Mortgage Daily Logo
mortgage news from industry experts

Mortgage Payment on Scandalous Execs House Tops $100k

Mortgage Payment on Scandalous Execs House Tops $100k

A look at some scandalous mortgage payments

January 22, 2003


My, how the mighty have fallen. And if you were to buy a home owned by one of 2002’s scandalous corporate executives, your monthly mortgage payment also would be mighty.

Executives such as the ones accused last year of espousing tainted fiscal virtue don’t deal in puny conventional mortgages — which wouldn’t loan enough to cover the cost of the front door. No, only a jumbo loan could finance the lairs of corporate royalty, many of which have gone on the market.

With the help of home values reported by the Wall Street Journal Online, the monthly mortgage payments of these headline-dominators can be calculated — while reiterating the difference between us and them.

Kenneth Lay of Enron fame has two Aspen homes up for sale. The first has a river view and a $6.15 million asking price. Using a 20% down payment, a 15-year term,’s 5.23% jumbo rate, and Washington Mutual’s online home equity calculator, the monthly mortgage payment would be $39,499.07. The second home, made of log and stones, is on the market for $5.5 million — making for a lower payment of $35,324.37 per month.

Martha Stewart, founder of Martha Stewart Living Omnimedia and an otherwise domestic know-it-all, is selling her downtown New York condo — leaving her with only five other places to live. The condo has an $8 million asking price, which would leave the buyer with a $51,380.90 a month mortgage payment.

John Rigas, former chief executive of Pennsylvania-based Aldelphia Communications, plead guilty to stealing funds from the company he helped found in 1952. A bankruptcy court is temporarily barring him from selling his ranch house and farm. When the house is ready for market, agents say it would grab only about $600,000 — a steal for only about $3,853.57 a month.

However, if your mortgage-industry paycheck is strangely larger than the rest of your colleagues’, you could move into one of Dennis Kozlowski’s digs. Tyco International, formerly the parent of CIT Group Inc., is selling his Manhattan co-op on Fifth Avenue — bought by Kozlowski with pilfered Tyco funds — for $16.8 million. Your mortgage payment would be a mere $107,899.89 a month.

According to, the yearly salary of, say, a mortgage loan area manager is $99,240.33, which is the average among Los Angeles, New York City, and Dallas. That wouldn’t buy much mansion — but it also wouldn’t buy much scandal, either.

Christy Robinson is the editor of She received a bachelor’s degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at:

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts