News about Rep. Charles Rangel's assets—and his problems disclosing them—continues to trickle in. After adding $500,000 in previously undisclosed assets to his 2007 finance report, the Post revealed that he also forgot to disclose the sale of a Harlem townhouse—worth as much as $1.3 million—and also that he "failed to reveal a staggering $3 million in various business transactions over the same period." This, from the chairman of the House Ways and Means Committee!
Further, the Post points out that Rangel claimed on mortgage papers that the West 132nd Street property was his primary residence—which raises many more questions because he's living in multiple rent-stabilized apartments at Lenox Terrace! (Rent-stabilized apartments must be the primary residence in order to get the cheaper rent.) An author of mortgage lending books tell the Post, "It's fraud or a mistake... Owner-occupied dwellings -- where you hang your hat -- always get better interest rates and lower down payments than rental properties or second homes."
The NY Times reports, "A spokesman for Mr. Rangel, a Democrat who has represented Harlem since 1971, issued a written statement saying the [most recently discovered] errors were inadvertent," and then details the House Ethics investigations into Rangel's finances, which cover the rent-stabilized apartments, his vacation villa in the Dominican Republic, fundraising for a graduate school named after him, and taking a trip paid for by lobbyists.