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Wednesday, March 15. 2006Santorum's Trust ProblemRick Santorum was on CN8's Larry Kane:Voice of Reason this week and Larry asked Rick about the $500,000 mortgage he received in 2002 from the Philadelphia Trust Company. Rick's answer shows that he completely misses the point about the mortgage controversy and what constitutes preferential treatment. The video, transcript and our analysis are below: Transcript: Santorum: "Look, everyone who's looked at that mortgage will recognize that's a, that's very much a mortgage that's available on the market. I got no preferential treatment. In fact, one of the things I do, whether I'm buying, you know, a car or whether I'm buying a tube of toothpaste. I make it very, very clear -- I don't want my name in the newspaper as a result of this transaction and you don't want your name in the newspaper -- treat me just like any other consumer. And that's the way you got to live in this business. Obviously, it's important to have that public trust. And I hold that as the most important thing that I have in this job is I've been given a trust and I want to make sure that I earn that trust everyday. So, no I got no preferential treatment. This mortgage is a mortgage that is typical of any of the mortgages that were being offered at that time. And I think that everyone who's commented on it has pretty much said the same." (emphasis ours) Rick seems to think that, because his mortgage was at an interest rate similar to other rates being offered at the time, he didn't receive preferential treatment. However, that has nothing to do with the real issue. Rick received a mortgage from the Philadelphia Trust Co. whose web site says that its banking services "are available only to investment advisory clients whose portfolios we manage, oversee or administer." When Rick received his mortgage he was not an "investment advisory client" of Philadelphia Trust. As Will Bunch originally reported, "[a] call to the bank confirmed that mortgages are only for investors and not the general public." So Rick got a mortgage from a company that only lends to its own investors even though he was not an investor. He didn't meet their most basic lending criteria, yet he still was given a $500,000 mortgage. Here's an experiment for you. Call Philadelphia Trust and ask them to give you a mortgage even though you're not one of their investors. What do you think they'll tell you? If Rick received something that you and I can't get, even though he wasn't any more qualified to get it, THAT IS THE DEFINITION OF PREFERENTIAL TREAMENT. The mortgage may have been typical of mortgages that were being offered at the time. The problem is, Rick's mortgage wasn't being offered on the open market by Philadelphia Trust. Speaking of trust, Rick says he works hard to earn yours everyday. Do you trust him when he says he got no preferential treatment? Comments
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