Kerry Mortgages Boston Home for Campaign

[Khephra]

WASHINGTON -- Sen. John Kerry has lent his campaign for the Democratic presidential nomination more than $6 million secured through a mortgage on his family's Boston home, his campaign said Thursday.

Kerry, a Massachusetts senator, already had lent his campaign $850,000 to become the first candidate in the 2004 race to turn to his own fortune. The Kerry campaign has declined to disclose the value of the Beacon Hill house or the extent of the senator's wealth, except to say that he had several millions of dollars at his disposal.

Under federal campaign law, Kerry cannot take the money from his wife, Teresa Heinz Kerry, an heir to the multimillion-dollar Heinz food fortune. She can give no more than $2,000, the limit applied to campaign donors. He is allowed to tap the full value of any property solely in his name and half the value of property he co-owns.

more....................

http://www.newsday.com/news/politics/wire/sns-ap-kerry-loan,0,669520.story?coll=sns-ap-politics-headlines

[Jim Sagle]

1. So, Senator, why the long face?

[demdave]

7. What long face????

or

[sventvkg]

2. very sad that he's that cash strapped..........

[Born Free]

3. perhaps sad for some ...

Certainly Kerry is a great candidate for president and can do a better job then the current resident, but if he can't get the support of enough people there is no way he can win. There is chance he will be selected as vice president, perhaps he should be the first to support another candidate, preferably one that does have the support of enough people to raise enough money to fight the bush team.

[radwriter0555]

4. Bad move, You never back an investment with your own money..

if it's a good investment, someone else will always back YOU.

Telling.

[davsand]

5. She can redeem the mortgages after the election.

Everybody is acting like it is a big deal--but she can redeem the mortgages AFTER the election is over (and probably write off any interest they pay in the meantime!) Sounds to me like they planned this out a while back if he's got this much high value property in his name solely...

I dunno if Kerry can turn it around or not--I tend to doubt it--but I do think this indicates a certain amount of PLANNING in advance.

Laura

[54anickel]

6. Makes him look like another borrow and spend nut that one might not

want running the country. Borrow and spend millions for a 400K per year job with a lot of power and perks.

Just doesn't look quite right. Why aren't there enough "other peoples dollars" willing to support him? That will be what the John Q. Average will be asking.

JMHO

[ozone_man]

8. That was my impression.

Seems like an act of desperation. Campaign viability should be determined by whether it can sustain itself from supporters. Just one more indication that he should drop out.