June 24 average daily rates in Orange County for 30-year fixed loans with one-point fee: Conforming up to 6.078%, Jumbo up to 7.446% and Conforming-Jumbo up to 7.208% (Note: conforming-jumbo rates are for loans from $417,000 to $729,750, while conforming is up to $417,000 -- both types are sold to GSEs. Jumbos here are $730,000 or higher and not sold to GSEs.)
Source: Newspaper Chart Services 
Long Beach Congresswoman skips mortgage payments
May 21st, 2008, 5:16 pm · 18 Comments · posted by Matt Padilla, Register Reporter and Blogger
(Update: Richardson denies she lost home to bank.)
Long Beach Democrat Laura Richardson halted payments on her home loan last year, in a sign the housing crunch is hitting a wider swath of homeowners and in a tale of stretching for higher office, reports Capitol Weekly and the Associated Press.
I called Richardson’s office for comment and was told a statement is being drafted. Capitol Weekly said she declined to comment. But the Associated Press quoted Richardson as saying the home was not in foreclosure and had not been seized. She blamed constant job shifting for financial problems related to the Sacramento property.
However, AP reports that a public filing on Monday shows the home was sold to Red Rock Mortgage Inc. of Sacramento for $388,000.
Capitol Weekly reports Richardson paid $535,000 in January 2007 for a three-bedroom, 1,600-square-foot place.
Richardson won a seat in the House of Representatives in a special election last year and also last year apparently stopped making payments on her loan, owing close to $600,000 in unpaid loans and fees, the paper reported.
The paper outlines the following chain of events:
- Richardson was elected to the Assembly in November 2006,
- She purchased her Sacramento home two months later, taking out a mortgage for the entire sale price of the house: $535,000.
- In April 2007, Rep. Juanita Millender-McDonald died of cancer leaving a Congressional vacancy in Richardson’s district.
- Richardson goes for it, but finds herself in an expensive race against state Sen. Jenny Oropeza, D-Long Beach.
- Richardson misses house payments as she loans her campaign $60,000. Richardson’s opponent loaned herself $115,000 to fight Richardson.
- A March 2008 foreclosure filing says Richardson owes her lender Washington Mutual more than $578,000 and her home will be sold at auction.
Richardson still owns her home in Long Beach.
Those are the basic facts according to the paper. I’ll update this post if I get a comment from Richardson.
Related Links:
- Banks take possession of record number of O.C. homes
- Supply of O.C. distressed homes for sale up again
- Banks offer 20% off foreclosed homes in O.C.
- Is your neighborhood in foreclosure danger?
- Riding with a sheriff’s deputy on eviction day
- U.S. foreclosure filings rise 112% in a year
- O.C. foreclosure intensity surpasses 1990s
May 21st, 2008 at 8:27 pm
Will her constituents now take up a collection to buy her a new house in Sacramento and boycott WAMU for foreclosing on a person serving the common good? All I see is smear. Where is the follow-up?
May 21st, 2008 at 10:35 pm
Before anyone should pass judgment, you should read this page from consumer affairs regarding WAMU. I am a mortgage broker who formally worked with their wholesale operation as well as their sub-prime arm Long Beach Mortgage…
http://www.consumeraffairs.com/finance/wa_mutual_mort.html
May 21st, 2008 at 11:22 pm
Associated Press is also reporting she owes back taxes to the city on the property, there’s a realtors lock box currently on the front door, and that the neighbors have been upset with her for not maintaining her property as she let it get trashy and overgrown over the past year.
She sounds like a real loser to represent the good people of Long Beach. They deserve better, and she should be ashamed of herself.
May 21st, 2008 at 11:24 pm
Also, the Sacramento utility company now has a lien on her house for unpaid utilities bills dating back to 2007.
May 22nd, 2008 at 5:55 am
Laura is the typical radical democrat that is running our state. The state is $20 billion in debt and here is an example showing how we got there. The democrat took out a 100% loan and put nothing down. Then when she felt that the loan did not please her, she walked away from her financial obligation. No honesty. No responsibility. She spent money she did not have and then gave the bank the finger. This is exactly the way the tax and spend wacko democrats run this state. Laura sets a great example for everyone. And we, the working, taxpaying, honest citizens are left to pick up the bill. California, please stop voting for these democrats. They are killing the us and the state.
May 22nd, 2008 at 6:39 am
wow, she seems really responsible, I’m glad we have her as a congresswoman………. if she doesn’t have to pay her taxes or utility bills why should anyone in her district?
May 22nd, 2008 at 8:19 am
Laura Richardson seems prefectly prepared to morgage the country into forclosure to soveriegn wealth funds of the middle east with adddtional federal spending such as the farm bill.
You really have to understand the no money down mentality to understand that she is the kind of legislator that now runs the county.
She really does understand the circumstances of the debt ridden voters, who will need to tax the rentersand savers who earn an honest living and pay cash for thier cars and live within their means.
After all, how could they afford their lifestyles if they did not have prudent fools to take advantage of.
I guess to recuse yourself from voting on debt relief since you would benifit yourself form it would of course be unnecessary ethical behavior. After all, her debt ridden consitutients , in our district need relief.
If the future of our economy is in such irresponsible hands, we really do have a dim witted future.
May 22nd, 2008 at 9:43 am
This is the caliber of people we have managing our nations finances. Scary…. absolutely scary….
May 22nd, 2008 at 10:22 am
Impeach her!!!
May 22nd, 2008 at 2:29 pm
What? A public servant made a financial mistake? Crucify her!
May 22nd, 2008 at 2:36 pm
A really sad state of affairs. No, it’s not a “crime” to lose your house to foreclosure, but it is an indictment against her integrity that is the foundation for her leadership skills in our government:
1. Flatly lying that the house is not in foreclosure
2. Skipping on property taxes
3. If she herself is fiscally irresponsible, how is her judgment when it comes to passing spending bills?
May 23rd, 2008 at 7:27 am
In the Nov general election, dont forget to vote for McCain.
If you vote Dem, this is what you get. Just say NO to SPENDOBAMA
May 23rd, 2008 at 10:26 am
Liberal loser. They are all the same. Irresponsible, living in fantasy land. Blaming everyone else for their problems
June 2nd, 2008 at 11:59 am
she has gone since 2000 to now from a city council person, to assembly person and now congresswomen. It would would be interesting to know what real esate assets she had in 2000 vrs now. As it appears she has financed her upward career with equity loans to herself…..and now that she is where she wants to be, either willing to walk away from her responsibilities or at least modify them in her favor.
June 16th, 2008 at 12:25 pm
Uh… Uh… I am speechless!
June 16th, 2008 at 12:30 pm
DEADBEAT! and a Democrat at that… well no wonder, she’s probably waiting for Barack’s bailout. I can’t wait to see a shot of this lady, to see what a prize she looks like.
btw, I used to live in LB before OC, not too surprised.
June 16th, 2008 at 2:27 pm
This type of dishonesty is common today. She has multiple homes, and all are in default. We see this everywhere. Brokers, buyers, and realtors created a perfect storm. But it is the buyers who committed felonies when they lied on their documents. She did too. Will she be called to account? No. Not at all. That would require honesty at a level above her. She did get WaMu to reverse a legal sale, which is fraud and a violation of the buyer’s US Bill of Rights, which is now going to be a lawsuit. Let’s see how fast the truth gets buried for this piece of trash.
June 17th, 2008 at 2:59 pm
Richardson, Oropeza and Lowenthal. The three stooges of the LB City council who made their way to Sacramento. Anyone in LB with half a brain knew that these 3 were were turkeys long ago. Typical of the times I guess. The feeble minded are more and more easily influenced into voting for politicians that promise to put government to work on their behalf and fix what ails society. When it is clearly politicians that ail society.