Sub prime mortgages crisis has apparently reached Congressmen, too. CREW (Citizens for Responsibility and Ethics in Washington) reports that Democrat Laura Richardson’s Sacramento home has been sold into foreclosure. The Representative from California claims that this happened without her knowledge and contrary to an agreement with her lender, but Richardson failed to make mortgage payments on the property for nearly a year, and didn't pay approximately $9,000 in property taxes on that home. She has defaulted on other home loans as well. Her house was bought at a foreclosure auction by James York on May 7, 2008 for $388,000.
CREW investigates the story because there is a strong smell of foul play: Richardson has an awful credit history, and it is quite possible that she counts on her connections to take advantage of the situation. However, a U.S. Representative now has a gross salary of about $100,000 per year, that is about € 60,000, peanuts compared to the indemnities of Italian Senators and Deputies, and she may well be in financial troubles...
