| Re: Man sues congresswoman after buying her foreclosure |
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Group: alt.politics.liberal · Group Profile
Author: SpartakusSpartakus Date: Jun 15, 2008 20:18
"OneTwoThree" wrote:
> Of course we all know, only republicans are corrupt... oh wait - this broad
> is a DEM!
Oh wait - she hasn't done anything underhanded or illegal!
> Man sues congresswoman after buying her foreclosure
>
> By JULIET WILLIAMS
> ASSOCIATED PRESS
>
> Published: Saturday, June 14, 2008 at 4:30 a.m.
> Last Modified: Saturday, June 14, 2008 at 3:41 a.m.
> SACRAMENTO -- A Sacramento investor who bought the foreclosed home of Rep.
> Laura Richardson has filed a lawsuit against the congresswoman and her bank
> for rescinding the sale.
>
> James York claims Richardson used her influence as a congresswoman to force
> Washington Mutual Inc. and a subsidiary to back out of the sale.
>
> York, who operates Red Rock Mortgage Inc., bought the foreclosed home in an
> upper-middle-class Sacramento neighborhood at auction in May for $388,000
> after Richardson failed to make her mortgage payments.
>
> In the lawsuit filed in Sacramento County Superior Court, York is seeking to
> have the house returned to him, as well as punitive damages and costs. He
> also claims the bank acted with malice after the legitimate sale of the
> house.
Good luck proving malice. What appears to have happened here is that
Richardson received a notice of default from Washington Mutual on the
Sacramento property. It is unclear whether or not she received a
notice of foreclosure. She claims that she negotiated new terms with
the lender before the auction, but that WaMu went ahead with the
auction anyway. Which is very unusual, because lenders will bend over
backwards to work with borrowers these days. I can see why WaMu would
want to rescind the auction sale. If it were to stand, they'd be out
almost $150,000.
Richardson appears to be a real estate speculator/flipper. That's not
against the law, although it is a stupid business strategy for the
current market conditions.
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