August 29, 2009

CHARLES RANGEL UPDATE: CHARLIE’S MORTGAGE BARES HOME UNTRUTH.

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. 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.

So, mortgage fraud?

UPDATE: “Rangel is in hot water here, and Democrats are doing their best to ignore this situation.”

Plus, Charlie’s angles: Rep. Rangel’s contempt for the rules needs to be reined in. “There are two sets of rules for Rep. Charlie Rangel – the ones he writes for everyone else and the ones that are, or were, beneath his compliance, powerful personage that he is. Over the past year, Rangel’s cavalier disregard of tax and ethics regulations became increasingly evident as his personal affairs were brought to light. There was a harrumphing alibi for each lapse, but the excuses became ever lamer as they mounted.”

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