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Rep. Richardson's Mounting Mortgage Disaster

The tale of Rep. Laura Richardson's (D-Calif.) home foreclosure just keeps getting worse.

Despite the congresswoman's claim that her second home in Sacramento (which she bought when she was a state assemblywoman) was not in foreclosure and that the bank had not seized it, published reports suggest otherwise.

The Los Angeles-based Daily Breeze newspaper reports that Richardson defaulted on her mortgage, failed to pay $9,000 worth of property taxes and did, in fact, have her home seized by the bank. Her house, which she reportedly bought for $535,000 in January 2007, was sold at a public auction on May 7 for $388,000, reports the Daily Breeze. (Read the entire story here.)

The Capitol Weekly newspaper, which originally reported the story, also suggests in this story that Richardson was not telling the truth in her statement released last night in which she denied the home foreclosure.

Richardson was clearly eager to get to Washington. At the time she was falling behind on her mortgage payments, Richardson loaned her campaign more than $60,000 to win her hotly contested special election race last year.

The broker who bought Richardson's three-bedroom home tells the Wall Street Journal the congresswoman "walked away from the property. I would be happy to resell her the home for the $535,000." (The price she paid for it.)

No wonder Richardson skipped this year's big vote on the Foreclosure Prevention Act.

By Mary Ann Akers  |  May 22, 2008; 9:30 PM ET
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