Kerry mortgages home to keep bid afloat

Vancouver Star Friday 19th December, 2003

Sen. John F. Kerry, D-Mass., says he is mortgaging his Boston home and putting up $850,000 of his own money to keep his U.S. presidential bid afloat.

The contributions are said to be crucial, the Washington Post reported Friday, at a time when expenditures are going up and fundraising is going down. Kerry has rejected public financing to avoid spending limits that accompany the taxpayer subsidies.

Sources said Kerry was close to running out of money to finance his campaign, which is expected to bring in only $1 million to $2 million in the last three months of this year. Demands for travel, staff and television advertising are escalating rapidly and should grow even faster in January when Kerry takes part in the Jan. 19 Iowa caucuses and Jan. 27 New Hampshire primary.

Kerry borrowed $850,000 from a bank as an advance on a mortgage of $5 million or more for his half ownership of his prestigious Beacon Hill townhouse.