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Would it be unfair to say that Richardson is the mixed race Black daughter of a LA Teamsters Union single mother, that she got an BA/Political Science from UCLA, an MBA from USC, and studied in Beijing, China?
All that just screams ‘Socialist, victim, and entitled’ to me.
Mike’sA, just a few specifics on Richard’s foreclosed home and “walking away” from the $600K mortgage and loan fees.
Timing is everything as to whether she got away with anything. If it was at sheriff’s auction in 2007, the bank could have, and may have, made her responsible for the lost cash with a lawsuit/judgment/lien. Also, this mortgage debt forgiveness is reflected as income on her personal income taxes for 2008. She will be responsible for state and fed taxes for the loss. These events are not unusual prior to this year.
Laura Richardson landed in DC in Sept 2007… just in time to vote “aye” on the Mortgage Forgiveness Debt Relief Act of 2007. After this bill was signed into law late Dec by the POTUS, (and with some exceptions) the debtor is no longer responsible for taxes for the loss. In the wake of the subprime news, Congress and the WH felt that distressed homeowners should not be hit again with income tax repercussions on top of their loss. However the banks still retain the option to file a judgment against the debtor for the monies lost. Most are not doing so, in my experience.
So Richardson, losing the home in 2007, is not a beneficiary of the Mortgage Forgiveness Debt Relief Act herself. No doubt, much to her chagrin. But she is not necessarily getting away with anything either. Taxes on the $200K can be hefty.
Would it be unfair to say that Richardson is the mixed race Black daughter of a LA Teamsters Union single mother, that she got an BA/Political Science from UCLA, an MBA from USC, and studied in Beijing, China?
All that just screams ‘Socialist, victim, and entitled’ to me.
Mike’sA, just a few specifics on Richard’s foreclosed home and “walking away” from the $600K mortgage and loan fees.
Timing is everything as to whether she got away with anything. If it was at sheriff’s auction in 2007, the bank could have, and may have, made her responsible for the lost cash with a lawsuit/judgment/lien. Also, this mortgage debt forgiveness is reflected as income on her personal income taxes for 2008. She will be responsible for state and fed taxes for the loss. These events are not unusual prior to this year.
Laura Richardson landed in DC in Sept 2007… just in time to vote “aye” on the Mortgage Forgiveness Debt Relief Act of 2007. After this bill was signed into law late Dec by the POTUS, (and with some exceptions) the debtor is no longer responsible for taxes for the loss. In the wake of the subprime news, Congress and the WH felt that distressed homeowners should not be hit again with income tax repercussions on top of their loss. However the banks still retain the option to file a judgment against the debtor for the monies lost. Most are not doing so, in my experience.
So Richardson, losing the home in 2007, is not a beneficiary of the Mortgage Forgiveness Debt Relief Act herself. No doubt, much to her chagrin. But she is not necessarily getting away with anything either. Taxes on the $200K can be hefty.