California Real Estate Fraud Report

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02
Jul

The perks of being a politician when being in foreclosure

Being a politician comes with a lot of unwritten benefits.

In the case of Rep. Laura Richardson, D-Long Beach, it meant getting Sacramento lobbyist Jan Owen to pull strings at Washington Mutual (WaMu) to get the foreclosure of Richardson’s home rescinded, something that banks do about as often as an asteroid penetrates the earth’s atmosphere. Even more of a surprise, especially to homeowners whose attempts to get their loans modified, is that WaMu accepted Richardson’s claim that she received $12,000 in rental income from her mother, a false statement. And how many homeowners with a middle credit score of 582 get anything from a bank?

Despite all that, the House Ethics Committee cleared Richardson of wrongdoing and the Department of Justice has declined to prosecute either Richardson or her mortgage broker Charles Thomas of loan fraud for forging rental agreements on her other properties.

Read the full article in the LA Weekly.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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