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In an example of the lack of character that has permeated the Congress of the United States, California Congresswoman Laura Richardson, Democrat from California, has reportedly lost here home in Sacramento to foreclosure.

She put out a statement to the LA Times that she was renegotiating with the lender, but another report says that the home has already been sold by the lender. So maybe the negotiations are not on the foreclosure but on the repayment of the nearly 200,000 not covered by the sale of the property.

You have to wonder how the Congress can think of fixing the mortgage mess when their own members are walking away from homes.

Capitol Weekly reports that Rep. Laura Richardson “slipped into default” after she “fell behind on her mortgage payments as she loaned her Congressional campaign $60,000.”
The publication cites tax records that show Richardson took out a $535,000 loan — covering 100% of the sale price — when she purchased her pied-à-terre in the state capital about 17 months ago.

By March, the paper says, a “notice of trustee’s sale” indicated that the debt had passed $578,000.”

But in a statement quoted by the Los Angeles Times, Richardson, a Democrat, says “the residential property in Sacramento California is not in foreclosure and has NOT been seized by the bank.
“I have worked with my lender to complete a loan modification and have renegotiated the terms of the agreement — with no special provisions,” she says. “I fully intend to fulfill all financial obligations of this property.”
It may be too late.
The Press-Telegram says the three-bedroom house, which wasn’t Richardson’s primary residence, sold at auction earlier this month. A real estate broker paid $388,000 for the property, according to the paper. via USATODAY.com

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3. Speaker of House Nancy Pelosi Says 1 in 20 California Homeowners Will Be in Foreclosure
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