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Thursday, June 5, 2008

Another Pol in Foreclosure

This story comes from North Carolina.

State Sen. Julia Boseman and her former domestic partner have defaulted on a $1.3 million mortgage on a house in a ritzy subdivision near the Intracoastal Waterway.

The house is now expected to be sold at public auction later this month after Boseman and Melissa Jarrell, the head softball coach at the University of North Carolina Wilmington, failed to pay months' worth of bills on the loan from Regions Bank.

Boseman and Jarrell, who lived together and were raising a son before separating, had the mortgage on the house at 1526 Portsmouth Place in the Avenel Subdivision just across the bridge from Figure Eight Island.

Now, there are several things important and fascinating about this story. First of all, State Senator Julie Boseman removed herself from the title but not the mortgage. This can be done and is perfectly legal, however by doing so, she is still responsible for the loan. She gets into word games however make no mistake about one thing. Since she is still on the loan that is about to be foreclosed, she is responsible for the payments.

Furthermore, the amount of the mortgage is rather stunning. Boseman is an attorney as well as a State Senator however the payments were nearly 8k per month. In other words, like most folks that are stuck in near foreclosure, she simply bit off more than she could chew. Unlike most people, she is a powerful person with resources.

The lesson is that irresponsibility crosses wealth and power. Furthermore, it appears that Boseman and her domestic partner had a falling out and Bosemen took off. I can only assume her former partner was in no position to make payments on her own. Just like in the case of Laura Richardson, we have another case of a borrower that in no way would deserve a bailout.

All forces against the mass bailouts currently being proposed by members of Congress need to make these two cases and as many others like them the poster child of what mass bailouts really mean. There are frankly many more people like Richardson and Boseman than the average poor folk that was taken advantage of that are about to be foreclosed on. Any mass bailout would include plenty of folks like Richardson and Boseman who instead should be made to face the consequences of their action. That is the narrative that those opposed to the bailout need to hammer and these two cases need to be the center piece of such an arguement.

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