WASHINGTON (CAP) - Bank of America's lending division announced today that they have begun foreclosure proceedings on the residence at 1600 Pennsylvania Ave. in Washington, DC. Bank officials said they initially had no idea it was the White House they were dealing with.
"File #658-33745 - that's what we know it as," said Bank of America Mortgage Specialist Paul Wheaton. "When we did match it up against the address, we figured it had to be a mistake, but no. The mortgage hasn't been paid on that house in well over a year."
According to documents provided to CAP News by Bank of America, a second mortgage was taken out on the property in May of 2003, and then refinanced numerous times over the next two years. A scribbled note on the original loan application indicates the money was meant for "some repairs on the West Wing, but not for the war in Irak [sic] because that's done."
Wheaton said the foreclosure will continue despite the occupant being so high-profile because it is the bank's policy "not to discriminate based on race, gender, creed or Presidential status." Later this month, the bank will auction off the "big-ticket" items like the Lincoln bedroom set, the Oval Office desk and Dick Cheney. Remaining belongings will then be cleared out of the White House to make room for a new owner, and sold on eBay.
"Is anybody really surprised?" asked University of Delaware economics professor Luke Isley. "I mean, we're talking about a guy whose personal credit card was cancelled. How soon before they repossess Airforce One?"
President Bush said he and the First Lady will spend the remainder of his term in office working out of his ranch in Crawford, Tex. While speaking to reporters as he packed boxes in the Oval Office, Bush did express confusion at the whole situation.
"It's true Laura and I do like to partake in a little foreclosure now and then, but we're married, we're entitled," Bush said. "I don't see what business it is of the bank's."
A number of people have already come forward to express interest in purchasing the property, including Venezuela's President Hugo Chavez, Mass. Sen. John Kerry, and Donald Trump.
- CAP News Staff