Bank deal gives Laura Richardson back her Sacramento house
Rep. Laura Richardson, best known in recent months for her very public defaults on several homes she owns in California, is getting back her Sacramento house, the Press-Telegram reports:
The broker who bought Rep. Laura Richardson's Sacramento house at a foreclosure auction two months ago has dropped his lawsuit against her and her bank, allowing Richardson to reclaim the home.
In a statement, Richardson's lender, Washington Mutual, said the litigation had been "resolved," but that the terms are confidential.
The broker, James York, also declined to discuss the matter.
"I'm not supposed to say anything," he said. "I think you guys can figure out what happened. I only make business decisions and nothing else."
At the time of the foreclosure sale, Richardson owed $578,354.52 on the home, which she had purchased in January 2007 for $535,000. York bought the house on the courthouse steps for $388,000 - sticking Washington Mutual with a loss of $190,000.
Just how long do you think the terms of the deal that gave Richardson back her house can stay secret? And would WaMu do the same for you? The full story from the Press-Telegram is here.
--Veronique de Turenne