Harsh Foreclosure Critic Elizabeth Warren Reportedly Made a Fortune…‘Flipping’ Foreclosed Homes
- Posted on June 2, 2012 at 9:07pm by
Erica Ritz
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(Photo: AP)
Elizabeth Warren has been plagued throughout her campaign for a Massachusetts Senate seat by what appear to fibs of her own creation.
It began when claimed to be Cherokee, because her “Papa” (pronounced “Papauw”) had high cheekbones, and there was “family lore.”
She reportedly rode that claim all the way to Harvard, where she was pronounced a “minority professor,” when in reality, a genealogist found she is a scant 1/32 Cherokee.
Now, the woman who claims to have created the “intellectual foundation” for Occupy Wall Street– notorious for its anti-foreclosure actions– is revealed to have made a small fortune flipping foreclosed homes in the 1990′s.
The Boston Herald, which uncovered the findings, explains:
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.
• 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.
• Giving her sister-in-law a mortgage in 1996 to buy a $31,000 home at 2621 NW 13th St. Three years later, the sister-in-law sold the place for $45,000 — a 45 percent boost in three years.
And so it continues.
(Photo: AP)
Warren’s campaign issued a statement, saying: “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.”
However, the evidence indicates that Elizabeth and Bruce weren’t so much lending money to family members, as going into business with them for profit. This is completely understandable– unless you have partially built a campaign around the evils of “predatory” banks and the individuals who exploit foreclosures.
Warren’s campaign website reads: “We are in the midst of one of the greatest economic crises in our country’s history — a crisis that began one lousy mortgage at a time.” For this, Warren slams “a deregulated credit industry (that) squeezed families harder, hawking dangerous mortgages.”
Despite her apparent willingness to take advantage of those “dangerous mortgages,” Warren won a resounding endorsement from Massachusetts Democrats Saturday to clinch the primary against the incumbent Scott Brown.
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Comments (132)
shorthanded12
Posted on June 2, 2012 at 11:14pmThe only thing she has thats 1/32nd is the size of her brain and all that can be found on her lean forward left side.
Report Post »How come most Progessive liberal B!tch woman have butch style haircuts except “Poodle Schultz”? just sayin
nzkiwi
Posted on June 3, 2012 at 2:40am@ Ask uncle JZS
Your “cut and paste” attack is becoming monotonous and, unlike JZS, boring.
Report Post »turkey13
Posted on June 3, 2012 at 10:46amIn the local paper it is mostely Indians that are listed againt CityCorp or some other big bank – most that got bailed out like City or Bank of America. Can’t believe Warren was bragging about being part Indian and then she comes to The Indian Nation to swoop in like a Buzzard to clean the carcus off.
Report Post »turkey13
Posted on June 3, 2012 at 4:02pmLooks likm instead of being a slum lord she was a slum buyer! As far as the lies go, it is no worse than the Obamas. When you have 5 or 6 going at the same time it is easy to get them mixed up.
Report Post »E. Zach Lee-Wright
Posted on June 3, 2012 at 8:23pmI have no interest is seeing Mrs. Warren succeed in her Senate race but her enterprise of buying and selling homes in the 1990′s is legitimate. The market was not topsey turvey in the 90′s. It has been for the past five years. Previously it was pretty consistent in most markets. Oklahoma was not a super hot market. The profit figures cited are gross profit. It would be more honest to acknowledge that net profits are real and gross profits are not. Simply put, you have to consider the repair expenses, fees, and commissions that went into the operation. I guarantee you the brother’s transaction with a ten percent gross margin LOST money. Perhaps the lady is a hypocrite for the liberal views she spouts but her real estate transactions are pretty ho hum.
Report Post »PATTY HENRY
Posted on June 4, 2012 at 11:10amThis is just another self-serving obnoxious Liberal who really thinks she she knows what’s up, even when she lies to herself about the “facts”.
Report Post »dmerwin
Posted on June 4, 2012 at 9:02pmThe point here is that she sees herself as above the normal rules for society like honesty and shame with hypocrisy. The tribe refutes her claim and she cannot produce a Bureau of Indian Affairs card. This indicates that she intended to use her false claim to gain some advantage to using ethnicity on her application form. Whether she benefited or not we will not know, however, it was clearly her intent to gain advantage, so this is fraud. Regarding the foreclosures, she used a process she rails against for personal gain no matter the extent of that gain, therefore she is a hypocrite. The real question is will the people of Massachusetts elect a lying, hypocrite with no scruples? Oh, I just remembered the Kennedys.
Report Post »freedomisasfreedomdoes
Posted on June 2, 2012 at 11:00pmWhen does the lying stop E. Warren? My goodness. Get a conscience.
Report Post »lukerw
Posted on June 2, 2012 at 11:14pmWhen Pigs evolve Wings and Fly!
Report Post »lovenfl3
Posted on June 2, 2012 at 11:15pmShe’s a liberal, they have no conscience. It must be the “high cheek bone” thing. This woman does seem to be about as bad as a liberal can be though. She’s right up there with Nancy Pelosi and Blabbermouth Schultz. http://www.youtube.com/watch?v=m5kwKTxxEy4
Report Post »adeleeeee
Posted on June 3, 2012 at 6:20amPlease plezzzzz donot call these animals liberals … They are liars!
LIAR is beth warren…
Gosh… now I would like to apologize to all animals …
Report Post »Taquoshi
Posted on June 3, 2012 at 7:19amOkay, okay, okay….let’s just stop for a minute and clarify things. Is she actually 1/32 Cherokee? Did the Tribal leaders formally recognize her?
Secondly, the bit about calling her father by the name “Paw-paw”(however you spell it, say it, whatever), I thought it was her FATHER’S family who was upset that her MOTHER had the Native heritage forcing them to elope. So, whose Native and who is not?
According to Wikipedia:
Elizabeth Warren (nee Herring, born June 22, 1949) is an American bankruptcy law expert, policy advocate, Harvard Law School professor, and Democratic Party candidate in the 2012 United States Senate election in Massachusetts…Warren taught law at several universities and was listed by the Association of American Law Schools as a minority law professor throughout the 1980s and 1990s. In the wake of the U.S. financial crisis, Warren served as chair of the Congressional Oversight Panel created to oversee the Troubled Assets Relief Program in 2008.
[ http://en.wikipedia.org/wiki/Elizabeth_Warren ]
Now, the bit about her flipping foreclosed houses makes sense, but the fact she was the chairman of the Congressional Oversight Panel created to oversee the Troubled Assets Relief Program in 2008 is a problem. It’s called a conflict of interest.
Oh, wait. I forgot. She’s a Democrat. So, like Maxine Waters, all is forgiven.
Report Post »loriann12
Posted on June 3, 2012 at 11:08amI’m all for people buying foreclosed houses cheap, fixing them up, and then selling them for a profit. Someone has to fix them up. Other than the word “flipping” it doesn’t mention that she actually put money in to fix them up. Did she buy them trashed really cheap and sell them higher still trashed? If you buy a house cheap, but have to put $10,000 to fix it up, you have to subtract your total investment before you come up with how much money you made. The problem is the hypocracy. The “I can make money but you can’t” philosophy of the left that gets me. The fact that they rail against capitalism, which is the instrument that got them rich in the first place. As to the American Indian thing, I did a political survey on the phone, and then had to answer questions about race/gender/age, etc. When asked about my race, I was given a list, and caucasion was last. I jokingly said I was 1/32 Blackfoot, 1/16th Osage and a trace Cherokee. She asked if I wanted to claim Native American as my race. I laughed and said, no, I’m caucasion.
Report Post »Taquoshi
Posted on June 3, 2012 at 6:03pmLoriann -
Her brother bough one house and sold it in 90 days and made a narrow profit margin on it. I can‘t swear they didn’t paint or clean, but it would be hard to do anything major in 90 days and get the residence back on the market that quickly. I’ve even know it to take longer to get the title cleared and the deed on file in the land records.
The other issue is that I seem to remember a certain elected official saying that his administration would be transparent and accountable. Having someone in office dealing with foreclosures that is actively assisting family members, in this case by lending money, to buy foreclosed properties is questionable.
Report Post »loriann12
Posted on June 4, 2012 at 6:31am@Taquoshi
Report Post »That was sort of my point. It’s not about flipping houses, it’s about every thing the Dems do is on the shady side, and yet they point fingers like spoiled little brats. They complain about the very system that allows them to make their money. Sort of like congressmen using insider trading because it’s not been made against the law BY THEM.
progressiveslayer
Posted on June 2, 2012 at 10:56pmWarren is a hypocrite and a liar,she’ll make a great politician.Progressive pigs like her are what’s destroying this country and all progressives should lose all over the country and purge the republican party of RINOS,,that’s a winning combo and would be great for this country.
Report Post »adeleeeee
Posted on June 3, 2012 at 6:22amPlease apologize to pigs…. These liars don’t even deserve a name or title….
Report Post »Nvrat
Posted on June 3, 2012 at 8:45pmThat appears to insult the pigs! They are tasty animals and I would have some reservations about calling the bieetch the same!
Report Post »Bruce P.
Posted on June 2, 2012 at 10:55pmGuys, don’t you understand? It’s okay for her to do it, to make profit and be rich, because she CARES.
Report Post »Bruce P.
Posted on June 2, 2012 at 10:54pmAnd Romney is the “vulture capitalist…”
Report Post »DesertRose1960
Posted on June 2, 2012 at 10:57pmIf you add up all of the “profits” from the sales, they don’t come anywhere near what Romney made in any of his deals, they are problably less than any of the closing costs and attorney fees on a single deal.
Report Post »Walkabout
Posted on June 2, 2012 at 11:13pmLet’s compare the “private” money that Romney lent to companies that succeeded to OBama’s lending public money to cronies whose companies fail.
When Romney was at Bain, they had an 80% success rate. If an established business is in need of a cash infusion it usually means that it is in trouble. With or without venture capitalists jobs would be lost at that point. Without venture capitalists more jobs would be lost.
A high up executive currently at Bain is an Obama bundler.
Report Post »Walkabout
Posted on June 2, 2012 at 11:21pmA corporation or company is in the red. it stays in the red. It goes bankrupt.
It goes thru bankruptcy proceeding.
Which MEANS …. which Means …. which means …
All the workers at the bankrupt corporation/company keep their jobs?
Going thru bankruptcy is much better than getting money from a venture capital firm.
If you believe that I have a Bridge to sell you.
Report Post »Walkabout
Posted on June 2, 2012 at 11:25pmIf a bunch of us just go to the Blaze, we can pile & write a lot of liberal posts, so on we can influence a lot of stupid libertarians & conservatives how to think & vote!
Oh Nooooess, these stories are all over the web!
Hypocritical Elizabeth Warren Turned Profit Flipping Foreclosed Houses
Report Post »breitbart.com/Big-Government/2012/06/02/Elizabeth-Warren-Flip-That-House
Therightsofbilly
Posted on June 3, 2012 at 2:09am@TOKYO ROSE
What’s your point?
That she is stupid, and a lousy business person?
And that is the person that you want making decisions that will effect the economy of our country?
An unethical AND stupid liar?
You been hittin the firewater again Rose?
Report Post »rickc34
Posted on June 2, 2012 at 10:43pmlies will always float to the surface. Being a democrate it is part of her nature to lie.
Report Post »discus02
Posted on June 2, 2012 at 10:41pmWarren is a White Obama. LIE LIE LIE and LIE some more!
Report Post »Chuck Stein
Posted on June 3, 2012 at 1:47amWhat do you mean “white”? She is a “woman of color”! Didn’t Harvard say so? Since when has Harvard been wrong about anything?
Report Post »progressiveslayer
Posted on June 2, 2012 at 10:41pmIndian giver.
Report Post »inblack
Posted on June 2, 2012 at 11:04pmI’d say the spirits of the thousands of dead Cherokee that her family helped murder and whose legacy she stole and exploited have sent the Great Spirit to expose this commie rat.
Report Post »dadsrootbeer
Posted on June 2, 2012 at 10:39pmThis is why she is the perfect progressive candidate.
Report Post »Apple Bite
Posted on June 2, 2012 at 10:36pmBuying 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.
**OMGHEARTATTACKDEAD!!**
Report Post »What was the OWS line about the one percent again? How do you flip a home that wasn’t worth a damn, into over a 100K+ profit? Perhaps her crowd should start asking questions….
DesertRose1960
Posted on June 2, 2012 at 11:01pmYou buy a foreclosed home from the Resolution Trust Company, make improvements and sit on it as the market recovers and then sell it. The house was probably worth the $140,000 in the first place. The banks and the Resolution Trust Company did a huge number on a lot of people during the house bubble in the 1990s.
Report Post »Crazyotto
Posted on June 3, 2012 at 7:59pmI understand process and have some experience fixing up foreclosures… most of her flips seem to be pretty standard. In Fact I would say some bordered on poor investments without knowing how much she had to dump into them.. This one is different and it appears that she may have been real lucky or she knew someone at the bank who held the paper.
Report Post »dah.rackemup
Posted on June 2, 2012 at 10:20pmtypical left wing loonie.they know every spin ,but man get out of this one lefty .keep outing her it is so much fun to watch slime squirm.vote all these rats out.
Report Post »jhaydeng
Posted on June 2, 2012 at 10:00pmThe Boston Herald dug this up? She really is in trouble!
Report Post »Walkabout
Posted on June 2, 2012 at 11:16pmYup, BANKSTER BETH Warren is in trouble.
Report Post »Inlightofthings
Posted on June 3, 2012 at 11:15amThe family loans were dead money by comparison so one wonders what else they may find if they keep digging….
Report Post »WallyJaz
Posted on June 2, 2012 at 9:56pmYeah, but she’s a democrat, Democrats don’t have to practice what they preach, they’re immune from the silly laws that the rest of the universe has to follow. Kind of like John Kerry and paying taxes, Charlie Rangel and paying taxes, and many other Democrats that are still enjoying the PRIVILEGES of being a Politician in what is left of this country.
Report Post »Tex Expatriate
Posted on June 2, 2012 at 9:51pmWarren is so typical of Democrats: A liar, a phony, a crook, and a Marxist who won’t admit it.
Report Post »GeorgieJo
Posted on June 2, 2012 at 11:00pmLizzie MUST BE channeling Teddy O‘Kennedy or Tipster O’Neill
Typical progressive demoCRAP.
OMG 2012
Report Post »sooner12
Posted on June 2, 2012 at 9:27pmMr. Butcher…….That’s right and so true with the administration, including Mrs. Obozo.
Report Post »Walkabout
Posted on June 2, 2012 at 9:25pm“Flipping homes was a profitable investment for the Warren family” – Breitbart.c o m
So BANKER BETH is a FLIPPER as well as a FLIP-FLOPPER
Report Post »RJJinGadsden
Posted on June 2, 2012 at 9:31pmWarren is more of a serial liar. Just whatever she thinks it will take to reach her intended goals.
Report Post »Walkabout
Posted on June 2, 2012 at 9:38pmRJJinGadsden
What I said was funnier.
What you said is truer & more incisive. :(
Report Post »RJJinGadsden
Posted on June 2, 2012 at 10:06pmWALKABOUT, Your post was quite funny. Just couldn’t help myself to add to it.
Report Post »disenlightened
Posted on June 2, 2012 at 9:25pmLooks like this commie squaw made a lot of wampum ripping off the lower classes.
Report Post »bdsconserv
Posted on June 4, 2012 at 10:41amthese are all great blogs folks! her opponent certainly has enough flak to bury her with. let’s hope it works.
Report Post »Walkabout
Posted on June 2, 2012 at 9:23pm- She was against it when she had no money.
- She was for it when she could make a profit and was working as educator.
- She became against again when she had to champion the progressive cause to run for Senator.
From Poster Sanmon @ Breitbart
So BANKER BETH is a FLIP FLOPPER.
Report Post »RJJinGadsden
Posted on June 2, 2012 at 9:23pmWhat can you expect from this woman other than lie after lie? Even the 0bama administration fired her. At least for Scott, she is the gift that keeps giving.
Report Post »yougottabekidding
Posted on June 2, 2012 at 9:33pmThey are hypocrite’s one and all, with idiots voting for them.
Report Post »copatriots
Posted on June 2, 2012 at 9:54pmI’m starting to wonder why the LSM is “vetting” Lizzie. Why aren’t they rallying to her cause? She seems to be getting thrown under the bus. Hmmmmm……….
Report Post »Iron_Wyll
Posted on June 2, 2012 at 9:23pmIf the people of Massachusetts elect this butt-puppet to the Senate, then I would conclude that marijuana is legal in that state…and FREE. Only dopers would vote for her.
Report Post »Walkabout
Posted on June 2, 2012 at 9:27pmPlease give a warning before you say something so cutting & funny next time.
Report Post »Walkabout
Posted on June 2, 2012 at 9:22pm“In essence, Warren was taking the role of a bank, making short- term loans to allow an experienced buyer to make a quick profit.” -Breitbart.c o m
BANKER BETH
Report Post »RepubliCorp
Posted on June 2, 2012 at 10:29pmthat darn one precent
Report Post »Walkabout
Posted on June 2, 2012 at 9:21pmShe loaned money to a relative a 9.5%. He flipped the house for 10% profit. He ended up with .5%. She acted as the bank. she is
BANKER BETH
Report Post »DGuy
Posted on June 2, 2012 at 9:17pmTypical of libs… They are usually guilty of the junk they whine about the most.
Report Post »yougottabekidding
Posted on June 2, 2012 at 9:39pmBecause they know it so well.
Report Post »jonhova
Posted on June 2, 2012 at 9:43pmYes they are…always projecting. They are just so used to never being called out on any of it by the MSM they feel they have carte blanche; that‘s why they loathe the Fox News’ and Conservative radio shows so…
Report Post »00gabooga
Posted on June 2, 2012 at 9:16pmOughta be ashamed. Flipping wig-wams for heap big wampum.
Report Post »CatB
Posted on June 2, 2012 at 9:25pmlol thanks!
Report Post »Walkabout
Posted on June 2, 2012 at 9:39pmNice
Report Post »asybot12
Posted on June 2, 2012 at 9:55pmgreat stuff, thanks
Report Post »The Third Archon
Posted on June 2, 2012 at 10:42pmWell done, propagating cultural ignorance–which is, of course, exactly what the Blazers need MORE of.
Ah ha ha ha ha aha ha.
Report Post »00gabooga
Posted on June 4, 2012 at 12:04amActually Archon, MY GENUINE COMANCHE BLOOD doesn’t mind one bit. Thanks for taking the “I’m Offended” bullet for me anyway though.
Report Post »MrButcher
Posted on June 2, 2012 at 9:10pmDo as Big Chief Warren say.
Not as Big Chief Warren do.
Report Post »