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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow Did the Kavanaughs Afford Their $1,225,000 Home?
https://medium.com/@gregolear/money-line-parlay-how-did-the-kavanaughs-afford-their-1-225-000-home-b53aaaf31b04snip . . .
Kavanaugh was a federal employee, drawing an annual salary of $62,026. (Hed been nominated for the federal judgeship but was still waiting to be confirmed.) Ashley Kavanaugh worked at the George W. Bush Presidential Library Foundation and the Community Foundation for National Capital Region, neither high-salaried positions. Her retirement plan was worth $1,000. There was no other income, and no gifts reported. As for investments, as Kavanaugh testified last month: Since our marriage in 2004, we have not owned stocks, bonds, mutual funds, or other similar financial investments outside of our retirement accounts.
It is true that mortgage brokers in the go-go early 2000s were notoriously laissez-faire when it came to loan approval. I recall being pre-approved for a loan amount of up to $425,000 back in 2003, when I was making about $40,000 a year, and I recognized, if the bank did not, that there was no earthly way I could have afforded that much house. High on the fumes of the real estate bubble, lending institutions were plainly cool with the risk of foreclosing on properties.
Even so, the Kavanaugh loan is a head-scratcher. At four percent interest, the mortgage payments would have been $4,600 a month, or $55,200 a year. In other words, the mortgage payments alone were more than what Brett Kavanaugh took home in 2006 after taxes. And that doesnt include property taxes, homeowners insurance, or maintenance costs the last of which, as he painstakingly explained in his Senate written testimony, and as I previously reported, cost a pretty penny:
Not only did the Kavanaughs buy a home well beyond what they could conceivably afford, but they bought an older home that was apparently a money pit. (That it needed so much work should have been made clear during the home inspection, required before lenders issue mortgages.) Why would any bank with a functional abacus approve such a terrible loan? And why would Brett and Ashley Kavanaugh agree to it?
Achilleaze
(15,543 posts)olegramps
(8,200 posts)These extreme right wing fanatics are groomed by the Federalists and Heritage groups for higher positions. The entire situation is crooked as a dogs hind leg. They used their influence to get them appointments and pave the way.
QC
(26,371 posts)mountain grammy
(26,655 posts)Love that one.
Iliyah
(25,111 posts)bdamomma
(63,922 posts)great minds................russian oligarchs.
Notice that the Russian regime was quite glad with tRumps choice of SC nominee. Yea, sure no collusion
Blue_true
(31,261 posts)He found that republicans were corrupt, so he focused his efforts on that party. My guess is the reason why he so hated President Obama is the President slowed down his scheme.
smirkymonkey
(63,221 posts)The gambling, the over $200k in debt that was mysteriously paid off, the $90,000 in country club fees, other things that he purchased that were way beyond his means - private schools, etc.
We should have gone with his finances over his slimy behavior in prep school in college. It would have been much easier to nail him on that.
Nasruddin
(754 posts)We have to have disclosure of financials for political appointees and elected officials. The highest ones - the
elected office holders, cabinet secretaries, and supreme court justices - have to be public and complete. We can
discuss lower ranking appointees, the depth of disclosure, and various corner cases, but that should be the principle. Medical
including cognitive testing too. Cannot take office without it. Ideally, cannot get on the ballot or
be submitted for congressional approval before these disclosures are complete.
There should be no principle of privacy for these office holders.
You can be as big a degenerate and thief after your term is up as you can get away with, of course.
montanacowboy
(6,103 posts)that we all want to know the answers to
and the gambling debts? and the golf course fees?
Comon, who was funding this asshole? Russia? the NRA?
When you purchase a home you need to declare where the down payment comes from right? what was his answer?
PatSeg
(47,600 posts)Definitely a head-scratcher.
Sneederbunk
(14,303 posts)LibDemAlways
(15,139 posts)KY_EnviroGuy
(14,494 posts)......... ..........
awesomerwb1
(4,268 posts)Golden Raisin
(4,613 posts)Sancho
(9,070 posts)FakeNoose
(32,767 posts)I don't know how rich his parents are, but they were both working professionals even though they may be retired now. It's possible that Dad made some good investments that paid off, and gave the down payment to Brett and Ashley. It still doesn't explain how they can keep up with the monthly mortgage payments though.
fleur-de-lisa
(14,628 posts)Instead, he dodged, evaded and gave bullshit answers when questioned about it during the hearings.
woodsprite
(11,926 posts)we had to provide a letter signed by both them and my husband and I stating that the $2K was a gift and would not need to be paid back.
(Of course MIL did it just for the realtor. Didn't even let us know that it was a loan, not a gift. Showed up at our house a couple months after settlement with a surprise promissory note for us to sign charging us principal plus 10% interest). Not a lot now, but when hubby and I were both bringing home $10/K each per year, it was rough.
dhol82
(9,353 posts)Are you still married?
woodsprite
(11,926 posts)Early on, hubby and I made a pact with each other that we would never let her come between us after we caught on that she would lie to us and try to pit us against each other when she talked to us. They moved down to FL about 10 yrs ago so we see them about 2-3x/yr now instead of weekly.
And need I say -- they are Fundy evangelical Trump voters.
dhol82
(9,353 posts)I doubt I could have dealt with that kind of MIL.
SammyWinstonJack
(44,130 posts)bluestarone
(17,043 posts)MIDTERMS!!!!!!!!!!!!!!!!!!!
cbdo2007
(9,213 posts)BigmanPigman
(51,627 posts)Pacifist Patriot
(24,654 posts)Not defending Kavanaugh by any stretch, but assuming his federal salary is his only income is rather short-sighted.
Buckeyeblue
(5,502 posts)It's sketchy but in 2003 mortgages were the wild, wild west of banking.
He probably bought the house with no money down and a 5 year interest only arm which would have kept payments very low. By the time the arm expired he was a federal judge making over $200k per year. He probably refied with a pretty good interest rate and an affordable payment. Remember, at the height of the financial crisis, everyone was refinancing. Rates were low. And by that point he could afford the higher payment.
As to the other debt he was able to clear, did it get paid off or did he refinance the home to consolidate his debt? Seems like a lot of debt to clear but maybe he drinks cheap beer and they drive old cars...Or maybe they have a Russian speaking nanny.
dhol82
(9,353 posts)Still fishy.
FBaggins
(26,760 posts)I'm not sure whether the author got the salary for 2006 to compare to the monthly payment. He just says that he was a "federal employee"... but the WH staff secretary currently makes the maximum for a WH staffer (~$180k). That's a much larger gap than is accounted for by just inflation... then the author just dismisses Mrs. Kavanaugh's contribution from two jobs as "neither high-salaried positions"... but she had been Bush's personal assistant.
Plus - He had already been appointed to the appellate court with every indication that he was about to be approved.
Bernardo de La Paz
(49,043 posts)LibDemAlways
(15,139 posts)his finances are on the up and up. Hope after 11/6 Dems follow the money.
George II
(67,782 posts)JohnnyRingo
(18,641 posts)I never heard of federal judges accepting money and gifts from special interest groups, but Kavenaugh is a new kind of conservative judge. Used to be called crooked.
Imagine how much one would have to be worth to afford a house worth $1.2m. I would think he has to have at least ten times that much. Maybe his wife sells potholders on Etsy.
pnwmom
(108,995 posts)Instructions for Form 709 (2017) | Internal Revenue Service - IRS.gov
https://www.irs.gov/instructions/i709
meadowlander
(4,406 posts)pnwmom
(108,995 posts)7962
(11,841 posts)We'll never really KNOW
safeinOhio
(32,720 posts)beer money.
AdamGG
(1,294 posts)Two other women came forward and said that Clarence Thomas talked about porn with them, but practically no one knows that because once he was confirmed, the MSM moved on to other stuff. And, there's like a million times more distractions with Trump than there were back then.
MrScorpio
(73,631 posts)PJMcK
(22,050 posts)The issue of Kavanaugh's salary is discussed in a CNBC article:
https://www.cnbc.com/2018/07/10/how-much-supreme-court-justices-get-paid.html
The important sentence is this:
This is significantly different information than the article you posted, flier-de-lisa.
Regardless, there were a lot of fishy things about Kavanaugh's background that were swept under the rug. His finances are one of the biggest problems I had with his nomination and that was before we learned about his history of sexual assaults.
The man should not be anywhere near the Supreme Court.
Hassin Bin Sober
(26,342 posts)Ive done loans for friends who are local judges and earn over $200k
FakeNoose
(32,767 posts)... he probably made the lower salary. (Or maybe even before that, when he worked for Ken Starr.) Once he moved on up to the federal bench, his "salad days" were over.
RobinA
(9,894 posts)No way does a federal court judge make $62,000 a year. Plus, I would suspect that there are other perks involved.
MadDAsHell
(2,067 posts)Why do heads of Federal agencies, making decent but not outlandish salaries, retire from their positions better off than 99% of us?
Whether judicial, executive, or legislative branches, something is EXTREMELY FISHY about the wealth of so-called "civil servants."
Thanks for posting, I'd love for an investigative journalist to spend some serious time on this topic.
d_r
(6,907 posts)the same people who paid for his expensive private school and for yale, his rich parents.
KWR65
(1,098 posts)People will loan you money if you have good credit and a down payment. You can get his financials from the Senate Judiciary Committee.
JI7
(89,269 posts)rockfordfile
(8,704 posts)erpowers
(9,350 posts)The house definitely looks like a money laundering thing to me. Could Kavanaugh have been taking bribes. He really did have a large amount of expensive things with seemingly little money. The only explanation I can think of is his wife was making more money than people think she was making.
SammyWinstonJack
(44,130 posts)KY_EnviroGuy
(14,494 posts)At the very least, he's probably made a bunch of top level connections in high finance......
KentuckyWoman
(6,692 posts)JDC
(10,133 posts)I am sure that he has done things to get that dough that are typical Repub chicanery, but I am guessing eveything he has ever had financially comes from his or her parents.
Wednesdays
(17,409 posts)(I mean people with any sort of clout) asking about this?