Today, Citizens for Responsibility and Ethics in Washington (CREW) filed a complaint with the Senate Ethics Committee alleging that Senator Rick Santorum (R-PA) violated the Senate Gift Rule by accepting a mortgage from The Philadelphia Trust Company, a bank that serves affluent clients.
CREW based its complaint on a story by Will Bunch that first appeared in the Philadelphia Daily News on February 21, 2006. According to the article, in 2002, Sen. Santorum and his wife received a $500,000 five-year mortgage for their Leesburg, VA home from Philadelphia Trust. The bank’s web site states that “banking services are available only to investment advisory clients whose portfolios we manage, oversee or administer.” The Daily News reporter called the bank, which confirmed that it offers mortgages only to investors and not to the general public.
Sen. Santorum’s financial disclosure forms for 2001 and 2002 show no investment portfolio with Philadelphia Trust. Moreover, in 2002, the year Sen. Santorum obtained the mortgage, his financial disclosure forms indicate that his investments did not exceed $145,000.