rep. Charles Rangel paid no mortgage interest on a beach resort property for more than 10 years, a lawyer for the powerful House committee chairman said Friday.

The New York congressman’s lawyer, Lanny Davis, told The Associated Press that Rangel got his no-interest deal for the villa in the Dominican Republic because he was an original buyer in the resort development, and in the early days after Rangel’s 1987 purchase the rental income it generated failed to meet expectations.

Punta Cana Yacht Club director Jose Oliva issued a letter stating that they initially charged interest on the loans to Rangel and a small group of fellow investors called “Pioneers,” but after two years the company stopped charging interest because of the lower-than-expected rental income. The removal of interest charges was extended only to the foreign investors, Oliva said.

Earlier in the day, the congressman’s lawyer said Rangel paid no interest at all on the mortgage, but later said company records show there was interest paid in the first two years.

Davis said Rangel did not know until very recently he had not been charged interest for more than a decade.

“Mr. Rangel received no special preference,” said Davis.   Sure.  Keep reading

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: