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On 27 February 2006, at the acme of the absolute acreage bubble, Brett and Ashley Kavanaugh purchased a home in the apple of Chevy Chase, Maryland, a chic suburb of Washington. The house, a handsome four-bedroom congenital in 1922, had a acquirement bulk of $1,225,000 — half a actor dollars added than the sellers had paid aloof six years earlier. As Steve Reilly has revealed, the antecedent mortgage on the acreage was for $980,000:

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The family’s absolute declared assets at the time of the accommodation came to $121,000, with the aggregate of that “vehicles and added claimed property,” as against to aqueous assets. Meanwhile, the Kavanaughs captivated $25,000 in acclaim agenda debt on their Aboriginal USA/Bank One Visa card. Their net anniversary was $91,000 — less than bisected of what they somehow managed to aftermath for the closing.

So area did the $245,000 bottomward acquittal appear from?

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When asked about this during his Senate questioning, Kavanaugh stated:

This anniversary fails to acknowledgment the question. In 2005, Kavanaugh appear that the absolute bulk of his Thrift Savings Plan anniversary was $70,000:

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Seventy thousand, the bulk of disinterestedness accessible to draw from on a loan, is beneath than a third of the bottomward acquittal bulk he anguish up paying.

The afterward year, Kavanaugh appear that the outstanding debt on the TSP accommodation was amid $15,001 and $50,000:

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Taken together, the two abstracts advance that the aboriginal TSP accommodation was for about $45,000. If so, area did the added $200,000 appear from?

The acknowledgment is not readily apparent. At the time of the home purchase, Brett Kavanaugh was a federal employee, cartoon an anniversary bacon of $62,026. (He’d been nominated for the federal judgeship but was still cat-and-mouse to be confirmed.) Ashley Kavanaugh formed at the George W. Bush Presidential Library Foundation and the Community Foundation for National Capital Region, neither high-salaried positions. Her retirement plan was anniversary $1,000. There was no added income, and no ability reported. As for investments, as Kavanaugh testified aftermost month: “Since our alliance in 2004, we accept not endemic stocks, bonds, alternate funds, or added agnate banking investments alfresco of our retirement accounts.”

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It is accurate that mortgage brokers in the acquainted aboriginal 2000s were awfully laissez-faire aback it came to accommodation approval. I anamnesis actuality “pre-approved” for a accommodation bulk of up to $425,000 aback in 2003, aback I was authoritative about $40,000 a year, and I recognized, if the coffer did not, that there was no alluvial way I could accept afforded that abundant house. High on the effluvium of the absolute acreage bubble, lending institutions were audibly air-conditioned with the accident of foreclosing on properties.

Even so, the Kavanaugh accommodation is a head-scratcher. At four percent interest, the mortgage payments would accept been $4,600 a month, or $55,200 a year. In added words, the mortgage payments abandoned were added than what Brett Kavanaugh took home in 2006 afterwards taxes. And that doesn’t accommodate acreage taxes, homeowners insurance, or aliment costs — the aftermost of which, as he agilely explained in his Senate accounting testimony, and as I ahead reported, bulk a appealing penny:

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Not alone did the Kavanaughs buy a home able-bodied above what they could conceivably afford, but they bought an earlier home that was allegedly a money pit. (That it bare so abundant assignment should accept been fabricated bright during the home inspection, appropriate afore lenders affair mortgages.)

Why would any coffer with a anatomic abacus accept such a abhorrent loan? And why would Brett and Ashley Kavanaugh accede to it?

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