Congress Critters

Buy a second house in Sacramento with no money down for 535k even as housing is going down in price. Run for congress. Need money for campaign, but can’t do that and make mortgage payments on a house losing value. Answer to this dilemma?

Let the house go into foreclosure, loan your campaign a bunch of money, neglect the property, win the seat and use contributions to pay yourself back. Uh, House becomes an eyesore and Washington Mutual looks stupid for making the loan.

I think this story pretty much sums up our political class, the stupidity of the mortgage lending market and why California’s housing market is in free fall.

Update: She claims the story is incorrect.

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