Among those who answered the clarion call to invest in Houston-area real estate back in the early eighties, just a few years before its big crash: Presidential candidate Mitt Romney. Long before he earned billions at the helm of Bain Capital, Romney bought 5 rent-to-own houses in suburban areas of Houston — “without putting up any of his own money,” according to Mike McIntire’s report. Romney got stuck renting out the houses until the late 1990s, when he unloaded 4 of them, “mostly at a loss.” The tenants of the fifth house wanted to buy their 1,836-sq.-ft. 3-bedroom home (at 1350 Gentle Bend Dr. in Missouri City’s Hunters Glen neighborhood) but couldn’t qualify for a mortgage. So Romney became their bank. Tim and Betty Stamps have been making out $600 checks to Romney every month for 15 years. They refinanced the property with him this June. [NY Times]
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