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12 comments on “32 Maple Hill Dr, Larchmont, NY 10538”
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Joined: 3 Apr 2005
Posts: 429
Comments: 1230
Menlo Park, CA
Submitted for reader Peter
Numbers in the CNN article about Timothy Geithner’s house:
annual rental income $90,000
property taxes $27,000
Geithner’s salary $191,000
With a jumbo interest rate of 8%, an estimate of the fair price for that house is is $787,000
= (90K - 27K) / 0.08
$787,000 still would not pay down principal nor pay for upkeep.
Geithner paid $1,601,000 in 2004 (bad timing), which is $814,000 more than the estimate now. That is a lot, even if compared with his salary of $191,000. Is Geithner now INSOLVENT? I don’t know his other assets nor his wife’s income, but Geithner looks vulnerable. Will he sell his house for too much money to a politically interested party, maybe a bank?
Regards,
Peter
Joined: 28 Apr 2007
Posts: 34
Comments: 106
Your assuming he paid his taxes.
But seriously, he probably has money stashed here and there. You don’t become treasury secretary unless you know the loopholes.
Joined: 5 Jun 2009
Posts: 0
Comments: 1
Sounds like a conflict of interest. He has a strong personal financial interest in reflating the housing market. Did he protest when the $8000 tax credit was made available for immediate downpayment? Doesn’t that policy just effectively allow some people to follow the misguided no money down policy that got us into this mess?
Joined: 22 Apr 2009
Posts: 0
Comments: 9
Sounds like a conflict of interest. He has a strong personal financial interest in reflating the housing market. Did he protest when the $8000 tax credit was made available for immediate down payment? Doesn’t that policy just effectively allow some people to follow the misguided no money down policy that got us into this mess?
Joined: 24 Aug 2007
Posts: 161
Comments: 2818
He doesn’t have the live like us little people. He’ll get a bail-out from a rich friend.
Joined: 5 Jun 2009
Posts: 0
Comments: 5
Timothy Geitner is not a financial expert,
he just plays one on television.
Joined: 17 Apr 2008
Posts: 0
Comments: 2
You know who should be Treasury Secretary? Whoever is renting Geithner’s house -the renter is successful enough to afford a $7500/mo rent and is smart enough to know that renting is better than buying. Unlike Geithner.
Joined: 21 Jun 2007
Posts: 0
Comments: 26
Would it be smart from Geithner to walk away from his mortgage?
Pro: It seems a smart economical move; let the bank deal with this mess.
Con: His FICO goes into the toilet - a Treasury Secretary with a FICO less than 600 might be unfit for the administration, as opposed to someone who forgot to pay his taxes
My guess is that he won’t walk away, to avoid being a positive role model encouraging others to walk, and that some rich friend will help him out. He has to be nice to his rich friends, however.
Joined: 5 Jun 2009
Posts: 0
Comments: 1
I first saw this hit the market months ago and was struck at the outrageous price then, but the IKEA kitchen and some of the color schemes show a real need for class. He probably know it. That’s why his expression is always one of shame (to me at least). Watch the mouth, the lying mouth. He’s the Peter Principle personified
Joined: 18 May 2009
Posts: 0
Comments: 3
how much did he make in his previous post? Depending on his wife’s income, I assume it was significantly more since at $191K, he would be paying nearly 8.4x income.
Even for a government bureaucrat, that’s dumb.
It will be interesting to see how he eventually sells it. Also interesting would be a similar exercise on some of the other Obama goombahs who feel it’s OK to keep giving away trillions of taxpayer dollars…
Joined: 24 Aug 2007
Posts: 161
Comments: 2818
Perhaps he’ll have to rent a place in downtown D.C. and live like the people he’s representing…
Joined: 14 Apr 2008
Posts: 0
Comments: 16
According to Wikipedia, Geithner had a $398,200 salaray as President of the New York Federal Reserve Bank in 2007.