6/03/2012

Where is Elizabeth Warren's explanation?: Attacking foreclosures while having profited from foreclosures

Are these actions those of the same person who is now running for the US Senate?  Can she explain the "loaned money at high interest rates"?  From the Boston Herald:

• Purchasing a foreclosed home at 2725 West Wilshire Boulevard from the U.S. Department of Housing and Urban Development for $61,000 in June 1993, then selling it in December 1994 for $95,000 — a 56 percent mark-up in just 18 months.• Buying a house at 200 NW 16th St. for $30,000 in August 1993, then flipping it for $145,000 — a 383 percent gain after just five months.
• Lending one of her brothers money at 9.5 percent interest to buy a home at 1425 Classen Drive for $35,000 in August 2000. He sold the place three months later for $38,500 — a 10 percent gain in 75 days.
• Providing her brother with financing to buy a $25,000 house at 4301 NW 16th St. in 1994. He sold the property four years later for $42,000, a 68 percent increase. . . .
Herald columnist Howie Carr reported yesterday that Warren and her relatives also profited from two additional Oklahoma City foreclosures — in both cases showing triple-digit percentage gains.
Warren’s campaign issued a statement last night: “Elizabeth and (her husband) Bruce are fortunate to be in a position where they can help their family. They have been able to help relatives buy their homes and her nephew — a contractor — fix up houses.” . . .

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