Hi Victoria
Thanks, I will revise and get it to you. Thanks for your help and persistence on this issue.
I believe at this point that there is little question that the Residential Mortgage Licensing Laws were violated. I also believe that as I posted last night that Kitzhaber was responsible for organizing and implementing the regulatory authority enforcing the then new Residential Mortgage Licensing Laws when he took office in 1994. The violation of the Licensing Law would fall primarily on Bidwell and Company, but Kitzhaber would have known that it was a violation and since he still took the loan and didn’t disclose on his financial reports was certainly complicit and I suspect would have at very least violated State Ethics Standards and Laws.
His only out here would be if he borrowed from his own retirement or securities account. The documentation doesn’t indicate that and unless the IRS reporting was done by Bidwell and Company on behalf of Kitzhaber’s securities/retirement account which should be easily documented that wasn’t the case. That is a question for a Financial Planner, Investment Advisor or Attorney specializing in Securities Law. I am working on that to try to establish.
But in the event even if Kitzhaber had borrowed from his own retirement or securities account, the documentation should be easily produced because not only would there be trust deed note and trust deed evidencing the transaction, but his retirement/securities account statement would also readily reflect the loan from Kitzhaber’s account to himself. He hasn’t produced those statements to my knowledge and since the loan was paid off as recently as 2006, one has to suspect that he has those statements available simply for IRS reporting purposes. So then the question becomes why hasn’t he produced either the mortgage documents or his securities account statements?
I think we know why.
Pete
Hi Victoria,
With the disclosures Friday by Willamette Week that the loan obtained by Kitzhaber was at 4.9% interest rate, not 8,25% and that the loan was secured by real estate, this becomes a significant issue. http://blogs.wweek.com/news/category/domestic-partnership/politics/ This type of loan was not generally available to other consumers under similar rates and terms.
Bidwell and Company (now a part of Ameritrade) appears to have been simply a Discount Stock Brokerage at the time and not affiliated with an Investment Bank or Bank, nor did it have an Investment Banking, Banking or Mortgage Division. Therefore, I believe that it would not be a defined as a Federally Regulated “Depository Institution” under Oregon Mortgage Banking Statutes and it therefore would not have been exempt form those statutes. Obviously, Federal and State regulators have the final say, but wouldn’t seem to be particularly ambiguous interpretation to me.
I also posted on your blog another interesting “side” issue. Jerry Bidwell resigned from the Oregon Investment Council over his lack of disclosing a conflict of interest involving none other but the Goldschmidts and their involvement in the Texas Pacific Group buy out of PGE from Enron.
It brings to mind that old adage, where there is smoke there is fire!!
I hope you have a great weekend!!
Pete
But Dr. Do Over isn’t the only democrat to have a let them eat cake attitude. Michelle Malkin chronicles a whole bunch of them.
http://michellemalkin.com/2010/09/24/how-privileged-democrats-pay-for-their-houses/
But Dr. Do Over isn’t the only democrat to have a let them eat cake attitude. Michelle Malkin chronicles a whole bunch of them.
http://michellemalkin.com/2010/09/24/how-privileged-democrats-pay-for-their-houses/