Isn't This Special! A Congresswoman Walks Away.

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VVance

2489 Posts

Posted - 05/21/2008 : 8:30:27 PM

Congresswoman Walks Away
Capital Weekly is telling the story of Congresswoman Laura Richardson's decision to Walk Away.
This is Rich!

The story of the foreclosure of Long Beach Democrat Laura Richardson's Sacramento home is a tale of a real estate market gone sour. It is also an illustration of how far many candidates will go to seek elected office, even if it means quite literally mortgaging their own financial future.

While being elevated to Congress in a 2007 special election, Richardson apparently stopped making payments on her new Sacramento home, and eventually walked away from it, leaving nearly $600,000 in unpaid loans and fees.

http://globaleconomicanalysis.blogspot.com/2008/05/congresswoman-walks-away.html

dkendall1979

10287 Posts

Posted - 05/21/2008 : 8:37:58 PM

This is why banks treat everybody the same! Nobody gets preferential treatment when it comes to getting a mortgage!

isitfree

771 Posts

Posted - 05/21/2008 : 9:04:23 PM

quote:
Originally posted by dkendall1979

This is why banks treat everybody the same! Nobody gets preferential treatment when it comes to getting a mortgage!

She said the home was not in foreclosure and had not been seized.

"I have worked with my lender to complete a loan modification and have renegotiated the terms of the agreement—with no special provisions," Richardson said. "I fully intend to fulfill all financial obligations of this property."

Jim Graner

62 Posts

Posted - 05/21/2008 : 10:15:50 PM

1 in 535 House and Senate Members, better than the national average.

propertylender.c

1294 Posts

Posted - 05/21/2008 : 10:22:31 PM

I was just going to post this.

Amazing, isn't it.