February 21, 2009
FIVE STATES CAUSED THE FORECLOSURE CRISIS? “The beneficiaries of taxpayer charity will be highly concentrated in just five states – California, Nevada, Arizona, Florida and Michigan. . . . It turns out that the five states with by far the highest foreclosure rates have some things in common with each other, but very little in common with most other states.”
UPDATE: Some thoughts from Dan Riehl.
ANOTHER UPDATE: A reader emails: “Whatever became of Rep. Laura Richardson? The Democratic Black Caucus member that no one talks about at all, the one with the 4 mortgages, all in foreclosure, the one who got to vote on the measure making debt forgiveness a non-taxable event? How about reviving interest in her touching case?”
MORE: Here’s a more recent article on Laura Richardson:
First Rep. Laura Richardson was having problems making house payments, defaulting six times over eight years.
Then after a bank foreclosed on her Sacramento house and sold it at auction in May, the Long Beach Democrat made such a stink that Washington Mutual, in an unusual move, grabbed it back and returned it to her.
This week, in the latest chapter in the housing saga, the Code Enforcement Department in Sacramento declared her home a “public nuisance.” The city has threatened to fine her as much as $5,000 a month if she doesn’t fix it up.
Neighbors in the upper-middle-class neighborhood complain that the sprinklers are never turned on and the grass and plants are dead or dying. The gate is broken, and windows are covered with brown paper.
Seems to me that she and her colleagues are taking about as good care of the country . . . .
Plus this: LAURA RICHARDSON PROMISES TO EXPLAIN ALL THOSE DEFAULTS–AFTER THE ELECTION. I don’t think she did. I love this bit:
“This election is about fiscal responsibility,” she said.
But she is defining fiscal responsibility narrowly.
”My personal [financial] experience is not what this particular election is about,” she emphasizes.
Your political class at work.