Jackson Jr. to refinance mortgage to pay feds

Former Rep. Jesse Jackson Jr. (D-Ill.) plans to refinance his home mortgage in order to pay back half a million dollars owed to the federal government, according to reports. 

Jackson, who is serving out a two-and-a-half-year prison sentence for illegally spending $750,000 in campaign funds for personal expenses, will use the refinanced mortgage to pay back the remaining $550,000 owed, according to the Chicago Tribune

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The money is expected to be paid to the U.S. Marshal by June. Last October, Jackson paid $200,000.

Jackson has a $ 1.3 million home in Washington, D.C, and another $237,000 home in Chicago, according to the Tribune

Jackson and his wife were sentenced last year after admitting to living off his campaign account for a number of years and spending money on lavish items. During the sentencing, the judge described his actions as using his campaign account as his own "personal piggy bank."

He resigned from Congress a year earlier in 2012 due to the federal investigation and treatment for bipolar disorder. 

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