We are in the process of refinancing and it has been hell. So you can imagine my surprise yesterday when I learned that my very own Congressman, Pete Sessions, along with three other members of Congress, is under investigation for the favorable rates they received from Countrywide Financial Corp., which was a poster child for sub-prime lending. The favorable rates are one thing; I’ll bet these guys also did not have to have the financial proctology exam most borrowers have to go though these days. His press spokesperson says he didn’t know he received below-market rates. You know the first question I ask my darling (he really is) mortgage broker? What’s the rate?
So I’ve started digging on just what Pete bought back in 2007 with this groovy tunes loan from Countrywide, which is now in the B of A portfolio and dragging down B of A’s stock performance, thank you very much. Yes, we are talking 2007 and it was a whole different world. If you were Angelo’s friend, you ruled. I did some light digging and for the life of me, I cannot find any property in Dallas County under Pete’s name this year. Found one under Juanita Diaz, his estranged wife’s name. The couple sold a home on 6/26/2007 at 7535 Benedict Drive in The Cloisters in 2007, and apparently purchased 4657 Chapel Hill on May 23, 2007. DCAD value: $1,242,000, the Sessions paid $1,300,500 and to their credit did not “Z” out the sales price.
I just want to know where my Congressman lives with the sweetheart deal he got on his home mortgage because we self-employed who have assets and equity are having a devil of a time. His office assures me he still lives in 75206. The home the Sessions sold in The Cloisters was a 3222 square foot home (no pool) valued at $534,000 today, maybe a little less than the value in 2007. 4657 Chapel Hill has 5561 square feet, a pool, all on .95 an acre. According to DCAD, this home is now 100% in Juanita’s name.
BTW where’s Angelo when you need him? Trying to sell his Thousand Oaks, CA home for $3.4 million.