Kucinich knows a deal when he sees one. This time it was a foreclosed-upon fixer upper three miles from Capitol Hill. He scored a bargain by buying this four bedroom for $387,000 when its value is assessed at $602,980.
The previous owner, according to records obtained by The Plain Dealer, was a victim of a mortgage loan exactly like the ones Kucinich rails against on the House floor. The company that brokered this no-down-payment mortgage, First Franklin Corp, was listed at number four on the list of twenty-five worst subprime lenders considered responsible for the housing collapse (a list compiled by the Center for Public Integrity).
The house had been on the market for over a year and was considered a distressed property. Kucinich has spent the past six months having the house worked on and neighbors say he has done a pretty good job.
Photo by Sabrina Eaton/The Plain Dealer
· Rep Dennis Kucinich Owns, Fixes Up House That Had Been In Foreclosure [Plain Dealer]