Democratic Congresswoman Laura Richardson of California was recently the victim of foreclosure, according to Capital Weekly. She quickly issued a statement “clarifying” the story; she says the house is not in foreclosure and that her loan has now been modified.
Reading her statement, which begins with a non-denial denial, it seems to me she probably moved to “modify” her loan only after this news hit the papers.
I just find the facts hilarious. She managed to get a zero-down mortgage, likely an Option ARM given the Neg Am that’s piled up, in January 2007….just as the housing bubble began bursting.
100% LTV on a $535k house; the report says she now owes $578k in total.
The story would be even MORE ironic if she’d voted in favor of the various House measures to aid “distressed” homeowners. Sadly, no: she claims to have been absent from the House when the crucial votes were taking place.
Rupert isn’t a stupid guy, so he’s probably thinking he’ll keep the traditional journal readers cause they have nowehre else to go while expanding the general interest readership. But you’re right and he’s wrong. When I open the paper I want to see stuff I can’t get elsewhere. I still read it, but for how long?