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Kerry's mortgage

Gannett News Service has this article on Sen. Kerry's $6.4 million problem:

Once written off as a Democratic presidential contender, John Kerry survived to become the front-runner, thanks to a $6.4 million Christmas Eve loan he made to his campaign.

The loan allowed Kerry's campaign, which was struggling to raise money, to put ads on the air and pay staff until victories in Iowa and New Hampshire produced new funds. But now the loan, which he got using his home in Boston's exclusive Beacon Hill neighborhood as collateral, places a financial burden on the Massachusetts senator, with no easy way to pay it off:

  • Kerry's financial disclosures show no assets sufficient to pay the loan or even to keep up with the interest payments. Aides say he has assets that aren't listed on the forms but decline to reveal them.
  • His wife, heiress Teresa Heinz Kerry, has a fortune estimated at more than $500 million. But the law forbids her from paying off a campaign loan for her husband.
  • If he wins the nomination, Kerry could pay himself back from campaign contributions made before the Democratic convention in late July. But doing so would siphon off money at a time when he would be running against President Bush, who will have a projected $200 million to spend.