Sunday, June 01, 2008

Deadbeat Dem Congresswoman Has House Foreclosed

Only a Democrat could get away with this!

While Democrats brayed in 2006 that voters should punish Republicans for a "culture of corruption" it appears one of their newest Congresspersons has set yet another bad example.

The meteoric rise of Laura Richardson began when this Long Beach California City Councilwoman won a seat in the California Assembly in 2006 and several months later won a special election for a vacant congressional seat.

On her way to Washington, she left behind three homes, one of which her mother currently lives in, often in default and disrepair. Finally, the $535,000 home she bought in Sacramento was foreclosed and sold at auction, leaving the lender stuck with a loss of approximately $200,000.

While a State Assemblyman for only a few months, Richardson collected $170 a day living expenses tax free. But instead of paying her multiple mortgages, she loaned her campaign for the open congressional seat $60,000.

The Sacramento home was purchased with no money down. On foreclosure, it was revealed that Rep. Richardson had walked away from nearly $600,000 in loans and fees.

Her congressional salary is $169,000 per year. She is now repaying the $60,000 she loaned her campaign with funds from new donations. Yet, not a penny for the lender stupid enough to make her the loan.

In her defense, the Congresswoman issued this statement: "I understand that these homeownership issues are a reflection of what many Americans are going through as they fight to keep their homes and to remain financially stable."

Oh yeah! Like the rest of us could get away with a scam like this!

And what about the voters in Richardson's district? It's a heavily Democrat district which gave Richardson a win of 40% over her Republican challenger in the special election. So, it's unlikely they will turn her out for being a deadbeat.

After all, Democrats and deadbeats just sort of go together!

Links:

L.A. Times blog
Capitol Weekly

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