GLENN: I want to share a story with you today that I think is tragic. I think it is the quintessential American story and what we're all facing and it comes out of California. Do we have some appropriate music here, Dan? I -- it's about a woman named Laura. She just lost her Sacramento home. Foreclosure. She's also defaulted on other properties in long beach, California and San Pedro. Laura was able to bring her payments up to date on the Long Beach home relatively quickly, but the San Pedro property lingered in the foreclosure process for almost eight months. She still has a pending auction date there. She was just a woman that was just trying to make her way in the world. She had everything going for her. She had a good job and she got a better job. But with that better job she was transferred. She had to move across the country and that's when it all started to fall apart. She said, "I should have moved forward with an earlier fashion. I acknowledge that. I intend to never conduct business in this way. I have financial obligations and I'm going to fulfill all of those obligations, and I want the people of America to know that, gosh darn it, they are not going to have to take this on their own back."
See, here's what happened. She bought a home, everybody's dream. Back in January 2007 she bought a home for $535,000 but then because of this darn new job, she got behind on the payments. It was sold on May 7th for $388,000. The bank, oh, those banking people, they lost $200,000 on the deal. County records indicate that the San Pedro home went in default in December 2007, at which point Laura, our heroine, was behind on her payments by $12,410. She hadn't made a single payment since June. A notice of a sale was issued on April 17th and an auction was scheduled for May 14th on the courthouse steps in Norwalk. The outstanding loan balance was $367,436. The original sale was $359,000. But that auction luckily was put on hold. Now Laura produced no documents to confirm that she took any action on that property before March. The Long Beach home, which is her primary address, went in default on March 28th. She hadn't made a payment on that house since November. She owed almost $20,000 on that property. Three days later the default was rescinded. She had finally made arrangements to make those payments.
Now, you might think that there's a happy ending here but not really because Laura says she's not financially wealthy. She said, "I'm not a millionaire. Based what I'm going through, changing four jobs in less than one year, I think America would understand what it does to a person in financial stability. It's hard to make. It's hard to live on $169,300 a year." See, Laura, Laura is a congresswoman from California. She was a member of the state assembly in California and made $116,000 a year, but then she changed jobs, got a pay raise. $169,300 which allowed her to buy three homes. When it was pointed out to Laura that the average American makes far less than $169,300 a year, she said, "Yes, but the average American isn't responsible for maintaining several households." How true it is, Laura, how true it is, true dat.
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Woman suffering from housing Crisis.
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Originally Posted by namvet
You're that desparate, huh? 