Congressman Langevin corrects 6 years of financial disclosures

Congressman Jim Langevin speaks during an interview on WPRI 12's Newsmakers in May 2015.
Congressman Jim Langevin speaks during an interview on WPRI 12's Newsmakers in May 2015.

PROVIDENCE, R.I. (WPRI) – Congressman Jim Langevin has corrected six financial disclosure statements he filed in recent years after failing to mention that he borrowed money against the value of two properties he owns.

“I sincerely regret that these items were not originally included in a timely manner, and I would appreciate your assistance in amending my previous filings accordingly,” Langevin, a Democrat, wrote in a letter to the clerk of the U.S. House.

Langevin took out two home-equity lines of credit in 2009, one in June against a home he owns in Washington’s Logan Circle neighborhood, and another in October against the two-family home in Warwick that he lists as his primary residence.

The year-end balance on the Washington-backed line of credit was between $15,000 and $100,000 from 2009 to 2012 but fell to zero by the end of 2013 and was no longer listed after that. Last year Langevin took out a new line of credit from Coastway Community Bank backed by the Washington property, and its balance was between $100,001 and $250,000 at the end of 2015.

The year-end balance on the Warwick-backed line of credit, also from Coastway, has been between $50,001 and $100,000 every year since 2009. Langevin noted in his letter that before 2011 members of Congress were not required to report home-equity lines of credit taken out on primary residences.

In addition, Langevin’s disclosure corrections also showed he took out a separate home-equity loan from Coastway on his Warwick home in 2013, and its balance was between $15,001 and $50,000 at the end of last year. Both the Washington and Warwick homes are also mortgaged, which Langevin previously disclosed.

Langevin’s office declined to comment beyond the text of the letter.

Langevin is seeking his ninth two-year term representing Rhode Island’s 2nd Congressional District on Nov. 8 and analysts say he is in little danger of losing his seat. He faces Rhue Reis, the same Republican he defeated in 2014, and two independent candidates, Salvatore Caiozzo and Jeffrey Johnson.

Ted Nesi (tnesi@wpri.com) covers politics and the economy for WPRI.com. He writes The Saturday Morning Post and hosts Executive Suite. Follow him on Twitter, Facebook and Instagram