Richardson Defaults on Loan
Rep. Laura Richardson lost her Sacramento home in a foreclosure auction two weeks ago, and left behind nearly $9,000 in unpaid property taxes.
Richardson, D-Long Beach, appears to have made only a few payments on the house, which she bought in January 2007 for $535,000.
After buying the home, Richardson hardly had time to live in it. Three months later, Rep. Juanita Millender-McDonald died and Richardson – then a freshman member of the state Assembly – launched a campaign to replace her in Congress.
Richardson won the election, pouring in $77,500 in personal loans to her own campaign. Around the same time, she stopped making payments on the Sacramento house. The bank issued a default notice in December, and the home was sold at a public auction on May 7 for $388,000.
Read more: (Gene Maddaus, “Congresswoman Defaults on Loan,” Press-Telegram, 5/21/08)