Message from Congressman Buck McKeon:
As you may have heard, there have been some articles about my home loan refinance in 1998 with Countrywide Mortgage. Some have been critical because they allege that I received a favorable interest rate and other benefits by Countrywide. I wanted to set the record straight by providing you with the facts and allowing the people I am honored to represent the chance to review my personal loan documentation.
For purposes of transparency and full disclosure I am including a copy of the legal document that my wife, Patricia, and I signed at the time of closing escrow. It is shown in this webpage below.
As you can see the refinancing of my loan amount was $315,000 for my house in Stevenson Ranch in October of 1998. The document lists many of the closing costs associated with a loan of this type including appraisal fee, title insurance charges, and other recording fees that are typically paid by the borrower.
Additionally, I am including a copy of the "Truth in Lending Disclosure Statement” that shows the interest rate on my loan to be a rate of 6.77%. Some have alleged that I received a favorable interest rate for this loan despite the fact that the average interest rate in October of 1998 was 6.49%. I suggest you go to the website http://www.mortgage-x.com/x/ratesweekly.asp and check the Historical Mortgage Rate data for yourself.
I hope this information is helpful and answers any questions you might have regarding my 1998 loan. Thanks for taking time to come to my website and I hope you will click on other articles that are important to this campaign.