Why Did Washington Mutual Rescind Congresswoman Richardson’s Foreclosure Sale?
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You have to wonder about the machinations that went into Washington Mutual unwinding the foreclosure sale of Congresswoman Laura Richardson’s Sacramento home.
The Congresswoman lost her home to foreclosure and it was sold to James York by the bank. Then when the story hit the press, Richardson got the bank to unwind the sale of the home to York and stop the foreclosure.
York sued the bank and they made him a deal he could not refuse, or talk about. But I would love to be a fly on the wall to see the pressure that was brought upon Washington Mutual by the powers that be, and then the negotiations with York to bury this story.
Washington Mutual Inc., who was Rep. Laura Richardson’s lender, announced Friday that James York’s suit against her and the bank had been resolved, the Torrance Daily Breeze reported.
…
York bought the Sacramento home of the Long Beach Democrat at auction in May after she failed to make mortgage payments.
Washington Mutual rescinded the home sale after news of it became public.
In his lawsuit, York sought to have the house returned to him, as well as punitive damages and costs. via Yahoo! News.
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
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Comment by The Baglady on 28 July 2008:
So they buried what the deal was with York, huh. I was looking for updates on that story, and I can’t get any answers. Obviously it was a fishy deal that this congresswoman got her home back. It’s disgusting really, and she’s running unopposed in November.