Massachusetts Democratic Senate candidate and consumer rights advocate Elizabeth Warren profited from the practice of “flipping” homes, according to the Boston Herald:
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.
Warren frequently made double and triple-digit percentage gains on the homes she flipped in Oklahoma City during the 1990s, including a 56 percent gain on a foreclosed home she owned for 18 months and a 383 percent gain on a home she owned for five months.
Warren also helped her relatives make money from the real estate market. In 1997, she gave her brother a mortgage to buy a home that he sold nine years later for a 73 percent gain, according to the Herald.