The Chairman of the Republican National Committee Michael Steele looks to have fallen victim to predatory lending.
From The Daily Caller:
According to public documents obtained by Americans for Limited Government (ALG), Michael Steele, Chairman of the Republican National Committee (RNC), is as fiscally irresponsible in his personal life as he has been in the management of the RNC. A rough estimate indicates that Steele is obligated to pay 117% of his take-home pay in mortgages and taxes on his $1.7 million home in Upper Marlboro, Maryland.
This is no ordinary home, but is a 6,440 square foot mansion with 6.5 bathrooms set on an almost four-acre lot.
That is a lot of house for someone with a monthly salary of just under $11,000 per month. How does he make his mortgage payments, which would be over $12,000 per month? Surely he has some other significant income source other than his RNC salary. Perhaps he is still giving speeches for $20,000 each. Or is he isn’t a victim of predatory lending, but instead he is just fiscally irresponsible?
Maybe the RNC should take a better look at their leader if they truly want to run on the platform of fiscal responsibility. Significant personal debt is nothing to glamor about, especially when it coincides with running an organization that has faced tough questions on reimbursements for expenses at an strip club and $18,500 for an interior decorator for the chairman’s personal office. Seriously!
Read more about this from The Daily Caller.