Washington — 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, said 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.
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," Davis said.
The Democratic chairman of the Ways and Means tax-writing committee has come under scrutiny for his vacation property and apartments he rents in his home district of Harlem.
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dagopman (anonymous) says…
There is something very fishy about this situation. Rep. Rangel is no stranger to improper dealings. Rep. Boyda should immediately return the money Rangel donated to her campaign.
jmadison (anonymous) says…
Business as usual for our political class. We have all received no interest mortgages, haven't we?
dagopman (anonymous) says…
I don't care where the loan originated from: has any of you EVER received a no-interest mortgage? Enough said!!!
camper (anonymous) says…
Just another crook. These politicians believe themselves elite, and they don't gotta play by the rules everyone else does. This moron cut in line. Everyone behind him had to pay interest.
Godot (anonymous) says…
The loan originally carried a 10.5% interest rate and was to be paid back in 7 years. The lender was a labor lawyer in New York who has also contributed thousands of dollars to Rangel's campaigns.Rangel also received rental income from this property and did not report it. He is the Chairman of the Ways and Means committee, he writes tax law, and he did not fully report his income, to the tune of some $75,000. http://www.nytimes.com/2008/09/06/nyr... this were you or me, we'd be in jail; if Rangel were a Republican, he would be indicted. As a Democrat, he will get away with it.
jaywalker (anonymous) says…
"What a weak attemp to slander the Democratic Party during election time"Absolutely! No interest mortgages, particularly those we do not know "until very recently (w)e had not been charged interest for more than a decade" on, are more the rule than the exception these days. Nothing improper about it, I'm sure. Much like the apartments in Harlem. So what if he was paying half price for a two condo luxury suite? And claiming it as an office, which is against congressional ethics, but really, everybody does it. Yeah, nothing to see here. Move along. Move along.
TheSychophant (anonymous) says…
I tend to vote Democratic, but I am certainly not a blind camp follower: This statement: "Davis said Rangel did not know until very recently he had not been charged interest for more than a decade" sounds like a complete crock. Yeah, he didn't know. Nonsense. If he is that obvlious to his own financial affairs, he has no business serving in Congress. And if he lied about his knowledge, he has no business serving in Congress. A quiet resignation would be in order.
dagopman (anonymous) says…
Talk about a sweetheart deal. Boyda accepted campaign contributions from this crook. If she were truly independent, she is not, she would return the contributions.
jmadison (anonymous) says…
The Democrats are as corrupt as the Republicans. Term limits should be looked at again to limit their "service" to our country. Washington and Jefferson limited themselves to 2 terms, why not our current crop of politicians. The political class needs to get real jobs and experience the idiotic laws they enact rather than exempt themselves from the rules that pertain to the rest of the citizenry
KEITHMILES05 (anonymous) says…
Pretty sad to read about Rangel. His assertion he knew nothing of it is plain stupid and outright lying.