Ballpark Balloon Payment

Who would borrow money to buy a house when the rate could skyrocket from 4.75% to 14%? The Government of the District of Columbia. Who would borrow money to build a new house for sports millionaires when the interest rate could skyrocket from 4.75% to 14%? The Government of the District of Columbia.

The interest rate on $25 million of the of the $550 in bonds used to construct Nationals Park have zoomed out of the stadium, up nearly ten percent, reports the Examiner. It will cost D.C. taxpayers $200,000 a month until the government finds some way to re-fi or convert the sum to another type of debt. That’s a lot of sales tax and parking tickets.

Anybody want to buy a ballpark?