The above home, at 11311 Drumsheugh Lane in Upper Marlboro, was the home of Larry Hogan until 1995, when he surrendered it to Capstone Mortgage Corporation (for the amount of $412,250) as part of a bankruptcy settlement. Hogan filed for Chapter 7 bankruptcy protection on April 1, 1994. It was discharged on July 22 of that year and the re-opened later that year on December 14 before finally being terminated on April 22, 1996. Additional claims from eight creditors totaled $111,168.55. Creditors included Commerce Bank, Citibank, MBNA America, BMW Financial Services, Valerie Kline & Mary E. Kellam, and NationsBank BankCard Center.
All of the above information is noteworthy in light of Hogan touting his business acumen as the main reason to vote for him. If Hogan is the nominee, you can bet this and everything else, including the kitchen sink, will be thrown at him by the Democrats and their friends in the media.
Here’s a statement from Larry Hogan that his campaign provided:
Two decades ago, I filed for bankruptcy protection under Chapter 7. At the time, we were a small but growing business that had never missed a payment to any lender or vendor. In the early 90s, new federal lending rules set off a wave of bank failures. Within a short period of time my regional lenders, including First American Bank, were failing and either closed or were taken over by out of state banks; the immediate result was that all the bankers with whom we had long standing relationships lost their jobs. All our loans were called by the new bank, forcing me to immediately liquidate my personal and business assets including my home in Prince Georges County; we were never a day late on any payment to anyone before these loans were called.
Though it was painful and even humiliating at the time, looking back, that experience taught me about the challenges of life in the private sector, about meeting a payroll and balancing a budget. It also gave me a personal understanding of the stress facing all too many families and small businesses who struggle to make ends meet today. For my friends, colleagues and partners at the time, the experience taught us firsthand how ill-conceived government policies can have unforeseen consequences throughout the economy.
Within a couple of years, I was able to put this difficult financial experience behind me and not only turned around a struggling small business, built a successful enterprise that has since gone on to bring hundreds of employers and thousands of jobs to Maryland.
Hogan blames it on the government and then notes the stress of surrendering his five-bedroom home with 5 fireplaces and six bathrooms helps him empathize with the common Marylander.
After the mortgage company took possession of the Upper Marlboro house for $412,250 in 1995, they sold it for $490,000 later that year. It most recently sold for $2.25 million in 2005 and is currently estimated by Zillow to be worth just over $798,000.
Hogan has recovered nicely. His current waterfront home in Edgewater (which is called “Governor’s Pointe”) is a 3,121 square foot home built in 1978 sitting on just over two acres of land. “Governor’s Pointe” has an assessed value over $1 million.
Remember, this bankruptcy was after his first failed bid for political office in 1992. In fact, Hogan had said he would run against Hoyer in 1994. Did the bankruptcy derail those plans?
Larry Hogan is a businessman
not and a politician as most people define the term politician.
Quinton is a native South Carolinian who has lived in Baltimore since 2006. He is a recent convert to the Catholic Church and is active in the Knights of Columbus. He has been involved in the pro-life movement nationally and locally since 2010.
Quinton is a veteran who served as an intelligence analyst in the Army National Guard. He is also an Eagle Scout.