Elizabeth “Foreclosure Queen” Warren made fortune flipping foreclosed homes
June 2, 2012 - 4:42 pm
The Hypocrisy Spirit is great with this one.
The Boston Herald did a little investigative reporting earlier today and discovered that Democratic Senate candidate (and self-styled inspiration for the Occupy Wall Street anti-capitalist movement) Elizabeth Warren herself spent the 1990s buying up foreclosed homes at rock-bottom prices, and then quickly fixing them up a bit and re-selling them at huge profits — the exact same “predatory” behavior she criticized in others.
Let the Boston Herald tell the tale:
Elizabeth Warren, who has railed against predatory banks and heartless foreclosures, took part in about a dozen Oklahoma real estate deals that netted her and her family hefty profits through maneuvers such as “flipping” properties, records show.
A Herald review has found that the Democratic U.S. Senate candidate rapidly bought and sold homes herself, loaned money at high interest rates to relatives and purchased foreclosed properties at bargain prices.
Land records from Warren’s native Oklahoma City show the Harvard professor was active in the often topsy-turvy real estate market in the 1990s, including:
• 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.
…continuing with a long list of flipped foreclosures.
Next she’ll tell us that it wasn’t foreclosed houses she profited from, but foreclosed teepees.
Seriously, how can this woman look at herself in the mirror?