Norm Coleman- Ex Senator ReFi

[ISUGRADIA]

http://www.politico.com/blogs/glennthrush/0109/ReFi.html

Glad that Norm's livin' large:


" If Dianne Feinstein is known as "DiFi," maybe Norm Coleman should be called "ReFi."

In the 14 years since The Minnesota Senator-in-Limbo and wife Laurie purchased a home in St. Paul, he has refinanced or otherwise revised the terms of his mortgage 12 times, according to records obtained by a Coleman foe.

The documents aren't especially sinister -- but they paint a portrait of a politician, who, like just about every other homeowner in the country, used his primary residence as an ATM machine as real estate prices spiked.

It appears from the filings that Coleman and his family piled up a huge increase in their debt -- rising from a $172,000 first mortgage to a final $775,000 30-year loan registered in 2007. "

[Minnesota Raindog]

1. But think of what it must have cost them to launch Blo-and-Go

Laurie's amazing invention took the world by storm, and that no doubt took a lot of capital to get off the ground.



https://www.bloandgo.com/index.asp

http://www.fitsnews.com/2009/01/04/minnesota-senate-race-v-blo-and-go/

http://www.youtube.com/user/BloAndGo

[kickysnana]

2. What kind of Senate pension does he get? n/t

[geardaddy]

4. I think he should get...

a lifetime supply of "Blo-n-Gos".

[dpbrown]

5. Probably nothing until age 62, then a percentage of salary based on years of service

Before 1984, Senators and Representatives did not participate in the Social Security program. Like all federal government employees at that time, members of Congress were covered by a pension plan, called the Civil Service Retirement System (CSRS), that did not require payment of Social Security taxes and did not provide Social Security benefits. In 1983, Congress passed a law (P.L. 98-21) that required all federal employees first hired after 1983 to participate in Social Security. The law also required all members of Congress to participate in Social Security as of January 1, 1984, regardless of when they first entered Congress. Because the CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal employees, called the Federal Employees Retirement System (FERS), which does coordinate a federal pension with Social Security.

Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service. They are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a member’s retirement annuity may not exceed 80 percent of his or her final salary. As of October 1, 2000, the average annual pension for members of Congress who have retired under CSRS is $52,464, and $46,932 for retirees under FERS-only or both FERS/CSRS.

U.S. Senate: Is it true that...

[kikiek]

3. I would like know who valued his home at 775,000. No way.

[dflprincess]

6. Typical Republican, just getting deeper and deeper in debt.

I would bet Norman is now "upside down" in his mortgage - no wonder he's trying to hang on to his job. :evilgrin: