Why would a Master of the Universe want/need a mortgage? I assume he thinks he can profit on it somehow, at the expense of some patsy or other.
Just because he's rich and powerful doesn't mean he doesn't buy more house than he can afford upfront like just about everyone else in America who buys a house. He's just doing it on a much grander scale I reckon.
The scale does not seem particularly grand, by contemporary Washington standards. For example, here is an arbitrary DC real estate list sorted from high to low:
http://www.jamesgrantproperties.com/results-gallery/?status=A&sort=listpriceBernanke's seems to be nowhere near the high end. As for the mortgage, according to the article:
"The Journal reported in 2011 that he owed $672,000 on his mortgage after refinancing it that September. The refinance closed days before the conforming loan limit—the maximum amount that qualifies for backing from Fannie and Freddie—in the Washington, D.C., area dropped to $625,500, from the previous limit of $729,750."
I infer from this that he grabbed a bargain rate from F&F at taxpayer expense - an investment, if you will.
Various media sources claim that the Bernank "earns" $200,000 to $400,000 per speech these days, which is why I suggest he does not NEED a mortgage (of $672k).
http://www.forbes.com/sites/johntamny/2014/05/25/ben-bernankes-post-fed-speaking-fees-send-a-scary-economic-message/
