Clintons considering mortgage refinancingBy WOLF BLITZER/CNN
September 24, 1999
Web posted at: 6:10 p.m. EDT (2210 GMT)
WASHINGTON (CNN) -- The president and the first lady -- as well as White House lawyers -- are currently reviewing several proposals from banks and other lending institutions to refinance the mortgage on their new home in Westchester County.
As part of the proposed deal, Democratic party fundraiser Terry McAuliffe would no longer be required to deposit $1.3 million as collateral for the mortgage. The new home costs $1.65 million.
Sources familiar with the negotiations tell CNN no final deal has yet been accepted. The Clintons are planning to close on their new home Nov. 1.
But the sources say several lenders have come forward in recent weeks to say they would finance the purchase of the home without any outside collateral required -- provided that the Clintons still put up the approximately $350,000 down payment.
That would get McAuliffe off the hook -- if the new financing arrangements are approved by White House and other government lawyers and the Clintons.
The McAuliffe collateral has been the source of controversy, with Republicans and other critics insisting he was effectively providing the Clintons with a gift.
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