Calif. congresswoman's homes defaulted six times

[AlphaCentauri]

Source: AP

Rep. Laura Richardson, whose Sacramento home was recently sold into foreclosure, has two other homes in Southern California that have fallen into default six times, according to a published report.

Five of the defaults totaling nearly $71,000 occurred in the last 13 months for the homes the Democrat still owns in San Pedro and Long Beach, according to county documents obtained by the Los Angeles Times.

During much of that time, Richardson used $177,500 to finance her campaigns for Congress and the California Assembly, the newspaper said.

...

"Earlier this year, I was notified that the mortgages on properties that I own were in default," Richardson said in a statement to the Times. "At that time, I began continuous and ongoing discussions with the lenders to reinstate and modify these loans and to reinstate my ownership of the properties."



Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/05/31/politics/p105208D12.DTL&type=politics

[littlecryinggirl]

1. Talk about poor manager of money

she is the poster child.

[heliarc]

2. Either that...

Or its a shrewd way for banks to buy out representatives...

Loan them dough to buy a home... Then Provide a second mortgage... Representative uses these funds to fund campaign. Backs bank's interests in Congress. Defaults on the loan.

I'm just speculating on a possible motive for fraud... not really proposing that this is what happened in this case. Would be pretty craven if it was what happened.

[AP]

3. Or it says something about what being in Congress is worth. Getting elected will generate so much $

that you think you'll be able to pay off all your defaulted mortgages after elected, so it makes more sense to use your money to get elected than it does to pay your mortgage...

[olddad56]

4. check back with me when she is actually homeless

[nebula]

5. Here's the fun part

Richardson's Craftsman-style house has also fallen into disrepair. The beige paint is peeling, a garage window is broken, and the grass has turned brown.

This week, her challenger Peter Mathews staged a news conference near the house to highlight what he termed Richardson's "pattern of fiscal irresponsibility."


:rofl:

[nebula]

6. Richardson is a Hillary supporter

why am I not surprised?

they can be bankrupt together (and in the former's case homeless) after their failed campaigns.