Word: payment
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...realizing that Whitewater could be a drain forever, McDougal decided to sell the remaining lots to Chris Wade, the Whitewater broker who had bought Lot 7. The payment: the assumption of $35,000 in bank debt plus a used Piper Seminole airplane, valued at $35,000 by Wade. McDougal took the plane, and Wade began making at least some payments on the debt. Citizens Bank, however, did not release either the McDougals or the Clintons from liability for the full amount of the loan...
Apparently the matter of the loan renewal was temporarily patched over with the bank, which agreed to take the land purchasers' payments for the next six months. In a letter dated Dec. 16, 1986, McDougal informed Bill and Hillary that three land buyers had defaulted, "thereby creating a shortfall of about $1,000 a month for our monthly payment ... We have negotiated an arrangement with the bank to accept the amount we are now receiving from customers as the monthly payment over the next six months. This will take us into the month of May 1987." Susan was never aware...
...Congress. Still, Clinton knew next to nothing about real estate, mortgages, or finance. McDougal was amazed that a Rhodes Scholar and Yale law graduate seemed to know so little about business and money. Clinton went in on the five-acre investment, paying $500 down and sending a monthly payment of $75, which he did conscientiously...
...interested in investing in their part of the state, and even more flattered that, as McDougal informed them, Bill and Hillary were planning to use one of the lots for their own vacation home. Nonetheless, the bank insisted that the McDougals and Clintons come up with a 10% down payment. It also insisted that all the owners, including both Bill and Hillary, be jointly and severally liable for the mortgage. The terms were easily enough satisfied. McDougal and Bill Clinton simply borrowed the down payment from another bank, Union National Bank of Little Rock, where McDougal had been borrowing since...
...McDougals and Clintons didn't tell Citizens Bank that they were borrowing the down payment. The Clintons agreed to cosign the mortgage and appear at the closing. The risk seemed minimal given the speed with which McDougal expected to resell the property and pay off the mortgage. The loan would be short-term--principal and interest due in six months--and the interest rate would...