Our Treasury Secretary proves, once again, that he cannot manage his personal finances.money.cnn.com/2009/06/...
The monthly rent is steep ($7500) but given that he paid over $1.5M for it and has $27k in annual taxes, it's not near enough to cover the mortgage.
Geithner's hoping for some sort of rebound in prices, clearly not understanding what a bubble. When bubbles burst they overcorrect - this house will not be worth what he paid for it for 30 years at best. Unless he's planning on massive wage and income inflation, which may very well be the case.
You know who I would like to nominate for Treasury Secretary? The person who's renting the place from Geithner - s/he can make a $7500 rent payment but is smart enough not to buy into a still-inflated market. This is someone who is obviously far more fiscally astute than Geithner.