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Richardson makes Maxine Waters look good
Posted by: McQ on Tuesday, May 27, 2008

Have you been keeping up with the story about the freshman Congresswoman from California and her loan defaults?

See if you can figure this out:
The tale of Rep. Laura Richardson’s (D) personal housing crisis got even more captivating Tuesday as her office said the freshman lawmaker defaulted on loans she took out for not just one, but three, California homes.

The news of one of Richardson’s properties recently being sold at auction captured widespread attention last week in the wake of the nation’s housing crisis. But that was only part of the story.

Richardson’s office said Tuesday she has caught up on her payments and renegotiated the terms of loans she took out to purchase homes in San Pedro and Long Beach, Calif. Her office confirmed that the lawmaker defaulted on both of these homes and was risking foreclosure when she went months without making payments.

A third home that Richardson borrowed heavily to move into in Sacramento was sold at auction earlier this month — at a $150,000 loss to the bank that issued her the $535,000 loan.
So she defaulted on three homes, one was sold at auction. In the meantime:
Federal Election Commission (FEC) reports show that Richardson loaned her campaign a total of $77,500 — in three installments — between June and July of 2007.
$77,500?
As well as her $535,000 home in Sacramento, a home that Richardson owned in San Pedro — which she borrowed $359,000 to obtain — went into default in September 2007 when she became more than $12,000 behind in her payments.

In addition, Richardson’s primary residence in Long Beach went into default just two months ago after she failed to make a payment for four months and owed nearly $20,000 on the property.
So she had $77,500 to loan herself to run for Congress but didn't have $32,000 to pay her bills?

Where was this woman's head?

Her reaction to all of this? - oh, you'll love this:
Richardson last week told reporters in California that her experience makes her particularly well-suited to help Congress legislate a solution to the nation’s housing crisis, saying she hoped to testify before congressional committees on the issue.
The only committee Richardson should be testifying in front of anytime soon is called the "ethics committee". But Richardson is a Democrat, so don't hold your breath.
 
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The Dialey Breeze had a great lil tidbit...
One of Cong. Richardson’s first votes after being sworn in, was to vote “aye” on a bill changing the IRS code so that bank forgiveness on a foreclosure sale was not taxable to the defaulter. That vote saved her income taxes on the difference between her indebtedness to WaMu ($585K), and the foreclosure sale price ($388K).
Patterico has a couple of posts on this... I very much look forward to reading more of this on Blogs, because you sure won’t ever see it on the MSM...
 
Written By: Scott Jacobs
URL: http://
Heh, my favorite quote from the original article in The Breeze:
"I think this is what many Americans are unfortunately facing right now," she said. "I am concerned that I can take what I have learned from this to help somebody else. - Many people are one step away from issues that are life-changing moments. When a person moves across the country, that is a life-changing moment."
Yep. All those Americans holding mortgages on 3 homes. All those American’s that stopped making mortgage payments on 3 houses, then went into 3 different defaults, then were surprised when the defaulted properties were auctioned off!

Oh and another favorite quote:
"I am not financially wealthy," she said. "I am not a millionaire. - Based upon what I was going through, changing four jobs in less than one year, I think any American would understand what that does in terms of a person’s financial stability."
Should read:
"I am also not too bright. A sane person would have realized they couldn’t afford *three* homes in *CALIFORNIA* and cut their losses by selling one property. Not me."

Good thing this woman — with such attention to detail and keen budgeting skills — will be leading the country.
 
Written By: ck
URL: http://
California - leading the nation in idiots electing imbeciles.
 
Written By: Grimshaw
URL: http://
We learn today that Phil Gramm was McCain’s advisor on what to do about the subprime crisis at the same he was lobbying Congress on the behalf of UBS, which is heavily invested in securities backed by subprime loans.

Of course, that story will never surface here. Instead, we get this story - from another angle on the crisis - of a politician who made an investment that went bad, and then didn’t try to use her position of power to get her our of it.

Reading this blog sometimes is like watching E! I love it - a wonderful window into cluelessnes about the big picture, but sweet.
 
Written By: mkultra
URL: http://
and then didn’t try to use her position of power to get her our of it.
You don’t read so good, do you...
One of Cong. Richardson’s first votes after being sworn in, was to vote “aye” on a bill changing the IRS code so that bank forgiveness on a foreclosure sale was not taxable to the defaulter. That vote saved her income taxes on the difference between her indebtedness to WaMu ($585K), and the foreclosure sale price ($388K).
 
Written By: Scott Jacobs
URL: http://
"of a politician who made an investment that went bad,"
Hardly. Try, a politician who was clueless about borrowing and spending money. One of the main elements of the story, nitwit, is that someone this dumb is a US Rep. Kinda like if there was a story about you, it would be about how someone this dumb could have survived life for so long.
 
Written By: Grimshaw
URL: http://
of a politician who made an investment that went bad
She defaulted on 3 houses worth over 500K each? And you call it an ’investment gone bad’??? Damn MK, the tin foil is really starting to get to you.

From Wikipedia -

Richardson purchased a home in Sacramento with no money down[3] and a subprime mortgage. Washington Mutual alleged that she later walked away from her Sacramento home and the mortgage within two years of receiving the $578,000 mortgage and stopped making payments on the home and the mortgage. Washington Mutual foreclosed on the house and the final amount owed by Richardson was $578,000 which was $40,000 more than the home was worth.[4] According to county records, Richardson received a default notice and Notice of Trustee’s Sale in late 2007. In December 2007, Richardson was behind in payments by more than $18,000.[5]

According to the Long Beach Press-Telegram, Richardson had also defaulted on payments for her primary home in Long Beach and an additional property she owns in San Pedro. Although she has worked out an agreement with her lender for the Long Beach property, the San Pedro home is still in default and faces foreclosure.[7]
That’s not investing MK. That’s playing the market n the hopes of making easy money. I’m surprised this type of behavior is acceptable to you.
 
Written By: meagain
URL: http://
That’s not investing MK. That’s playing the market n the hopes of making easy money. I’m surprised this type of behavior is acceptable to you.
It is acceptabel to MK so long as a democrat is doing the investing and is bailed out by the Government. Should a Republican face the same problem, MK would be all for a lynching.

Reading MK sometimes is like watching E! I love it - a wonderful window into cluelessness about the big picture, but STUPID.
 
Written By: SShiell
URL: http://
The amazing thing about MK is the topics he shows up to defend.

Well, amazing may not be the word I’m looking for.
Public defender syndrome?

 
Written By: looker
URL: http://
She has an MBA from USC! She knew what she was doing! She knows because she is black,single and female that nothing will happen to her. If they go after her she’ll pull the race card! Shame on you, Laura Richardson! You are another poster child for black stereotypes. I’m sick of your ilk and my tax dollars bailing out your sorry self!
 
Written By: moredemocrap
URL: http://

 
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