Drake Makes $437,000 on Foreclosed Homes

By: Lowell
Published On: 10/27/2008 4:06:11 PM

From the DPVA. So this is what Thelma's been up to, eh? :)

Drake Makes $437,000 on Foreclosed Homes

Documents Reveal Conflict of Interest: Drake Voted against Foreclosure Relief, While Profiting off of Foreclosed Homes

NORFOLK - Rep. Thelma Drake has made more than $400,000 in personal profits and assets from foreclosed homes that she purchased, according to documents released by concerned Hampton Roads homeowners on Monday.

Hampton Roads real estate professionals and homeowners facing foreclosure released documents Monday, showing that Drake had made $437,750 from three homes she bought in foreclosure. Meanwhile, Drake has repeatedly voted in Congress against relief for families facing foreclosure in Congress.

"In the midst of an economic crisis, thousands of Hampton Roads residents have lost their homes to foreclosure," said Hampton Roads realtor Dan Curran at a press conference Monday outside of one of Drake's homes, 9527 11th Bay St. in Ocean View. "While Thelma Drake was turning her back on Virginia homeowners, it turns out that she was lining her own pockets."


Curran called on Drake to reveal how many houses she had purchased out of foreclosure and how much money she had made off of the foreclosure profits.

Drake still owns at least two formerly foreclosed properties, one of which currently sports a handmade "For Rent" sign with her husband's office phone number on it. A photo of the sign is available at: http://www.vademocrats.org/pag...

As Congresswoman Drake's constituents struggle just to stay in their own homes, Drake's most recent personal financial disclosure reveals that she held at least a dozen properties worth between $2 million and $4.6 million - a number of these were purchased after their owners could not afford to pay their mortgages.

"This is a serious conflict of interest," said Jared Leopold, Communications Director for the Democratic Party of Virginia's Coordinated Campaign. "While Virginians struggle to hold onto their homes, Thelma Drake has turned their struggles into her personal profit. Thelma Drake has serious questions to answer for Virginians about who she truly represents."

The following documents, released Monday, show Drake's profits from foreclosed homes:

- Memo outlining Drake's conflict of interest: http://www.vademocrats.org/pag...

- Drake's 2007 financial disclosure form: http://www.vademocrats.org/pag...

- Deed for 9527 11th Bay St: http://www.vademocrats.org/pag...

- Deed for 9549 7th Bay St.: http://www.vademocrats.org/pag...

- Deed for 2619 Pretty Lake Ave: http://www.vademocrats.org/pag...

Comments



Ouch. THAT will have traction. (Scott Surovell - 10/27/2008 4:40:19 PM)


Note that a Realtor (Teddy - 10/27/2008 5:16:46 PM)
Mr. Curran, outed Thelma. I woner if he has entered an ethics complaint against his fellow Realtor?


My personal connections to the 2nd CD race... (ajpuckett81 - 10/27/2008 9:29:00 PM)
--My mother in law is a personal friend of Thelma Drake's, and generally votes Democratic, and is voting for Barack Obama and Mark Warner, however, she is conflicted on whether she will support Nye or Drake. However, she is a real estate agent, and I wonder if she knows about this story.

--My wife's ex-boyfriend is Glenn Nye's brother (we would both vote for Nye except that we live in Bobby Scott's district).

The 2nd CD is very interesting indeed.  



Greed always gets 'em, doesn't it? (Lawyer Mama - 10/27/2008 11:21:01 PM)
If profiting off of the misfortunes of others weren't so damn sad, I would be laughing in glee.

Go Glenn!