Ah, politicians. Can't live with 'em/can't send 'em to Mars. Usually, we would feel sympathy for someone facing foreclosure, but WTF?!! California congresswoman Rep. Laura Richardson --who has an M.B.A. -- surely has some explainin' to do.
First, she bought her house in Sacramento with no money down and a subprime mortgage. Then, she didn't even bother to maintain her home, pissing off the neighbors by failing to mow the lawn or remove garbage and rotting fruit. In fact, the Sacramento department of code enforcement declared her home a "public nuisance" and "blighted."
She also failed to keep up the mortgage payments, ultimately owing $40K more than the purchase price of the home, $535K. After the bank foreclosed on the property, an investor bought it for $338K and started renovations. But, in an unusual act, the bank rescinded the foreclosure and withdrew the sale, apparently giving Rep. Richardson some sort of preferential treatment.
Needless to say, Richardson is now the subject of a House ethics committee investigation.
Too bad. The house looks sorta cute. (Photo by Randy Lynn Beach for the L.A. Times.)