According to the Democratic Party of Virginia, 2nd Congressional District Rep. Thelma Drake has made more than $400,000 as the result of her purchases of foreclosed homes.
In a memo released Tuesday (pdf) and in a related press release, documentation of gains of $437,750 is provided, as follows:
- Drake purchased 2619 Pretty Lake Avenue in Norfolk, VA for $148,500 on April 16, 2003, from Glasser and Glasser PC following a mortgage default by the previous owner. She sold the property on September 2, 2003, for $212,000, a profit of $63,500.
- Drake purchased 9549 7th Bay Street in Norfolk, VA on December 5, 2000, for $17,050 at a public auction after the owner defaulted on a mortgage secured by the property. At the time, the property had an assessed value of $43,440. According to a July 2008 assessment, the property is now
worth $177,000 — a profit of $159,950. - Drake purchased 9527 11th Bay Street in Norfolk, VA on February 15, 2001, from Wachovia Bank for $27,500. Wachovia obtained the property through a foreclosure dated December 5, 2000. According to a July 2008 assessment, the property is now worth $241,800 — a profit of $214,300.
Now, I happen to not begrudge anyone making money. And I note that all of these purchases took place during the time that Drake was employed as a realtor, i.e., prior to her being elected to Congress in 2004. Realtors make money in real estate – no surprise there.
However, I do find some of her votes, as outlined in the memo, disturbing and votes that, as an experienced realtor, I wouldn’t have expected her to make. For example:
Drake voted against a bill that would create a nationwide mortgage licensing system and registry. The bill also established minimum standards for home loans and expanded certain limits on high-cost mortgages. It would prohibit brokers from steering consumers to mortgages they are unlikely to be able to repay. [HR 3915, Vote # 1118, 11/15/07]
I can see no reason for voting against this bill. I’ve been around the mortgage business for twenty years. And when I talk to my clients in this business, I find that they mostly agree with this. Besides, by last November, the need to get a grip on the underwriting and lending standards was obvious to anyone remotely connected to the housing industry.
I always hope that the people we elect will draw on their expertise to do what is right by us. When they don’t, they no longer deserve our votes.
VIVIAN J. PAIGE | All Politics is Local 
Vivian,
“It would prohibit brokers from steering consumers to mortgages they are unlikely to be able to repay.”
How Lame you are!!! The two have nothing to do with the other. I realize that the Dems think consumers are stupid and have no idea what decisions they are entering into, however this is a stretch!
rlewis,
Perhaps the comment should have been changed to: “It would have prevented mortgage brokers from packaging risky loans to bad credit risks to investors.”
Even the “best and brightest” (that would be Wall Street Banker CEO’s) fell for the chicanery. How can you blame a less informed investor for being duped as well?
With her background as a realtor, Thelma Drake should have been amongst the first to blow the whistle. It seems the American taxpayer did not benefit from her personal, prior, job experience like we might have if we had sent someone else to Washington to represent us.
I do not know if it was because she lacked the intelligence or that she was less then honest. Personally I blame her exhibited tendency to walk the GOP line on every issue as being the most likely explanation. Whatever the explanation, I think we need someone else representing us in Washington.
Whatever LittleDavid, Again, the 2 have nothing to do with one another! I realize you are bias and a hack, so I will take that into consideration.
rlewis,
I’m a hack and biased?
Well, I am biased against Thelma. She’s a follower of GOP leadership and has not been a part of the leadership of the party. Or if she is a leader in the party (no evidence of this) then she is particularly to blame.
But am I a hack? Please define hack. I am an independent voter who makes his living as a self employed truck driver. I receive no income base upon how I speak. Yes, I am an outspoken voter. But I do not see how any of this qualifies me as being a “hack”.
Please defend your accusations. I am extremely tolerant, so apologies will be accepted.
I hardly think you are an independent voter! Your comments don’t lend themselves to consider you an independent voter. So all the people that voted for her against Kellam was wrong? On your site, you stated that you are voting for Obama because McCain picked Palin for VP. Come On! you can do better than that! She is more qualified than Barack to make crucial decisions. No apologies from me.
I retract my comments about you not being an independent voter. After reading more of your site, I will concede you are such. However, still no apologies from me!
rlewis,
Sarah Palin is a pro-life extemist. She does not believe in the use of birth control. I do not want someone waiting in the wings to take the reigns from old man McCain if something (God forbid, but we can’t stand in God’s way) should happen to him.
I do not want to take the chance we could end up with an 8 or 9 months pregnant Commander In Chief.
I’m amongst the independent voters that would have kept John Warner in there if he had wanted to run again. I’m amongst the voters that voted for Phil Kellam. The only reason Phil lost was because my Congressional district is so conservative.
But guys like me helped run George Allen out of office!
rlewis,
Thank you for the less than an apology. I can live with you if you can live with me.
“I do not want to take the chance we could end up with an 8 or 9 months pregnant Commander In Chief.”
Why not? Would you prefer a CinC who gets bitchy once a month? What if she has to be in a G8 summit meeting while PMSing? What about judges? Should we have no female judges because they might not judge fairly depending on what time of the month one’s case is tried?
Ok, I guess I can live with you if I have to.
Mouse,
Me thinks you are too much of a sexist even asking those questions.
However I do not think I am wrong in voicing the opinion that pregnant women deserve some special consideration from the rest of us.
There’s a difference between “special consideration” and saying that you don’t want a pregnant CinC. “Special consideration” is allowing them to use handicapped parking because it is hard to breathe when the baby is riding high, and it ain’t no joy walking after the baby has dropped to rest his head on your bladder. You are talking about her being incapable of fulfilling her duties as CinC.
Mouse,
You are correct. When I served as a Chief in the USN, women under me typically took maternity leave when the due date drew near. I do not want a Commander in Chief on maternity leave.
Perhaps Sarah Palin will prove all the women that take maternity leave are really just malingerers? I will continue to say that they are not. That pregnant women deserve special provisions and Sarah Palin is no exception. Due to her beliefs about birth control she is unacceptable to serve as Commander In Chief (to me anyway).
While I was never in the military myself — for physical reasons — I did work with and live with (in the BEQ) many Navy enlisted personnel. I submit to you that the physical demands on a seaman (seawoman?) are greater than those on the CinC. Furthermore,
(Amendment 25, Section 4)
Relax, we’ve got it covered. If McCain dies while Palin is 9-months along (Cindy having discovered that the baby is John’s and killed him) then Pelosi can step in!