Thursday, May 22, 2008

FHA Bailout Required!! CongressCritter Foreclosed

Just in case you wondered why Our Congress "thinks" that the Feds (FHA, Ginnie Mae, Fannie Mae) should step in and guarantee all sorts of home mortgages, here's a clue:

The story of the foreclosure of Long Beach Democrat Laura Richardson’s Sacramento home is a tale of a real estate market gone sour. It is also an illustration of how far many candidates will go to seek elected office, even if it means quite literally mortgaging their own financial future.

While being elevated to Congress in a 2007 special election, Richardson apparently stopped making payments on her new Sacramento home, and eventually walked away from it, leaving nearly $600,000 in unpaid loans and fees


The Congresscritter denies that the home is in foreclosure.

More here.

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