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Eric D. Schwerin
eschwerin@rosemontseneca.com

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Begin forwarded message:

> From: "Lambros, Demetra" <Demetra_D_Lambros@ovp.eop.gov>
> Date: May 15, 2014 at 6:41:18 PM EDT
> To: "Eric Schwerin (eschwerin@rosemontseneca.com)" <eschwerin@rosemontseneca.com>
> Subject: FW: RC: Biden Refinances Mortgage, Saves a Bundle
>
> FYI…
>
> From: Allen, Jessica
> Sent: Thursday, May 15, 2014 6:01 PM
> To: DL-WHO-Press; Aidinoff, Marc; Allen, Jessica; Aniskoff, Paulette; Barkoff, Kendra; Beirne Fallon, Katie; Carney, Jay; Carroll, Brad; Carson, Crystal; Clavel, Lise; Davidson, Josta; Edelman, R. David; Evans, Bess; Feldman, Stefanie G.; Foster, Heather; Friedman, Jennifer; Hankins, Hannah R.; Hart, Elizabeth; Hertz, Jessica R.; Holst, Lindsay; Holzer, Benjamin; Hunn, Allison; Inouye, Shin; Jencks, Fae; Jenkins, Brad; Joseph, Jeremy; Kahan, Alex; Lachman, Sherry; Lambros, Demetra; Lawrence, Natasha; Lopez, Rafael; MacFarquhar, Rory; Murray, Shailagh; Palmieri, Jennifer; Parker, Steve; Patterson, Nicholas; Platkin, Alex; Price, Ryan; Rogers, Melissa; Russo, Bill; Sahgal, Rishi R.; Schultz, Greg; Schwartz, Noah; Shoup, Lilly; Ricchetti, Steven; Trotter, Kingsley; Velz, Peter; Whisenant, Addie
> Subject: RC: Biden Refinances Mortgage, Saves a Bundle
>
> http://blogs.rollcall.com/white-house/refinance-mortgage-rates-biden/
> Biden Refinances Mortgage, Saves a Bundle
> Roll Call // Steven Dennis
> Posted at 5:54 p.m. May 15
>
> Vice President Joseph R. Biden Jr. refinanced his home and two home equity lines of credit in 2013, securing super-low mortgage rates that will save him thousands of dollars a year.
>
> Biden has generally been among the poorer senators, but his family finances appear to have improved of late, judging by a review of his financial disclosure forms.
>
> In 2013, he paid off a mortgage on his Delaware home with a 4.625 percent interest rate with a new, 30-year mortgage with a super-low 3.375 percent rate from TD Bank, which has a Canadian parent company.
>
> The mortgage is somewhere between $500,000 and $1 million, and includes a rental property. Saving 1.25 percent on $500,000 would amount to more than $6,000 in savings a year, although after-tax savings would be less because of the mortgage interest deduction.
>
> He also paid off two home equity lines of credit each worth more than $100,000 and took out a new home equity line of credit worth more than $250,000.
>
> The old home equity lines featured interest rates of 4.49 percent and a prime interest rate, respectively.
>
> The new home equity line features a super-low 2.75 percent interest rate and a 20-year term, also from TD Bank. That should save Biden thousands more each year.
>
> Biden, 71, would be over 100 years old when the 30-year mortgage is paid off, if it isn’t paid off early.
>
> Obama, meanwhile, continues to pay above-market interest rates on his mortgage on his Chicago home — 5.625 percent. We noted a few years back that while Obama had urged a massive refinancing program to bolster the economy, he hadn’t yet taken advantage of low interest rates to refinance himself