He's lied to his mortgage lender. He fraudulently claimed that his Harlem brownstone was his principal residence, at a time when he was using his rent stabilized home in Lenox Hill as his principal residence (and which requires such principal residence status to receive rent stabilization).
Rep. Charles Rangel claimed on mortgage papers that a Harlem brownstone was his principal residence -- even though he was living elsewhere at the time, The Post has learned.The terms would be different, however, if the home were properly classified as a second home or rental property because it would have a higher interest rate and additional terms and conditions.
When the Democrat -- who is under investigation by the House Ethics Committee -- took out the mortgage in 1990, he said the property on West 132nd Street was his "principal residence," records show.
But Rangel has been living since the 1970s in Harlem's Lenox Terrace apartment complex, where he improperly amassed four rent-stabilized properties.
State law requires that rent-regulated apartments be the tenant's residence.
"I will reside in the Property (on 132nd Street) for at least six (6) months of every calendar year," read Rangel's mortgage contract with Citibank, which is on file with the city.
The terms of the $60,000 loan appear to be normal for that time, but lenders say claiming principal residency when you live elsewhere is a serious breach.
"It's fraud or a mistake," said David Reed, an author of several popular books about mortgage lending.
Rangel is in hot water here, and Democrats are doing their best to ignore this situation. Rangel can't simultaneously claim that he lived in the rent stabilized apartments (of which he owned four units and already admitted to improperly using one as his office in contravention of state law) as his primary residence while claiming that this brownstone was his principal residence.
He is caught in a lie.
A big lie.
Rangel is instead betting on the stacked House Ethics Committee to clear him, and figures that his senior status in the chamber will insulate him. No one in Congress is going to send Rangel packing, primarily because the House Democrats are more intent on turning the swamp of corruption into a swimming pool.
As I pointed out previously, the Daily News chimes in noting that Rangel has two sets of rules, particularly on taxes. There's the rules that everyone else has to abide by, and then there's his rules, which primarily exist so that he can avoid paying taxes on his obligations. Rangel doesn't just need to be reined in. He needs to be sent packing. A slap on the wrist simply does not cut it, and the House Ethics Committee is a joke, seeing how they took no action to deal with former member William Jefferson who was caught with a $90,000 bribe in his freezer.
Instapundit and Don Surber link. Thanks!