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Kill, Tanta! Klll!
Why is it that people with fake tans seem to be associated with a lot of mortgage mess lately?
Former New York Gov. Eliot Spitzer is looking to build a vulture fund to invest in distressed real estate assets, according to a report in The New York Sun.
Spitzer looking at distressed real estate: source
| Reuters
Here's a buyer. LMAO
Won't be long and she'll be sleeping in her Congressional office.
And just another reason that I have great faith and trust in our legislators.
It never ceases to amaze me that the constituents can continue to (re)elect such wastes of flesh.
D(eadbeat) - Long Beach
Doesn't California already have former members of its Congressional Delegation in jail for, you know, doing naughty stuff with their clout? Using their position to improve their position? I would think letting the house go would be the right decision, from a let's-not-mess-up-even-worse point of view. Ain't there laws about stuff like this?
Why is it that people with fake tans seem to be associated with a lot of mortgage mess lately?
Before a flame war starts, let me observe that Ms. Richardson is biracial.
And that this is the last word that needs to be said on the subject.
Look at that! There's a "D" right in the second line of the post!
Well done, Tanta.
Of course, I'm from Pennsylvania. Our legislators can out-corrupt your legislators any day of the year.
Movin' on up
to the East Side...
The local variant for the newly elected hustler/deadbeat is fancy cars, fur coats and cushy no-bid contracts for all the family members and friends.
This is about average for a california politician,their median IQ is 80.
What you said, homedad.
I would think letting the house go would be the right decision, from a let's-not-mess-up-even-worse point of view.
No, the right decision would have been for Richardson to let the FC stand, while offering to sign a new unsecured note to WaMu for the $200,000 it lost in the FC.
If she wants to "pay her bills," she can do so without having the FC rescinded.
Wouldn't some Republican money want to get behind this lawsuit. Fox news could chew on this for weeks.
If you like this little workout, you're going to love the California budget "workout" later this summer and fall.
How many late pays must be on this woman's credit report. She just can't seem to pay on time for anything.
Hey, in America we have sympathy for the wanna be rich people because we are stupid enough to think one day we'll be one of them( actually rich,
not wanna be). Long live stupidity and short sales.
What Tanta said.
This is all about connections. As a Congresswoman, Richardson has "people" who are no doubt higher up the food chain than York. While it may have seemed for a while that Republicans had cornered the market on corruption and inside dealing, it's very much an equal-opportunity thing for those so minded.
OT: I've noticed that somewhat recently the Feedburner feed is now showing only previews as opposed to an entire post. Can we get the entire post again?
Having sales reversed due to a screw up on the part of the Lender is not all that uncommon. I'd say it happens in 1 out of a 100 sales. I have bought a couple of properties at foreclosure, only to have the sale reversed due to a lender screw up. It is just part of the game.
Watch who you call soberer.
Can't wait to see the follow up on this one 6 months from now. Lot's of juicy details to be found on this one.
I should ask the pertinent question - why the hell does the Congresswoman even want this house back?
I continue to want to know why WaMu is bailing out a deadbeat and a speculator at the expense of a good-faith buyer of a foreclosure property, and wasting operational capacity on a deal like this instead of working with struggling owner-occupants who might actually pay back the modified loan. I will leave it to the citizens of California to explain why you want this woman anywhere near fiscal, budgetary, or housing policy power.
Awesome... I literally got teh chills reading that.
Again the personal belief I keep trying to repeat ad nauseum in slightly different ways is that I have hard time believing that the system is horribly broken since on the whole it's worked quite well over the past couple of centuries (that doesn't mean we don't have to adapt it to new technologies).
I have to believe it's more the people running the system and a lack of interest or understanding among the general public. Not to mention a cultural climate of greed and fearlessness (which always seems to respond well to a nice dose of reality, if we allow it to be administered).
patient renter took the words out of my mouth. Even more reason to see the details on this.
Oh yeah, Tanta... you rock.
How is she doing in the polls - will she be re-elected? My expectation is it is a 'safe seat' - meaning 'yes'.
Anyone know?
Tanta says...No, the right decision would have been for Richardson to let the FC stand, while offering to sign a new unsecured note to WaMu for the $200,000 it lost in the FC.
Well, that would be the right decision if she wanted to be like, you know honest or something. But letting the house go might be enough to allow a hint of suspicion that she's just an incompetent idiot instead of an irredeemably corrupt felon who needs to be removed from office post-haste.
Anyone know?
The impression I have been given is that it's quite a safe seat.
I think I read that the seat is not even contested? I'd call that safe.
Thankyou so much, Tanta, for keeping up with this story.
Americans really need to be made aware of how deep their elected reps are into this housing mess that they themselves created and then allowed to reach such destructive levels.
Anybody know how many houses Barnie Franks owns? Or how much he owes on them? The kind of loans he's taken out?
Half kidding there, but it would be interesting to find out the specifics on home-debtorship among the Congress and Senate.
I've been assuming that their intense interest in keeping home prices out of reach for normal Americans was motivated by their being bought off by banking/lending/realtors/homebuilders, etc.
But maybe there's a more personal aspect to it for a lot of them.
I will leave it to the citizens of California to explain why you want this woman anywhere near fiscal, budgetary, or housing policy power.
Because she leads us by example?
I should ask the pertinent question - why the hell does the Congresswoman even want this house back?
My guess is that she's trapped by the story she originally told.
If you remember, when this was first reported we didn't know about the two other homes in FC or the car bills or unpaid utility bills and all that. And she didn't mention any of that when the report on the Sacramento house first hit. She came up with this thing about how she had a job change "just like normal Americans" and had been trying, you see, to work with WaMu but WaMu screwed up by FCing anyway.
Now she can't walk that back.
Did anyone really expect WaMu to treat her like they treat everyone else?
Let me also add that I, too, am sober.
Good question, patient renter. Why the h#ll does she want that house?
Is going long foreclosures the newest get-rich-quick scheme? Three simultaneous foreclosures are better than two?
Is this story any worse than the "Friends of Angelo" list at Countrywide?
The top two Democrats in the U.S. Congress on Tuesday backed a call by their party's presidential candidate, Barack Obama, for a second economic stimulus package.
Democrats back Obama's call for economic stimulus
| Reuters
This country is so screwed.
Ah, I see Tanta's given a probable reason for her wanting to keep the house. She needs to pretend she can actually pay up all that bad debt some day.
Join the club. Top to bottom, Federal government to your next door neighbor. Everyone's pretending they can pay it all back.
Good question, patient renter. Why the h#ll does she want that house?
I'm guessing it's the stigma.
But there may be more practical reasons also. I know some companies I've worked with in the past probably couldn't employ somebody with a recent foreclosure because their credit background is used to determine if they're a security risk.
Barak is turning out to be yet another brick in the wall politician. He is about to alienate his voter base.
I give it another 90 days until it is 90 days past due.
The top two Democrats in the U.S. Congress on Tuesday backed a call by their party's presidential candidate, Barack Obama, for a second economic stimulus package.
Page Not Found | Reuters.com
b...037655420080610
This country is so screwed.
Was it Alexis de Tocqueville that wrote that American democracy would last until the majority figured out it could force the non-majority to pay it directly/print money?
Funny, I used to be a 'deflationist'.
the democrats were foolish to support the first plasma tv stimulus package.
lets face it, out of the past 8 years, the neocons have been in control of the whitehouse for 7 years, the house of rep for 6 and the senate (yeah liberman is a republicon) for 5 and 1/2
why would the dems want to bail out failed economic stewardship that has 66 % neocon fingerprints on it.
(yes the dems do own a sizable part of the blame...now they own more.
smartest thing dems could do is let it bleed.
as for Richardson...sounds like she should be recalled...whether a dem or a repub.
Barak is turning out to be yet another brick in the wall politician. He is about to alienate his voter base.
Well, at least he's saying he's going to actually pay for the stimulus with taxes instead of deficits. IMO that's a modest improvement in terms of being responsible with finances.
But I'm not optimistic and I think it's really dangerous just to send out checks to people. If you're going to try to use fiscal stimulus you'd better think of something better than trying to stimulate more shopping sprees, or it's going to backfire horribly in the end.
Prez Bush too called for a second stimulacious package...
al most all concerned have looked into the abyss and they are frightened.
this bi partisan support for free money should scare the hell out of all of us.
the hole is deep and dark...mommy...,
help me mommy...i'm a-scared.
Yeah we need an update to the CR $10 trillion dollar deficit prediction. At this rate it could be $11!
Just do what Bob Mugabe advised...print more money! Problems solved. Where's my pony?
From the Housing Wire feed - it looks like the Senate has both coasts covered with a Senator Julia Boseman from North Carolina in default since Aug 2007 - the auction for the $1.3 million residence is next week.
Payments were $7156 and back taxes of $4,700 are owed.
She claims its a personal matter and won't affect work for her consituents.
It also appears she had her name removed from the title/deed to leave her partner holding the bag on the foreclosure...
Ah whatever happened to integrity and owning up to one's mistakes?
I should ask the pertinent question - why the hell does the Congresswoman even want this house back?
My guess is that she's trapped by the story she originally told.
Simple spin, "allow" James York to keep the house (out of the goodness of her heart) and "allow" WaMU to eat the cost of "their" mistake.
This stuff makes me want to cry even more,...I guess I'm just sobberer.
I'm from Connecticut, where we have the Mayors of the two largest cities and the Governor as convicted felons. But we should get extra credit because one (Giordano) was being wiretapped for corruption when they caught his child sex acts.
BTW, I'm monoracial.
Was it Alexis de Tocqueville that wrote that American democracy would last until the majority figured out it could force the non-majority to pay it directly/print money?
Funny, I used to be a 'deflationist'.
I always found Marc Faber's argument compelling -- that the threat of hyperinflation would come from deflation.
Having read a bit more about economic/financial history, I find it even more compelling.
Printing money and handing it out to solve economic crises seems to be a common way that financial systems/governments meet their end.
This looks like exactly what these stimulus checks are to me.
The interesting question is whether the bond markets can/would rebel in such a scenario and force a deflationary outcome.
Notice how the bank waited until she beat her primary opponent to do this. The Democratic party leadership shouldn't have let her run for reelection in the first place.
I can't wait for Hank Paulson's memoirs in 2009 or 2010 where he details that he was "forced" by the administration to make "happy talk" and "jawbone" the economy for political interests, and that he never would have done such things on their own.
Contemporary events become more clear when looked at in this way sometimes.
If anyone cares - again props to Housing Wire for the heads up - there's a story HERE about the whole thing. House was purchased in June 2005 for $1,350,000 and the outstanding mortgage amount is $1,249,000 owed to Regions Bank. The last monthly payment of $7,156 was in Aug 2007.
So Aug 2005 to Aug 2007 = 2 years of payments totaling roughly $172,000 - sounds like a 100% financing dealio
Have you seen Wamu's stock price lately. The market is justly rewarding quality management performance.
"...on his own".
I swear, I'm sthtill sthober.
giacutter said: "It also appears she had her name removed from the title/deed to leave her partner holding the bag on the foreclosure..."
That doesn't release her from the obligation incurred under the mortgage.
As you were.
"I will leave it to the citizens of California to explain why you want this woman anywhere near fiscal, budgetary, or housing policy power. "
Because she's one of US!
Sorry. That was Mike in Long Island, not giacutter.
irad,
Also her very first vote was for HR 3648!
Absolute power corrupts absolutely...
Terry,
Understood - I believe she did it in the misguided belief it would get her off the hook...
Well anyone really care that is important to her? Seriously. Will it change her position any? By August no one who lives in her district will care.
Heck, "Mayor for Life" Marion Berry, crack smoking fiend, 2 times convicted felon, and former Mayor of Washington DC is still representing his ward (district).
No. Virginia, home of the zone for 5,000 townhouses with 1 two lane road for access has an entire County board that should be jailed. Nope, not going to happen.
Its not that people don't care. I think they just don't know, want to know, or want to deal with it because they are running flat out in a life that is already far to complex for them.
I will leave it to the citizens of California to explain why you want this woman anywhere near fiscal, budgetary, or housing policy power.
Because though she may be a weasel, she's OUR weasel. (not precisely, I'm in Pelosiville) After watching various out of state firms rape California of 30 billion dollars in the power embargos of 2000 & 2001, I don't feel too bad about sticking the rest of the country with a couple hundred billion of worthless mortgages. Revenge, cold dishes, long savored, etc.
"I will leave it to the citizens of California to explain why you want this woman anywhere near fiscal, budgetary, or housing policy power. "
We were hoping to move her out of state?
Since she's in DC maybe she could drop by Tanta's and learn a thing or two?
What are her legal grounds? Does CA have a six month right of redemption, or something (which would require her to show up cash in hand)? What is her argument that the foreclosure was unlawful, as opposed to not to her taste?
Seems to me she's fighting a doomed case that will smear her name further.
Seems to me she's fighting a doomed case that will smear her name further.
Markel | 06.10.08 - 4:42 pm | #
Define 'smear' - ask who would consider this a problem? Obviously not her constituents if they re-elect her uncontested.
Mortgage rates are moving up. Jumbo loans for good credit now above 7.1%
Mike in Long Island said: "Understood - I believe she did it in the misguided belief it would get her off the hook..."
Then she's even dumber than we suspected!
She doesn't know much about laws, but she's gonna make 'em. Great. Just great....
at least he's saying he's going to actually pay for the stimulus with taxes instead of deficits.
So basically he wants to take money from all of us in order to give it back to some of us. Brilliant.
Tanta,
I need an UberNerd, no strike that, I need an UltraNerd on just how exactly Washington Mutual can undo a purchase. Just exactly what do they pressure the new owner with?
Terry,
From another article,
According to property records, the couple purchased the house together in June of 2005, but Boseman transferred the property title to Jarrell in April, removing her name from the title.
"It is my ex-partner's house, and I haven't lived there in over two years," Boseman told the newspaper.
Yes she appears to be that dense.
Given the legislator in question is a Democrat, does this type of behavior surprise anyone?
I served a term on the city council of a smaller city. I never knew I had sooo many friends! I can only imagine how many friends a Congresscritter can get.
Given the legislator in question is a Democrat, does this type of behavior surprise anyone?
Please keep your lack of Google skills to yourself.
YOU GO GIRL!!! Seems like government at every level is infested with maggots and somebody turned over the rock this POS was lurking under. As my man Bob Dylan said many many years ago, "the times they are achangin'". He also said " a hard rain's gonna fall". We are in for some tough times when elected people (Bush to this bitch) screw us every which way imaginable. 21st century America is looking more and more like 17th century France. I wouldn't want to be a Nardelli or even a small town
alderman when the hammer falls and the SHTF. As my wife and I say to each other almost on a daily basis, "its a good time to be old".
OT: Anybody know why my FED puts exploded upwards today? Not unwelcome, but I'm left wondering what the catalyst was.
So basically he wants to take money from all of us in order to give it back to some of us. Brilliant.
It's incrementally better because you can see where the money is coming from. There's some sense of accountability and not trying to hide your mistakes.
Inflation and excessive deficit spending ultimately have the same effect in terms of taking stuff from people but it's more difficult to determine where the wealth is being taken from. IMO using taxes is more honest and less underhanded.
@ Markel
The post clearly says she's a Democrat, as does her webpage touting her reelection campaign and the Wikipedia page:
Notebook Batteries | Laptop Batteries | Laptop Battery | Buy Laptop Battery - www.YourLaptopBatteriesOnline.com
Laura Richardso - Wikipedia, the free encyclopedia
Kaboom - her stupidity requires no party identification.
@ BG
Option ARMs in California doesn't seem like a good business to be in right now. I look at FED and DSL as algebra problem--and the solution is zero by the end of the year.
I continue to want to know why WaMu is bailing out a deadbeat and a speculator...
Or
...how exactly Washington Mutual can undo a purchase.
If I've learned nothing else in the last year of reading CR, it is that the entire real estate and mortgage industry is corrupt beyond redemption. Home sales have been treated like used cars for so long that the corruption just seems normal.
@ Geoff
While I wholeheartedly agree that it's inappropriate behavior for any politician regardless of party, I think it illustrates a point that she's a liberal.
@kaboom --
The only Democrat marker is the small-time regular-channel nature of any fraud or favors. To understand how it should be done, look up the shenanigans of California recent (ex-)congresscritters Cunningham and Doolittle.
Somewhat OT:
Who knew? The head of Obama's VP search team is a former CEO of Fannie Mae, as well as a "friend of Angelo." I guess you have to vet the vetters. More business as usual.
Tanta (and Brian) thanks for keeping on top of this one since I think the story tells us everything we need to know about just how disgusting things were the last few years. I hope some MSM media keep digging as well. I am confident we will find 1) fraud on loan app and 2) WaMu internal review processes that would make even Tanta's head explode.
One issue- I think WaMu WAS writing such irresponsible loans to the general public in Jan. 2007 and later. I get a weekly list of NODs here in San Diego from a friendly title company, and I can tell you that some NODs are going out now on other 100% loans WaMu wrote in Jan. 2007 and later. Can't say their credit was as bad, but certainly the strength of their collateral was just as bad.
At some point you just gotta start deleting these assholes.
I nominate Richardson for the Richard M. Nixon "I am not a crook" award.
While one outburst, KABOOM!, might be construed as a poor choice of words, repeated outbursts, in light of subsequent attempts to point out to you that corruption knows no party affiliation, constitute willful douchebagery.
So just can it, ok.
Ed,
How many enemies did you pick up as city councilman? Was the result a net positive? Remember the aphorism(?)"Revenge is a dish best served cold"...
At some point you just gotta start deleting these assholes.
I agree.
"I will leave it to the citizens of California to explain why you want this woman anywhere near fiscal, budgetary, or housing policy power."
Cause that's just how we roll in Clownifornia baby....
For additional outrage, check out "Companies Promise CEOs
Lavish Posthumous Paydays"..."An unusual death provision appears in the contract of the CEO of Plains Exploration & Production Co., James C. Flores. If he dies in office, his heirs get a giant payout from restricted-stock awards that Mr. Flores hasn't yet been granted. The board of the Houston oil-and-gas concern has promised Mr. Flores annual grants of 300,000 shares of restricted stock through 2015, as part of a "long-term retention and deferral agreement." Had he died at the end of last year, company filings say, his estate would have been entitled to seven future years of stock awards -- 2.1 million shares then valued at $113 million -- all of which would be vested. His death on Dec. 31 also would have triggered $53 million in additional benefits, mostly from acceleration of already granted awards that hadn't yet vested"...
On other interesting news, never thought CNBC would print these headlines.
Fed Hopes Words Will do Enough to Contain Prices - CNBC
Fed Is Hoping to Talk Down Inflation, Not Boost Rates
\t
The Federal Reserve hopes tough talk on inflation will do the job of moderating price increases, giving it room to avoid raising interest rates
Verbal Intervention.
If this person is allowed to stay in office, the voters of this district have done a great disservice to their State, their Country and themselves.
If there isn't at least one more honest person to elect, how about someone more clever?
Maybe her realtor donors gave her the boiler plate script for extortion...
FEC Disclosures below:
FEC Disclosure Report Search Results
FEC Disclosure Report Search Results
But there may be more practical reasons also. I know some companies I've worked with in the past probably couldn't employ somebody with a recent foreclosure because their credit background is used to determine if they're a security risk.
You must be kidding.
After three mortgages unpaid for a year, three NODs already filed, liens for unpaid utilities and auto repair bills, and at least one collection we now know about, the woman's probably got a FICO of 312. Worrying about adding a completed FC to that kind of credit record is like bleeding from three gunshot wounds to the torso and asking the ER doc to look at your ingrown toenail first.
Her bigger problem will be with "forgiven debt." Yeah, she can get out of having it taxed, but I don't think she can get out of declaring it as income on her House disclosure forms, and CREW, I understand, is outright calling that a campaign contribution from WaMu. (While she was busy not paying her mortgages, she lent her own campaign some $77K. Money being fungible, that's ugly.)
If you go to web site...
Michelle Malkin » 2008 » May » 21
...and scroll down just a bit you will find some more on this story. just to go full circle the article gives credits to Tanta and the CR website.
She is a superdelegate !
BB wrote: ... The Federal Reserve hopes tough talk on inflation will do the job of moderating price increases, giving it room to avoid raising interest rates...
The headline yesterday? the other day? did say Bernanke was going to deal with inflation expectations.
See, the problem isn't inflation per se, it's our negative attitude. We just need some warm and cuddly reassurance and all the problems will solve themselves.
just how exactly Washington Mutual can undo a purchase. Just exactly what do they pressure the new owner with?
It isn't just any purchase. It's a trustee's sale.
Foreclosure sales can indeed be rescinded if it turns out that the FC was improper. After all, these are forced sales; the law requires that the exercise of the "power of sale" follow all the rules.
One of the Big Rules is, of course, default under the note. IF WaMu is conceding that it did in fact sign an agreement with Richardson prior to the FC sale that "cured" the default, then in fact the sale can be declared invalid, because the power of sale of the trustee is invalid once there is no longer a default.
Since the buyer is suing, it will end up in court and I assume WaMu will have to bring evidence for the invalidity of the sale. That can't be good news for Richardson; I suspect she'd like the details kept quiet.
Maybe Richardson read your advice on the correct way to write a workout letter and it was a spectacular success?
Let's not forget Ms. Richardson's MBA from USC and years of service as an executive for Xerox. She has a decent resume for a congresswoman.
She also should know how organizations like Wamu work.
I wouldn't be surprised is she got some vauge promise from some WaMu goverment relations person to "look into" the issue, but that "promise" to work something out never was communicated to the trustee sale's dept.
Might be talking out of my law school arse, but generally, if WaMu did not have valid title, then it doesn't matter if the purchaser was bona fide or if Richardson were a scoundrel.
Of course, this rule various tremendously based on the state. I can't remember which one, but there's a state in which the title is owned by the lender, released upon satisfaction of the mortgage.
Here's the CREW statement:
CREW STATEMENT ON REP. LAURA RICHARDSONS SHOCKING FINANCIAL DEALINGS
"How is she doing in the polls - will she be re-elected? My expectation is it is a 'safe seat' - meaning 'yes'.
Anyone know?"
Almost all seats in California are safe seats: Congress, Assembly and Stat Senate. The deal was done at the last reapportionment.
Politics in California are disfunctional, from Dems and Repubs alike.
Regarding the tax consequences...
Isn't forgiven debt considered non-taxable only on owner-occupied homes?
Ms. Richardson won 75% of the vote in the June 3, 2008 dem primary. No one ran in the republican primary.
404 Not Found
"I will leave it to the citizens of California to explain why you want this woman anywhere near fiscal, budgetary, or housing policy power."
As a citizen of this state, I'll rise to the challenge of why we seem to "want" (elect) women like her: we've an electoral map that makes every district, Dem or Rep, safe in the general election. That means the primaries are all-important, meaning the parties effectively pick the winning nominee before a single vote is cast. Until that changes, every elector is a potential Richardson, waiting to bloom.
Perhaps she has to maintain that residence in order
to avoid paying taxes as was previously noted and
to satisfy residency requirements.
Tanta writes:
IF WaMu is conceding that it did in fact sign an agreement with Richardson prior to the FC sale that "cured" the default, then in fact the sale can be declared invalid, because the power of sale of the trustee is invalid once there is no longer a default.
Since the buyer is suing, it will end up in court and I assume WaMu will have to bring evidence for the invalidity of the sale. That can't be good news for Richardson; I suspect she'd like the details kept quiet.
Thanks for the explanation. Now, don't you ummm, go to jail and stuff for selling other people's houses? Not that it matters, the new owner will undoubtably settle and the terms are sure to include non-disclosure.
picosec writes: Regarding the tax consequences... Isn't forgiven debt considered non-taxable only on owner-occupied homes?
Even if she pulled that one off, note that California does not conform to the recently enacted federal Mortgage Forgiveness Debt Relief Act of 2007 that allows taxpayers to exclude the discharge of qualified principal residence indebtedness from income.
http://www.ftb.ca.gov/forms/mortgage.shtml
With a top tax rate of 9.3%, Ms. Richardson could have expected a sweet CA tax bill of almost $40,000 from her forgiven $200,000 if the FC had gone through!
Not that it matters, the new owner will undoubtably settle and the terms are sure to include non-disclosure.
Perhaps he is a staunch republican and wants the opportunity for a fight.
Oops I meant a sweet $20,000 of course... (my degree was in "applied" math...)
She won in a landslide last Tuesday with 74+ percent of the vote:
County of Los Angeles Registrar/County Clerk Election Results
37th District
Too bad she didn't have 5 foreclosures. Then we'd be looking at a 90 percent victory and rumblings of a future governor. Look at how many votes won her that district: 23,185 votes.
One of her opponents was a local community college professor and the other I'm not sure what her background is. In fact, one of her opponents did a news conference outside her house a few days before the election. Frankly, not many people cared or showed up since they're probably in similar circumstances.
Not that it matters, the new owner will undoubtably settle and the terms are sure to include non-disclosure.
Perhaps he is a staunch republican and wants the opportunity for a fight.
If he were a good Republican he'd take the money and keep his mouth shut right?
The 37th congressional district....
Half the population are latinos, a quarter black, 11% asian-americans. The median income of $34K.
I emailed this (anonomously) to Richardson herself and to Nancy Pelosi.
Once word gets out that it's possible to "unsell" a sold foreclosure, won't other people be less likely to "buy" them? - I know I'd think twice about it!
Is there anybody in charge who thinks that going back to 20% down with realistic interest rates just might be a good idea? To promote ,umm....stability?
Or is stability a dirty word now and from here on in we'll just worry about hanging on for a few more months til the inevitable default?
And yes, TJBear, Obama lost me weeks ago when I saw him blathering on and on on CNBC about the "need for the government to put a floor under the housing market."
What a shame, until then he'd been the only Democrat who hadn't jumped on that bandwagon.
Kolohe writes:
Maybe Richardson read your advice on the correct way to write a workout letter and it was a spectacular success?
Kolohe | 06.10.08 - 5:56 pm | #
One of her aides maybe... isn't that what congressional fixers are for? That and remembering the birthdays & favorite colors of the official & unofficial congressional squeeze(s)?
No seat is that safe. Remember Tom DeLay's seat? She might keep it this time because it is too late to primary her, but I predict she'll be out after that.
Let's make a list of famous people who drank the housing kool-aid.
Unless CA has dispensed with the statute of frauds, I doubt Miss Tammany will get far with tales of a handshake and encouraging voicemails. WaMu will have to provide a properly-executed agreement, and the Cesswoman will have to show canceled checks proving she conformed to it.
Snort.
waitinginPNW writes:
Once word gets out that it's possible to "unsell" a sold foreclosure, won't other people be less likely to "buy" them? - I know I'd think twice about it!
I don't think you have to worry... that is unless the house was previously owned by a congressperson.
Debt forgiveness is always excluded from income if the taxpayer is insolvent, regardless of the nature of the debt, and regardless of the designation of the property. Based on the details of all her crap, there's no way she solvent.
Emma Anne writes:
No seat is that safe. Remember Tom DeLay's seat? She might keep it this time because it is too late to primary her, but I predict she'll be out after that.
Emma Anne | 06.10.08 - 6:50 pm | #
Can someone still get on the ballot in Cali as an indee this late?
If so they can always 'pledge' to switch party later... if that is a major issue among the locals.
I'm astonished she hasn't been contested...
TJ writes:
Let's make a list of famous people who drank the housing kool-aid.
TJ | 06.10.08 - 6:50 pm | #
That be one long list there buddy... might be better to do the opposite if possible.
If he were a good Republican he'd take the money and keep his mouth shut right?
That does indeed seem like the present mode of operation.
Maybe after the current bunch has their collective ass handed to them in Nov they will rethink some positions.
I blame Bush (!!) If he were a less disastrous president, maybe some decent Republican might make a run at the seat. But, in this climate?? Nobody wants to mess around. Nobody even talks about splitting tickets - it's just "Get these thugs out of here, now."
Although, if things appeared good for a Dem victory overall in November, I might chance it. But I don't live there.
Now, don't you ummm, go to jail and stuff for selling other people's houses?
here in NYC, you can rent apartments that you don't represent for phat commissions. Happens in waves every three to five years.
Wonder what it would have cost WaMu to defend a retaliatory, grandstanding lawsuit alleging racial discrimination, in view of the nice little questions of fact that have been created? $500,000, maybe?
Richardson is essentially guaranteed re-election. She secured her party's nomination in the recent primary election (she's a Democrat) and there is no Republican challenger.
I agree with Tanta, Richardson has been forced down this path by her story so far, which was in turn motivated by her desire to win the nomination for the upcoming election. The campaign contribution angle is an interesting one, so hopefully CREW will lodge a formal complaint. I doubt they will succeed but it will continue to cast the representative in a negative light.
Finally, I don't think any amount of gerrymandering would prevent her district from electing a democrat. California (like many other places) is guilty of drawing a lot of shady boundaries. Her area, though, is pretty liberal. It's not coincidental that there is no republican challenger -- it's not even worth anyone's effort to be humiliated.
Yeah but Dryfly, I'm thinking that list of whose behind "problem foreclosures" might be a bit longer than simply politicians. It might include whole categories of influential and/or wealthy people that these corrupt agencies and organizations cater to.
Will normal people have to do long drawn out background checks to try to discover if there any "connections", no matter how tenuous, between the foreclosed person and powerful people in the community?
We've been throwing the concept of contract law, rules, etc. under the bus with breathtaking speed in the past year. All in an effort to save a -CORRUPT!- housing market!
Those rules were things that made it easier for the less-powerful to navigate the system and get some benefit. Once we throw them out the window , we're all screwed, all of us normal folks anyway.
I am a Democrat - until a more progressive party becomes viable.
I was sickened by the Republican culture of corruption and am looking forward to seeing bunches more of these big time crooks in prison.
Like Tanta says, this deal smells. Stinks to high heaven is how I would have said it, but I appreciate the necessity for more temperate reportage here.
The fact that this creep is a Democrat fills me with the same disgust I have experienced when the Republicans abused their clout, with the added embarrassment and anger that as a Democrat I am associated with this idiot.
Like the other Democrats on this thread, I would say that she can't be taken out of office fast enough to satisfy me.
While it is likely that Richarsons district would be solidly Democrat regardless of redistricting the map
http://www.calvoter.org/voter/maps/statewide/congress.pdf
makes it clear that the boundaries for most districts are designed to preserve party power.
BB writes:
(CNBC) "The Federal Reserve hopes tough talk on inflation will do the job of moderating price increases."
All members of the "Inflate-Or-Die" Secret Society (mostly gov't employees) know that given enough time to talk inflation, otherwise intelligent citizens can be persuaded to:
1)Fill the car gas tanks before gas hits $5.
2)Buy a 40 pound sack of rice before CostCo runs out.
3)Get that money of out savings and buy stuff now before their dollars buy less.
4)Stop saving for next year's new car and buy it now before the payments get too high.
5)Consider making an offer on that house they've been looking at, before mortgage rates get too high.
Society members know that Japan tried this unsuccessfully for 17 years but failed to provide the rising prices and increasing interest rates that are required to initiate citizen involvement, sabotaging their effort with the very misguided ZIRP policy, thought necessary to flush money out of savings. Members are thoroughly trained to give as much time to talking up higher interest rates as to talking higher prices.
Members who attain the highest levels of achievement, such as being appointed to the Federal Reserve Board, receive the coveted lifetime "Hawk Talk" award at a secret ceremony.
Whenever it arises, Society members are taught to thoroughly debunk phrases such as "THE ONLY THING WORSE THAN INFLATION IS TALKING ABOUT IT!", or "INFLATION IS LIKE PREGNANCY - IT'S HARD TO HAVE A LITTLE OF IT".
Ah, all animals are equel, except, er, some aniamls are 'more' equel. An't America great!
Another nail in the coffin can't hurt too much.
So basically he wants to take money from all of us in order to give it back to some of us. Brilliant.
patient renter | 06.10.08 - 4:54 pm |
I think you've got that backwards...
So basically he wants to take money from SOME of THE BASE (who don't deserve such tax breaks in the first place) in order to give it back to MOST of us. Brilliant!!!
Uh, more to the point, why is a member of Congress accepting something of value (free housing) from Big Mortgage?
This is a violation of House rules, and probably illegal, to boot.
Not holding my breath for the Democratic leadership to call this bribe what it is.
Sue writes:
I blame Bush (!!) If he were a less disastrous president, maybe some decent Republican might make a run at the seat. But, in this climate?? Nobody wants to mess around. Nobody even talks about splitting tickets - it's just "Get these thugs out of here, now."
you are so right
hey i'm a dem and don't try to disguise it. but having been in local politics for many many years i have good friends who are republicans
they should never have let the radical right and neocons take control...discredit to the main stream of the party.
I will leave it to the citizens of California to explain why you want this woman anywhere near fiscal, budgetary, or housing policy power.
Well the name of the job is representative...
I give it another 90 days until it is 90 days past due.
Naah, the first payment isn't due until the month after you've refinanced....
And yeah, of course this is a violation of ethics rules.
See, you people just "get it."
On the L.A. Times LaLand blog, there are 4 comments on the Richardson post. Here, there are over 130.
Now as to Laura Richardson, I think we're missing a big point, which is not that we should all be outraged and commit a lot of outrage to digital paper, but rather that it seems pretty obvious there was mortgage fraud involved. You don't buy second and third homes without providing bad info on applications when you have already defaulted.
And who is this Daniel Richardson that appears with her on all the Sacramento County title info, but suddenly disappears from title when the NOD is filed?
And who says she's limited to 3 houses? Anyone do a nationwide search? Anyone check to see if she picked up a few deals in New Orleans?
Someone else a while back noticed (I didn't verify) that she was paying under $1,000 in property taxes on one of her houses when she should have been paying in the $6,000 neighbourhood.
Just to be fair to people who think this is somehow a partisan issue -- Dennis Kucinich today submitted a laundrylist of evils to congress in the interests of impeaching Bush. A little late, but what the heck.
Some background on her election: She got about 22,000 votes out of the 250k registered voters. Scuttlebutt tells us that this is almost all Union generated voting. The bosses say "vote this way," and they do. The bosses say: "go to the old folks homes and get em to vote this way" and they do. "Go to your churches and tell em this is what we need to do" and they do. Unions are her powerbase. NAR is her biggest "visible" money partner.
Is there no one here who knows how to get a serious criminal investigation started? Letters have been written to the ethics committee. Diddly. FBI... heeeelloooooo?
And crooked, well I come from Maryland, where we had to ammend the state constitution because that was the only way to prevent one Thomas Broadwater from being reelected to the state senate while serving time in the federal pen for food stamp fraud. I mean, food stamp fraud, at least Govenors Mandel and Agnew were sent up for mail fraud and bribery respectively.
i ar equel to some others to
Corruption by politicians knows only one significant limit - that your party must be in power for you to get away with it.
I have noticed over the years (decades actually) that the party in power has by far the most bad behaviour among its members, and the least amount of punishment suffered for that bad behaviour.
It is an extremely safe district, something like D +28.
Those are great questions, Tanta. I apologize for the snark regarding her first name when you posted the earlier story.
How about forwarding a link to the LA Times and Long Beach Press Telegram.
WAMU is corrupt. I will never Bank, borrow or lend to WAMU. They are such thieves.
"Laura Richardson (D-Speculator)"
Hilarious. Nice touch.
Tanta,
I need an UberNerd, no strike that, I need an UltraNerd on just how exactly Washington Mutual can undo a purchase. Just exactly what do they pressure the new owner with?
It's a new product, the reverse foreclosure. It's similar to the reverse mortgage.
DPP - Just a guess here, but I wouldn't be at all surprised if they find another foreclosed property, a bit more desirable if this guy will just shut up and go away.
The fix is in.
But Tanta or CR? Not goin anywhere.
Do not underestimate the electorate's fondness for shame and sociopathy in its leaders!
Through this imbroglio, Rep. Richardson may have proved she is no mortgage Houdini. But she's going to look a lot like everyone else going under.
Imagine...
"I been there! Just like you! I've LOST me a home, and been to the mountaintop and then some, sugar, to get it back! I KNOW what it's all about. That's why I'm a proud sponsor of the Relief For Utterly Blameless Americans In Need Of More Cash Money (And Fast) Act of 2009."
Tanta, add to your questions:
How often are any of these accomodations made to similarly-situated members of protected classes under Regulation B and the Fair Housing Act?
Seems like WAMU needs to have a reminder on fair lending laws...
"I blame Bush (!!)"
Of course you do.
You'll miss him when he's gone.
Your schnoodle will suddeny become responsible for chewing up your shoes again, and Ruffles is too cute to be mad at.
Richardson ran against two Democratic challengers, one of whom, Peter Matthews, was relatively more progressive. Most California Democrats are closely tied to the real estate and development interests here. (The rent control limits imposed by the State Legislature in 1988 were sponsored by Jim Costa, a Fresno Democrat, who was for many years the water-carrier for the California Association of Realtors.) And, of course, term limits in the State Legislature insure an even closer connection, as legislators seek post-service occupations.
And the only way you could get a Democratic/Republican competition in that district would be to draw little spaghetti lines through parts of inland California, moving to find small outposts of Republicans as far as 500 miles away.