Sorry we have been MIA lately, so back to the BLOG: Potential presidential candidate Mike Huckabee is building an 8,224 sf, $3 million home on the beach in Walton County. The Arkansas Times reported that the building permit for the three-story house lists the projected cost of construction at $2.2 million. This is in addition to the cost of the land, which Walton County most recently appraised at $853,062.
We have no issue with someone building a house in Florida, but how on earth could a fiscally conservative POLITICIAN build a house like this with a $ 2,8million mortgage? More than 90% financing? Didn’t we just experience the worst economic meltdown because of this very activity? Is Huckabee crazy? Surely we have learned SOMETHING from the past 2 years and one lesson was not to over-leverage homes, especially second homes? Which bank is financing this when they have difficulty justifying financing 70%? Does this kind of fiscally irresponsible behaviour set a good example?
We think this is disgraceful behaviour from a very likeable guy: Please Mr. Huckabee, as a potential President of the USA, how do you justify to your conservative (and non-conservative) flock more than 90% financing in 2010? Granted this is not Charlie Rangel-style abuse, but…..please help us out here.