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The deadbeat Democrat defaulted six times

By Michelle Malkin  •  June 3, 2008 09:46 AM

The continuing saga of deadbeat Democrat/serial defaulter Rep. Laura Richardson gets worse and worse. Still haven’t heard a single member of Congress decrying this corrupt behavior. Via the LA Times:

When news surfaced that Rep. Laura Richardson had lost her home through foreclosure, the Long Beach Democrat blamed the problem on her year-long rocket-ship rise from city councilwoman to Assembly member to congresswoman and the crumbling real estate market.

“I understand that these homeownership issues are a reflection of what many Americans are going through as they fight to keep their homes and to remain financially stable,” she said in a news release.

But while the foreclosure of the two-story Sacramento home she bought shortly after being elected to the Assembly in 2006 may have been the first time she lost a house, it was not the first time Richardson had fallen behind on her payments. It continued a pattern started eight years ago.

Since then, the homes she still owns in San Pedro, where her mother lives, and Long Beach have fallen into default six times. The amount she owed ranged from $5,742 to almost $20,000, according to documents on file with Los Angeles County.

“She has this habit of missing payments and then trying to catch up instead of doing it monthly,” said Verla Saylor, who sold Richardson the Long Beach house and carried a second mortgage.

***

Commenter Khan points out that Richardson finally settled one of her debts–a $150 bill from Sir Speedy printing.

***

Previous Laura Richardson coverage.

Posted in: Subprime crisis

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  1. #1
    On June 3rd, 2008 at 9:50 am, Wade said:

    No surprise here. She must have to wait until her freezer gets filled.

  2. #2
    On June 3rd, 2008 at 9:50 am, undrseige247 said:

    The system must be rigged in order to keep someone like this in office. I can’t see how any sane group of people would elect this slatern.

  3. #3
    On June 3rd, 2008 at 9:52 am, Bob in Myrtle Beach said:

    Can you say Sloooow Paaaaay!

    “How slow can you go?”

  4. #4
    On June 3rd, 2008 at 9:55 am, khan said:

    She can’t even pay local vendors $150. Well…it takes her almost a year to come up with it. No, it wasn’t the monthly phone calls that forced her hand, it was the publication “mentioned in a Press-Telegram article on Thursday” that did it.

  5. #5
    On June 3rd, 2008 at 9:56 am, bloghooligan said:

    I’d love to know this woman’s credit score. And who the person is who keeps writing her loans.

    But remember…she’s a victim.

  6. #6
    On June 3rd, 2008 at 9:57 am, khan said:

    dang. i just can’t get the hang of the link thing. sorry for this

    http://www.presstelegram.com/news/ci_9435110

  7. #7
    On June 3rd, 2008 at 9:57 am, walterc said:

    undrseige247 said:

    The system must be rigged in order to keep someone like this in office. I can’t see how any sane group of people would elect this slatern.

    We are talking about California voters here, the people that elected the Arnold, San Fran Nan, Barbara Boxer.

    Then again, the same could be said about every other state that keeps re-electing the same idiots over and over, such as Pennsylvania, Massachusetts, Arizona, etc. etc. etc.

  8. #8
    On June 3rd, 2008 at 9:58 am, 30 pcs of silver said:

    To be a Democratic congresswoman is to be above the law… The law applies to us - minions. Period.

  9. #9
    On June 3rd, 2008 at 9:58 am, Mach1Duck said:

    Sounds like a good politician to be in control of public funds to me. Just look at the finanncal state of California.

  10. #10
    On June 3rd, 2008 at 9:59 am, Boomer said:

    This woman should be working for the clowns at Defense Finance Accounting Service instead of Congress they cost the taxpayers millions in lost discounts and interest payments due to their failure to make timely payments to DOD vendors. She would fit right in.

  11. #11
    On June 3rd, 2008 at 10:00 am, wighttrasch said:

    Remember; if it were you or I in this situation, we wouldn’t get one pass, let alone a series of them…

    Come to think of it, we wouldn’t have gotten the loan to begin with–we would have been turned down.

  12. #12
    On June 3rd, 2008 at 10:02 am, 30 pcs of silver said:

    khan,
    I think I can help.
    Let’s say you’ve typed up your comment and now you wish to add a link to one of the words in your comment. Highlight the word(s). Click on the ‘link’ button, copy and paste the link into the field. Click ‘Ok’. This should do it.

  13. #13
    On June 3rd, 2008 at 10:07 am, Mister P said:

    Many people don’t understand the banking world. Its best customers are NOT the ones who make payments on time, have high credit scores and live within their means. With fees and fines, its best customers are the borderline deadbeats.

  14. #14
    On June 3rd, 2008 at 10:09 am, abstractmind said:

    thanks 30, i was having trouble with it too, just didnt want to see ignorant and ask lol.

    far as this one…is it like the other thread of democrap issues, where its all republicans fault?

    Hardly.

    This woman is so irresponsible with her own money…what do you think she’s doing with everyone elses in her cushy government position?

    Maybe she should just stick to having 1 home and make payments on it, you know, like us little people. Might help keep her out of trouble.

  15. #15
    On June 3rd, 2008 at 10:12 am, expres12 said:

    Is it any wonder personal responsibility is so out of vogue in Congress?

    We are being led by a bunch of no talent, intellectually deficient,nanny state misfits.

    And the band played on…

  16. #16
    On June 3rd, 2008 at 10:14 am, khan said:

    thank you, 30pcs.

  17. #17
    On June 3rd, 2008 at 10:18 am, 30 pcs of silver said:

    abstractmind and khan,
    Glad I could help.

  18. #18
    On June 3rd, 2008 at 10:18 am, khan said:

    Ah, I see where the problem was. I was just going with the link button, entering the URL, and then clicking “/link”. No text was inserted between the tags so it was coming up empty. Thanks again!

  19. #19
    On June 3rd, 2008 at 10:26 am, docflash said:

    $114,000 salary,$162.00 a day per diem,It’s pathetic what they give you.

  20. #20
    On June 3rd, 2008 at 10:31 am, sam.i.am said:

    docflash,
    good reference to the New Orleans welfare queen. Point well made–She’s no different.

  21. #21
    On June 3rd, 2008 at 10:33 am, sonofdy said:

    Since when did coruption of DEMOCRATS matter to them?

  22. #22
    On June 3rd, 2008 at 10:33 am, 30 pcs of silver said:

    docflash,
    I think I could make it work… for me. :-)

  23. #23
    On June 3rd, 2008 at 10:37 am, nyc123me said:

    No way this person should be making decisions that affect taxpayers when she can’t even handle her own affairs.

  24. #24
    On June 3rd, 2008 at 10:42 am, DisplacedAvenger said:

    From the article: “Many state legislators and members of Congress have the added expense of needing two places to live, one in their district and one in Sacramento or Washington, D.C. California lawmakers receive a per diem of $170 to defray the costs, in addition to their salary. Legislators in both capitals often will share a house or apartment in order to keep the costs down.”

    $170 per day?? Assuming that’s a work week, and a four-week month, that’s $3,400 per month; further assuming an 8% APR on a 30-year fixed mortgage, that’ll get you about $463,000. Assuming that you managed to make the usual 20% down payment to avoid PMI, we’re talking about a $580,000 home–with the sole purpose of it being the lawmaker’s “home away from home”; the cost of their primary residence is supposed to come out of their normal salary, just like everyone else’s.

    And yet those poor lawmakers often have to “share a house or apartment in order to keep the costs down”. Right.

  25. #25
    On June 3rd, 2008 at 10:45 am, txvet2 said:

    On June 3rd, 2008 at 10:37 am, nyc123me said:

    No way this person should be making decisions that affect taxpayers when she can’t even handle her own affairs.

    Not to seem too cynical, but she probably is perfectly representative of her constituents.

  26. #26
    On June 3rd, 2008 at 10:47 am, txvet2 said:

    And yet those poor lawmakers often have to “share a house or apartment in order to keep the costs down”. Right.

    Apparently you haven’t been introduced to the advantages of rent control. Rusty???? Anyone???? Bueller??

  27. #27
    On June 3rd, 2008 at 10:49 am, orlandocajun said:

    Cynthia McKinney part dieu…Now we know why Cynthia moved to California. There’s an ample supply of morons who vote there.

  28. #28
    On June 3rd, 2008 at 10:52 am, Send_Me said:

    Well, this certainly explains how our country has acquired so much debt over the years. I wonder if Dave Ramsey could do a house call to the House. I’m sure we could get enough concerned citizens to pay that bill.

  29. #29
    On June 3rd, 2008 at 10:53 am, khan said:

    On June 3rd, 2008 at 10:37 am, nyc123me said:

    No way this person should be making decisions that affect taxpayers when she can’t won’t even handle her own affairs.

  30. #30
    On June 3rd, 2008 at 10:56 am, MNUSMCDavid said:

    Heck, the state politicos here in MN earn 31 grand for 3 to 5 months “work” plus 80 bucks per diem…… that’s minimum…. and the only work done is the five hours prior to the end of the session.

  31. #31
    On June 3rd, 2008 at 11:02 am, Yiddish Steel said:

    Typical narcissistic, sociopath scum-bag. Where’s the recall petition?!

  32. #32
    On June 3rd, 2008 at 11:07 am, malkin_fan said:

    Why was my post of “Typical” Black female deleted??????

    I guess only Black people can say something like that.

  33. #33
    On June 3rd, 2008 at 11:11 am, WarTip said:

    Since then, the homes she still owns in San Pedro, where her mother lives, and Long Beach have fallen into default six times.

    Am I reading this right? THREE homes?

    “I understand that these homeownership issues are a reflection of what many Americans are going through as they fight to keep their homes and to remain financially stable,”

    NEWSFLASH: Not “many Americans” are going through three homes. Also, if they were financially stable to begin with, they probably would have continued to accept personal responsibility for their financial decisions and not been in this mess to begin with.

  34. #34
    On June 3rd, 2008 at 11:25 am, GladzKravtz said:

    A neighbor is a lawyer for our city’s legal aid organization. He’s representing the owners of the many homes that have been foreclosed upon and are now sitting empty. The home owners had been mailing their payments to a nationally known, ‘Lender X’, up until they couldn’t.
    Legal aid approached ‘Lender X’ to see if new payment methods could be explored and Lender X is unable to identify who owns the mortgages/papers for the homes!
    Ms. Richardson is taking advantage of a chaotic situation, and apparently has zero ethics. I hope she is voted out.

  35. #35
    On June 3rd, 2008 at 11:26 am, pueblo1032 said:

    If I might quote Carrol’s, ALICE IN WONDERLAND… CURIOUSOR AND CURIOUSOR!!!

  36. #36
    On June 3rd, 2008 at 11:37 am, hawkeye54 said:

    Ms. Richardson is taking advantage of a chaotic situation, and apparently has zero ethics. I hope she is voted out.

    Regtretably, she will be elected. Her district, as well as all California districts, has been jerrymandered so to make it nearly impossible for an incumbant to lose to the other party. He or she would have to retire or die to get someone new, but in the same party. That’s how Richardson got this gig - her predecessor died and there is NO Republican oppostion - only two other Dems, neither of them prizes either.

    Zero ethics = Democrat party standard procedure.

  37. #37
    On June 3rd, 2008 at 11:45 am, spo-con said:

    Just wondering, how many loan officers or bank managers have lost their jobs because of this irresponsible skank ? Who could be careless enough to keep letting her slide ?

  38. #38
    On June 3rd, 2008 at 11:47 am, foxforce91 said:

    “deadbeat democrat” is a bit redundant, isn’t it?

  39. #39
    On June 3rd, 2008 at 12:31 pm, MostlyRight said:

    She’s a deadbeat with a track record, and whoever took a look at that track record and still decided to extend her a loan deserves a big loss for an awful investment. Neither she nor her foolish lender should be bailed out. Yet this is exactly what many of our politicians want to do.

    Anyone up for pooling our net worths and buying an island? We’ll call it Malkin Island. No politicians, minimal laws, tight borders, and $1 margaritas on Friday nights!

  40. #40
    On June 3rd, 2008 at 1:19 pm, Texas Tiger said:

    On June 3rd, 2008 at 9:50 am, undrseige247 said:

    The system must be rigged in order to keep someone like this in office. I can’t see how any sane group of people would elect this slattern.

    You’re partly correct. Her district runs from Long Beach to Compton. Compton has a rich history of spawning corrupt politicians and I doubt that Compton has a Mensa chapter, if you know what I mean. ;)

  41. #41
    On June 3rd, 2008 at 1:20 pm, rogerbacon said:

    This woman can’t manage her own finances and we expect her to manage the country?

  42. #42
    On June 3rd, 2008 at 1:22 pm, Tipper said:

    also, there is this Mortgage non-disclosure is trouble for Richardson

    Rep. Laura Richardson (D-Calif.) could face fines for leaving a heavily indebted mortgage off her financial disclosure statement, according to campaign finance experts.

    A review of Richardson’s 2007 financial disclosure shows that she failed to report her Sacramento home mortgage as a liability even though she owed $40,000 more than she paid for the home, which was purchased in January of that year. By the end of 2007, Richardson had accumulated $575,000 in total debt after failing to make payments on her original $535,000 mortgage, according to Sacramento County records.

    Her office did not return repeated calls seeking comment for this story. It also has not responded to questions about how Richardson was able to loan her congressional campaign $77,500 while continuing to default on several properties.

  43. #43
    On June 3rd, 2008 at 2:24 pm, Soliel said:

    Sadly enough, she is my congresswoman. Yes, it’s a gerrymandered district which is very frustrating for me. Even though I love my neighborhood, every election it makes me want to move. The inner city elects her, while we, nearer to the coast have to deal with her foolishness.

    It is sickening. I hope she feels lots of shame for her irresponsiblity and greed.

  44. #44
    On June 3rd, 2008 at 4:22 pm, Papa Louie said:

    Assuming she took her political Science courses at Berkley, I bet she got an ‘A’ in Deficit Spending.

  45. #45
    On June 3rd, 2008 at 4:37 pm, Papa Louie said:

    It’s too bad they closed the House Bank. She could have borrowed enough to pay her bills and never had to worry about paying back the loan. Those were the good ole days.

    Now they have to go to the trouble of putting earmarks in bills for special interests who in turn give them special deals on real estate. Harry Reid and Barack Obama need to teach night classes to the newbies on how to do these things right so they don’t embarrass the party.

  46. #46
    On June 3rd, 2008 at 5:52 pm, drfredc said:

    It’s all good,
    for the poor,
    she’ll be able to relate,
    isn’t everyone for
    oBORGama in 08?
    Bend over and kiss my assimilate.

  47. #47
    On June 3rd, 2008 at 9:26 pm, terrig said:

    Loser

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