One of the major arguments against the Democratic Congress' new bailout bill for homeowners and lenders is that it rewards irresponsible borrowers and speculators. Unfortunately for the Democrats, this report  has popped up  -- and been denied  -- of a newly elected California Congresswoman who bought a half million dollar loan with no down payment or evidence of her ability to pay back the mortgage. Oh, and she skipped on the loan. From the LA Times site:Capitol Weekly reports that newly elected California Congresswoman Laura Richardson walked away from the mortgage on her $535,000 Sacramento home, letting the house slip into foreclosure and disrepair less than two years after she bought it with no money down.Capitol Weekly wrote:"While being elevated to Congress in a 2007 special election, Richardson apparently stopped making payments on her new Sacramento home, and eventually walked away from it, leaving nearly $600,000 in unpaid loans and fees," the...(Read Full Post)