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May 19, 2012


Senator Forced to Sell Home

Sen. Mike Lee (R-UT) was "forced to sell his dream home" in Utah with "his mortgage bank taking a significant loss -- up to $400,000 -- in a 'short sale' as the housing bust in his neighborhood drained his house's value," the Salt Lake Tribune reports.

"Lee purchased the home for around $1.1 million in January 2008, at the height of the housing boom and when he was working as a private practice lawyer. But as home prices dipped and he was elected to the Senate, Lee found himself underwater in the home and without the means to pay off the difference."

Lee's wife and three children are now living in a rental home.












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