Mortgage Disclosures: Schumer’s Rate High, Kyl’s Low

Photograph by Tom Williams/CQ Roll Call/Getty Images

Sen. Chuck Schumer.

The House and the Senate have released a new batch of disclosure forms that show, in broad ranges, the personal wealth of lawmakers.

A few highlights so far:

* New York’s Chuck Schumer stands out among Senate leaders for how high an interest rate he’s paying on his primary residence. Since 2002, he has been paying 6.85 percent on a 15-year loan. The mortgage had less than $50,000 remaining in 2012, according to his disclosure form. He’s the vice chairman of the caucus and chairman of the Democratic Policy and Communications Center.

* Hawaii’s Daniel Inouye stands out among top senators for how high a mortgage he’s paying. His timeshare has been mortgaged since 2007 with a 13.9 percent interest rate on a 10-year loan. Inouye, who first came to Congress in 1959 and moved to the Senate four years later, is the chamber’s president pro tempore and chairman of the Appropriations Committee.

* Republicans Jon Kyl of Arizona, John Thune of South Dakota and John Barrasso of Wyoming are paying lower mortgage rates than their fellow members of the Senate leadership. Kyl took out a five-year, 3.25-percent loan in 2010, while Thune and Barrasso refinanced in 2011 to get 3.75 percent rates. Kyl is the minority whip, Thune is the Republican Conference chairman, and Barrasso is the Republican Policy Committee chairman.

As reported this week, senators are being required for the first time to disclose their precise mortgage terms. The House required fewer details.

From Bloomberg Government’s Congress Tracker


What do you think about this article? Comment below!