I don't know how many have seen the new cover story from the American Prospect, but it's an investigative report into Rick Santorum's personal finances and some of the expenditures charged to his political action committee. The piece, written by liberal Will Bunch (a reporter for the Philadelphia Daily News and blogger) alleges that Santorum got a break on his mortgage, financing it through an elite bank run by people who have contributed to his campaign. The article also alleges that a number of trips to Starbucks and fast food joints were expensed through Santorum's leadership PAC (America’s Foundation).

Yesterday Santorum disclosed the details of his mortgage with the Philadelphia Trust Co: it's a five-year interest-only balloon loan at 5 percent signed in 2002. Santorum also released the following statement:

"I applied and filled out all the paperwork everybody has to fill out when they apply for a mortgage and got a market rate. At the time of the loan, I made it very clear that I don't want any special treatment. The bottom line is that I want the same deal that anybody else gets. I don't want any special treatment, and that is the way an elected official should operate."

The Philadelphia Inquirer concludes with this:

Santorum campaign spokeswoman Virginia Davis said the senator never took any official action on the bank's behalf.

Interest rates in 2002 ranged from a low of 4.01 percent for a one-year adjustable rate mortgage to a high of 7.18 percent for a 30-year fixed mortgage, according to Freddie Mac, a federal mortgage lender.

A 5 percent interest rate "was in the market back then; it might have been at the low end of the market, but it was in the market," said Christopher Annas, chairman and chief executive officer of Meridian Bank in Berwyn.

Interest-only mortgages are "pushed aggressively nowadays by lenders and brokers," but they are generally for people who might earn more a few years down the road, according to Bankrate.com, a financial Web site. Homeowners make monthly interest payments on the mortgage for only a fixed term - usually five to seven years, after which the loan is refinanced or paid off, according to the Bankrate.com site.