White House "Short Sale"Washington, D.C. (April 1, 2010) --President Barack Obama today announced plans to sell the White House as part of the government's ongoing efforts to reduce the national debt. However, with an estimated fair market value of $200 million, secured by a $13 trillion mortgage, President Obama acknowledged that, at present, the White House was deeply "underwater."
"We believe it is in the best interests of our creditors -- China, Japan, and various OPEC members -- to reduce the principal balance on the White House, rather than risk an even greater loss by forcing the property into foreclosure," President Obama said.
Representatives of the various creditor governments were reportedly studying the proposal. A spokesman for Chinese Premier Wen Jiabao said, "Before we consider such a dramatic write-off, we, of course, will require the United States to provide a complete and candid picture of its financial situation -- something that it has not offered to date," the spokesman said.
Ross Kaplan, Edina Realty City Lakes, has the listing.
"We believe it is in the best interests of our creditors -- China, Japan, and various OPEC members -- to reduce the principal balance on the White House, rather than risk an even greater loss by forcing the property into foreclosure," President Obama said.
Representatives of the various creditor governments were reportedly studying the proposal. A spokesman for Chinese Premier Wen Jiabao said, "Before we consider such a dramatic write-off, we, of course, will require the United States to provide a complete and candid picture of its financial situation -- something that it has not offered to date," the spokesman said.
Ross Kaplan, Edina Realty City Lakes, has the listing.
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