Congresswoman Suffers Foreclosure

by Samanta Parks

Laura Richardson, a congresswoman from Long Beach lost her home through foreclosure. After this was made public, Ms. Richardson claimed that the reason for the foreclosure was her quick rise through the political ranks. In a year, she quickly went from councilwoman, to assemblywoman, and congresswoman. She also blamed the poor real estate market. In a news release she stated that her foreclosure was simply a reflection of the problems many homeowners are having.

The congresswoman lost a two story home in Sacramento that she purchased a little while after she was elected to the assembly. This was the first time she had lost a house but this was not the first time she had fallen behind on her home payments. The recent foreclosure is just part of a pattern for the congresswoman.

Richardson’s mother lives in a home in San Pedro which she Richardson owns and the congresswoman also owns a home in Long Beach. These homes have been in default six times. Ms. Richardson owed between five and twenty thousand dollars according to records in Los Angeles. A realtor who sold Richardson the home in Long Beach and held her second mortgage stated that Richardson has a pattern of missing mortgage payments and then trying to catch up all at once instead of paying her bills monthly.

Richardson’s defaults have recently come up rather quickly. Five defaults have come up recently. These defaults added up to seventy thousand dollars. These defaults came up at the time Richardson was campaigning for Congress and the Assembly. The campaigns added up to about one hundred and seventy seven thousand dollars.

Though there are times when a candidate will use the equity in their homes to assist in financing their political campaigns, it is rare that a politician would lose their home because of it.

Richardson is also behind on property taxes. She has a lien on her home in Sacramento because of some utility bills that have not been paid. Some of Richardson’s neighbors have been angered by the fact that she has not kept her home up.

There are many government officials that need two places to live. California lawmakers receive one hundred and seventy dollars to help with the cost along with their regular salary.

Richardson bought a house in the beginning of 2007 for over five hundred and thirty five thousand dollars and owed nine thousand dollars in property taxes. She owed the city of Sacramento one hundred and fifty four dollars after a lien was placed on her home because of a bill that was unpaid.

Richardson’s home in Long Beach, where she would spend her weekends is also not being kept up. Windows are broken, the paint has begun to peel and the grass is brown. Richardson bought this home for one hundred and thirty five thousand dollars so she would be able to run for Long Beach City Council.

Some say that Richardson is buying homes where she wants to run for office with hardly any money down and lending money to her political campaigns. Therefore the money she could be using to pay off her home loans is being used to pursue her political career.