Update on Walk-Away Congresswoman

By Reuters Staff
May 23, 2008

Democratic Congresswoman Laura Richardson has even Hillary Clinton beat for selective memory problems. Remember how Hillary kept repeating the Bosnia story? That she dodged sniper fire, etc.? She always knew it was a lie, but she needed a concrete example of her foreign policy experience. It was telling that that was the only story she could come up with. I hope the Clintons (and the Bushes) disappear from American politics permanently.

But I digress. Here’s what Richardson said of her property in Sacramento in a statement this past Wednesday:

the residential property in Sacramento California is not in foreclosure and has NOT been seized by the bank.

Moreover:

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

These are bald-faced lies. According to the WSJ:

The Sacramento home of Rep. Laura Richardson was sold in a public auction two weeks ago for $388,000….James York, the Sacramento broker who bought the three-bedroom, 1.5-bathroom home, rejected the idea that the home hadn’t been seized. The sale of the home was announced in March. “She’s walked away from the property,” he said. “I would be happy to resell her the home for the $535,000.”

Recall from the original story:

The Southern California Democrat bought the house for $535,000 with no money down in January 2007 and owed nearly $575,000 to Washington Mutual when the mortgage was sold earlier this month at a significant loss to Red Rock Mortgage Inc.

And there is additional irony here:

Richardson didn’t vote on the housing rescue deal that passed the House of Representatives two weeks ago and in a statement attributed her absence to her father’s funeral. But Richardson did vote last fall in favor of the Mortgage Forgiveness Debt Relief Act, which passed and prevents the federal government from charging income tax on debt forgiven as a consequence of foreclosure.

3 comments

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Worldwide money printing perhaps? Different interpretation of course than yours. USA is printing another $1T every 2.5 months according to Ron Paul’s “Revolution” if I remember correctly. I suspect China and Arabia are effectively participating in the currency ponzi scheme. Those at the bottom of the pyramid (and society) suffer the most. Those at the top (banks, government contractors, military companies, commodities and oil suppliers) benefit the most; so, this is why Wall Street and Congress do not realize the USA is in a Recession – the rich folks are still in a boom period as they are at the top of the money printing pyramid.

Posted by Tim | Report as abusive

[...] More inflation could also spark a run on dollar assets. [...]

Why not after all ? You have all these really stupid Chineese, Korean, Japaneese, Russians, Arabs, Ukrainians, South-Americans, Africans, fundementally brainless morons and jerks, still holding on their paper. Know what ? Who will ultimately holding the bag ? The stupid foreigners. These people still don’t understand. They really don’t get it !

Don’t forget the old saying “The US dollar is not our problem. It’s theirs.” They cannot get out. Stupid morons outside the USA have no way to flee. I expect them keeping on buying worhtless shares of Lehman Brothers and US tresury bonds. This is a great system for the scumbags operating on Wall Street in New-York, but it’s horrible for main street. But hey, who cares about main street anyways ?

Posted by Marc Authier | Report as abusive

Yes Dollar rate has increased much against other countries rates.