Duncan Hunter's real estate deal... Duke Cunningham part 2?...

[cascadiance]

Hmm... Newer news on how Duncan Hunter may have gotten an artificially lower valued house in another shady real estate deal that sounds a lot like what Duke Cunningham got nailed for... HMMMM!!! I'd already heard some people mention to me that Hunter's about to be indicted but that those investigating him are trying to time it after the election so that they can do a special election to replace him instead of tossing the seat like they may have to do with Foley!

Read this from TPM Cafe:

http://houseoflabor.tpmcafe.com/blog/dananderson/2006/oct/08/rep_duncan_hunters_shady_government_real_estate_deal

Rep. Duncan Hunter's (CA-52) "shady" government real estate deal
By Dan Anderson | bio

Todays San Diego Union-Tribune has a story about Representative Duncan Hunter (R-CA 52) and an apparently-shady real estate deal. Hunter bought a house from the U.S. Government's Resolution Trust Corporation for less than half it's value ($175,000) The house was 6200 sq. ft., 2 beds, 2.5 baths on 2.7 acres. The same month a 5 bed, 5 bath home on 2.9 acres nearby sold for $495,000 and a 4 bed home on 1.2 acres sold for $359,000. The Resolution Trust Corporation (RTC) sold the house for the same price the government liquidated the foreclosed house at auction. The house went into escrow 27 days after being listed. Mr. Ron Hart who specializes in foreclosures said "The Man had his ducks in a row," referring to Hunter's financing being all lined up and the quick sale.

Furthermore the tax roles listed the house at 2946 square feet, when it was actually 6200 square feet plus a 2000 sq. ft. guest house, pool, and tennis court. This hid the real value of the house and also greatly reduced the annual property taxes. Duncan Hunter is a close friend of disgraced former Congressman Randy "Duke" Cunningham, now in prison.

Further details are in todays Sunday Union-Tribune, October 8, 2006, available online.

Folks, we need to get this story out now to not allow them to delay such an indictment until after the election. We need to force their hand NOW! We don't want another Bilbray being elected for his slot instead of John Rinaldi!

[Hepburn]

1. Things that makes one go...

...hmmmmm......

I can understand the liquidation sale ~~ any real estate that goes on a forced court/govt sale always goes for way under market value.

HOWEVER, that being said: That is NO small error on the sq. ft. of the structure. I would be interested in looking at the prior tax rolls on the residence. If it had ALWAYS been under estimated on size, that is one thing. But....if suddenly if was cut down in size AFTER Hunter got it, that is quite a different story. It might be that the house was originally that size ~~ and additions have greatly added to the size and this was not picked up by the county tax assessor. That does and has happened ~~ but I still have questions.

[bobthedrummer]

2. Cunningham's wife thought it was no big deal because HASTERT

and others were doing it too!

http://www.guardian.co.uk/uslatest/story/0,,-6024738,00.html

on edit:
Most of these GOP leaders are war criminals, sexual predators and fascist extremists
more on CUNNINGHAM, HASTERT and the perks of perps
http://en.wikipedia.org/wiki/Randy_%22Duke%22_Cunningham

[sandnsea]

3. Never heard of the Resolution Trust Corporation

I'd sure like to know who bought the homes out of that secret government program. I've read at least a hundred articles on the savings and loan scandal and never once heard about this Resolution Trust Corp that had foreclosed properties in it.

Oh, just work hard and be responsible and ignore all the benefits only known to the wealthy.

[babylonsister]

4. From wiki:

The Resolution Trust Corporation was a US government owned asset management company mandated to liquidate assets (primarily real estate-related assets, including mortgage loans) that had been assets of savings and loan associations ("S&Ls") declared insolvent by the Office of Thrift Supervision. It also took over the insurance functions of the former Federal Home Loan Bank Board. It was created by the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), adopted in 1989. In 1995, its duties were transferred to the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation.

According to Joseph E. Stiglitz in his book, Towards a New Paradigm in Monetary Economics, page 243, the real reason behind the need of this company was to allow the United States government to subsidize the banking sector in a way that wasn't very transparent and therefore avoid the possible resistance. This is supported by the fact that the banks had better information related to the loans than the RTC.

For an in-depth discussion of the RTC's development, its unique structure and personnel practices, and the impact its structure had on its performance see Mark Cassell's book, "How Governments Privatize: the Politics of Divestment in the United States and Germany" (Georgetown University Press, 2002)

[sandnsea]

5. Looks like a property transfer to the rich

Thank you for the info, but I'm more upset that a government program like this existed and wasn't made known to the public at large. OUR taxes paid to bail out those savings and loans, WE should have had at least as much opportunity to get in on the fire sales as the wealthy did.

[babylonsister]

6. They couldn't make it known to the public because it doesn't

sound exactly ethical to me, never mind legal, though I defer to someone with more (any!)legal knowledge to chirp in.

[Gabi Hayes]

9. don't y'all remember L. Jean Lewis?

have fun

This is how scandals get started: Jean Lewis at the RTC ...'This is how scandals get started: Jean Lewis at the RTC - Resolution Trust Corp. official who implicated Pres. Clinton in Whitewater scandal - Cover Story' ...
www.findarticles.com/p/articles/mi_m1316/is_n5_v28/ai_18285112 - 31k - Cached - Similar pages


THE REAL NEWS PAGE: A Real Whitewater ScandalThe press protects the amorphousness of "Whitewater" as if it had a positive ... The RTC's chief investigator for Madison was L. Jean Lewis of the RTC's ...
www.americanreview.us/lewis.htm - 18k - Cached - Similar pages


Jean Lewis, former RTC Senior Investigator, comments on the ...Crime/Corruption Breaking News Opinion Keywords: JEAN LEWIS RTC INVESTIGATOR CLINTON WHITEWATER SCANDAL Source: Free Republic ...
www.freerepublic.com/forum/a39ca6a3d3bcf.htm - 187k - Cached - Similar pages


OrcinusThe first reported action taken by Starr after he replaced Fiske was to subpoena records from the RTC regarding its treatment of L. Jean Lewis and two of ...
dneiwert.blogspot.com/2003/09/l-jean-lewis-back-to-source.html - 58k - Cached - Similar pages


OrcinusThe only real quality that L. Jean Lewis exhibited at the RTC was her naked ... In sworn testimony before both House and Senate Whitewater committees, Lewis ...
dneiwert.blogspot.com/2003_09_14_dneiwert_archive.html - 92k - Cached - Similar pages


Vol IV App 1 RTC Employees Placed on Admin LeaveFile Format: PDF/Adobe Acrobat
t is clear from this week's testimony of RTC employees Jean Lewis, Lee Ausen, ... Guaranty Savings & Loan Association and its relationship to Whitewater ...
a255.g.akamaitech.net/7/255/2422/18may20041514/icreport.access.gpo.gov/final/v4app1.pdf - Similar pages


The eight top Savings and Loans in Arkansas that failed during the ...As part of the investigation, the RTC went to extraordinary lengths to trace real estate transactions involving Whitewater Development Corp. ...
www.netmagic.net/~franklin/MO1.html - 21k - Cached - Similar pages


The Hunting of the President1979 -- The Whitewater Development company is formed, with ownership shared ... October 1993 -- RTC investigator Jean Lewis makes nine criminal referrals ...
www.thehuntingofthepresident.com/timeline1.html - 18k - Cached - Similar pages


The ConsortiumLewis and Iorio were reinstated at the RTC, and testified against the Clintons in November l995 Senate hearings. Before the Senate Whitewater committee, ...
www.consortiumnews.com/1999/c022599b.html - 29k - Cached - Similar pages


AllPolitics - Whitewater - Timeline29, 1995 -- RTC investigator Jean Lewis resigns. Dec. 21, 1995 -- The White House turns over disputed Whitewater notes to avoid a federal court challenge ...
www.cnn.com/ALLPOLITICS/1997/gen/resources/infocus/whitewater/timeline2.html - 11k - Cached - Similar pages

[Gabi Hayes]

10. if you read just the first article, you'll wonder how on EARTH Clinton

can stomach being on the same dais with #41.

his CHIEF hatchet man, C. Boyden Gray is very possibly the one who got the whole Whitewater ball rolling, and illegally so, at that

also note the freep cite on that page: Lewis is/was a FREQUENT poster there. tell you anything about her politics, or sanity, for that matter?

[GreenPartyVoter]

7. K & R

[DemReadingDU]

8. bedtime kick

[cascadiance]

11. Wingnuts trying to spin this thing now...

Wizbang here:

http://politics.wizbangblog.com/2006/10/08/investigation-shows-congressman-paid-taxes.php

They don't really deal with the fact that what he paid isn't what other people paid, even if he did "pay taxes". What was his relationship with the tax assessor? Or that foreclosure group, etc. Something still smells in my book.

[cascadiance]

12. Hmm.. How convenient his insurance agent thinks he has a "large" home...

whereas the tax assessor didn't, according to this story on NBCSanDiego.com.

http://www.nbcsandiego.com/news/10035470/detail.html

Hunter must have gotten a nice payout from the insurance company when the Cedar Fire destroyed his home. How "convenient" for him!

[cascadiance]

13. Now John Rinaldi's REALLY going after him!

Ah... This is the kind of political courage I like! Might have to move to his district if he wins! Might start a separate thread on this if enough are interested in tracking this.

We need to back him up and demand an investigation get going soon!

Two separate articles with some nice quotes asking for Hunter to "ante up"!

From:
http://www.californiachronicle.com/articles/viewArticle.asp?articleID=14566

RINALDI CALLS FOR REP. DUNCAN HUNTER TO 'ADMIT HIS GUILT' ABOUT VIOLATING INSIDER TRADING LAWS

California Political Desk
October 9, 2006



San Diego, CA - John Rinaldi, Democratic Candidate for 52nd, District-California, is planning a community forum to discuss the issues surrounding the financial questions about Republican Duncan Hunter's Alpine home. Rinaldi is also expressing his outrage over Rep. Hunter's violation of the Resolution Trust Corporation.

"This story isn't done," said Rinaldi. "It's the tip of the iceberg. I believe this is the first issue in a string of improprieties that will come to light as people really look into the Republican Congressman's financial dealings. I also think the fact that Rep. Hunter was in clear violation of the conflict of interest clause comes as no surprise to people who know the way this man does business. He believes he is above the law. At some point, we have to say, enough is enough. And today we are well past that point."

"When a Baptist minister admits that he repeatedly told Hunter about the home for over two years prior Hunter's purchase, it's clear that the Congressman had plenty of time and access to inside information about the Alpine home," continued Rinaldi. "It's clear that he had information that allowed him to buy a home below market value, and that's to the detriment of every tax payer and a clear violation of the insider trading rules of the RTC. Perhaps it's a good time for Hunter to learn a lesson from Cunningham and just come clean, admit he is guilty and save the taxpayers the time and money of an investigation, trial and ultimately a special election."

and secondly...
http://www.californiachronicle.com/articles/viewArticle.asp?articleID=14582

Taking Responsibility

John Rinaldi
October 9, 2006

Dennis Hastert says he is "taking responsibility" for the Republican coverup of Mark Foley's actions.

And yet, nothing seems to change. He will not step down. He will not subject himself to action.

Is this like the Republicans "taking responsibility" for the weak levees and callous response that allowed Katrina to devastate an entire region of our great nation?

Is this like the Republicans "taking responsibility" for leading us into a war on false pretenses?

Is this like the Republicans "taking responsibility" for the bribery and theft of their colleagues, Duke Cunningham and Tom DeLay?

Is this like the Republicans "taking responsibility" for out-of-control prices at the gas pump while record profits are funding re-election campaigns?

When I was a child and I did something wrong, or, even worse, stood by and watched as others did, all the while doing nothing to stop them, my teachers and parents held me accountable. There were consequences.

[napi21]

14. Something is very wrong with that story! I can't visualize any

2 BR, 2 1/2 BA house being 6200 sq ft! THAT just doesn't make sense. I had a 3BR 2 1/2 BA with a finished, heated downstairs, it was only 2700 sq ft and it was BIG! Either there is a typo on the sq ft, or the story is just wrong.

I'd LOVE to see Hunter in serious trouble. I've seen just how mean and nasty this guy can be when I watched him on cspan, but be careful about THIS story!

[cascadiance]

15. That was his insurance guys' records...

It sounds like one of them is wrong and he either was paying too little taxes on a home that was larger than indicated there, or he got too much money back for his insurance payout by having it's value overstated there, or both and the value of his house was somewhere in the middle. Either way, something stinks!