Thread: Bachmann benefitted from federal home loan program

Bachmann benefitted from federal home loan program

By Kimberly Kindy, Published: July 26

Like many members of Congress, Rep. Michele Bachmann has been a fierce critic of Fannie Mae and Freddie Mac, blaming the government-backed loan programs for excesses that helped create the financial meltdown in 2008.

And like millions of other home purchasers, Bachmann took out a home loan in 2008 that offered lower costs to the borrower through one of the federally subsidized programs, according to mortgage experts who reviewed her loan documents.

Just a few weeks before Bachmann called for dismantling the programs during a House Financial Services Committee hearing, she and her husband signed for a $417,000 home loan to help finance their move to a 5,200-square-foot golf-course home, public records show. Experts who examined the loan documents for The Washington Post say that they are confident the loan was backed by Fannie Mae or Freddie Mac.

Seeing problems with the programs — especially the high costs to taxpayers — hasn’t stopped a concerned public or other members of Congress from taking advantage of the lower interest rates that come due to government backing.

Bachmann has been the most outspoken critic of the loan programs and other government subsidies among Republican presidential candidates. Former Minnesota governor Tim Pawlenty also has called for dismantling Fannie Mae and Freddie Mac. Experts who reviewed his mortgage documents said that there was no way to tell whether his home loan from 1994 had government backing.

Bachmann’s mortgage was part of a package of debt that she and her husband, Marcus, assumed to buy their home, public records show. They also have other loans, including a home equity line of credit, a business mortgage and another business loan for their Christian counseling clinics, bringing their liabilities to more than $1 million, according to the most recently available public records.

The Bachmanns’ assets, according to her latest financial disclosure statement, range between $862,018 and $2 million.

Their total income has not been disclosed, but Bachmann gets a $174,000 salary as a member of Congress. There is no evidence that they cannot support their current debt.

In her public life, Bachmann has criticized government subsidies and said that federally backed home lending programs place an undue burden on taxpayers.

She also is a leading critic of expanding the federal debt limit. “When managing your family budget, you don’t spend money you don’t have,â€

Why shouldn't she or anyone take advantage of lower interest rates? She PAID/is PAYING her mortgage isn't she? The problem is when people DON'T repay their loans, DUH!

She is a hypocrite. Just like the rest of the politicians.
She says it should be closed down, but she takes advantage of it before it gets closed down.

Like many members of Congress, Rep. Michele Bachmann has been a fierce critic of Fannie Mae and Freddie Mac, blaming the government-backed loan programs for excesses that helped create the financial meltdown in 2008.

Originally Posted by JohnDoe2

She is a hypocrite. Just like the rest of the politicians.
She says it should be closed down, but she takes advantage of it before it gets closed down.

Like many members of Congress, Rep. Michele Bachmann has been a fierce critic of Fannie Mae and Freddie Mac, blaming the government-backed loan programs for excesses that helped create the financial meltdown in 2008.

Not counting the medicade medicare her husband has recieved for his so called clinic,pluss farm subsidies her family has recieved from goverment,now all of this she is against since she and her family benifited from.Your right hypocrit.Her new motto for her campain should be do as i say not as i do i got mine and to hell with you.I will not and can not support her because she is not truefull like all polotitions but dont take advantage of subsidies then say your against it now.