Dr. Ben Carson’s brutal questioning by a leading liberal during his confirmation hearing ultimately led to the exposure of skeletons in her closet.
Massachusetts Senator Elizabeth Warren used a loophole in ethics laws to avoid being forced to disclose a $1.3 million line of credit against her home in Cambridge, the Washington Free Beacon reports.
Of Dr. Ben Carson’s confirmation hearing, Warren said, “It is critical that each nominee follows basic ethics rules to ensure that they will act for the benefit of all the American people.”
Warren said full financial disclosures are necessary to “reveal potentially damaging information that may undermine fitness to serve.” She also said Trump administration nominees with “complex financial histories” must be “forthcoming and transparent” in their dealings and responses.
While chastising the good doctor, Warren kept the $1.3 million home line of credit, which she and her husband Bruce Mann got in 2007 through financial giant Bank of America, hidden from the same American public. The Boston Herald discovered the line of credit existed after Warren neglected to disclose it as a liability on her 2014 financial disclosure filing.
Senator Warren also left the hefty financial burden off of her 2015 disclosure filing. Although Warren is worth millions of dollars, she is still a favorite of socialists on the left who routinely shout angry chants at wealthy politicians for their ties to Wall Street and big banks.
One of Elizabeth Warren’s aides defended the line of credit omission by stating the home equity line of credit from Bank of America doesn’t mandate the same reporting requirements as a typical home mortgage. If she practiced what she preached, Warren would have disclosed it anyway for the sake of transparency.
In 2012, the STOCK Act was signed into law. It required all members of Congress disclose all details of any mortgage they hold on their personal residences in their annual financial disclosure filings. The same act did not specifically mention lines of credit based on the mortgage or home equity, so Warren could technically get by without sharing that information.
Banks often consider home equity lines of credit (HELOC) as an alternative mortgage. The senator’s aide said she hadn’t yet borrowed on her available credit line and therefore really didn’t have anything to disclose on the form.
Exactly what Elizabeth Warren’s interest rate on the HELOC is we will never know. Unless she volunteers to disclose the information, it will never become a part of the public record.
Just a few years ago, Warren advised against borrowing equity against your home. In her book, All Your Worth: The Ultimate Lifetime Money Plan, which was published in 2005, she said such a move was “not smart.”
“Whether you are borrowing to pay down your credit card debt, play the stock market, or travel to Tahiti, borrowing against your home is still borrowing — period. It is not saving, it is not smart, it is not savvy,” Senator Warren wrote. “A second mortgage or a home equity line of credit is plain old Steal-from-Tomorrow debt.”
The senator should take her own advice — on many levels.