Councilman: Why I stopped paying my mortgage

The Orange County Register reports:

Huntington Beach Councilman Keith Bohr has released a written statement about his attempts to get a loan modification on his $2.5 million Edwards Hill home, how it wound up in foreclosure and why he filed a lawsuit against the lender.
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Here’s what he says happened:

“My wife and I bought our home in the spring of 2005 for approx. $2.5m, with a traditional 20% cash downpayment of approximately $500k a traditional loan, not a subprime loan. We also invested in excess of $500,000 remodeling the 15-year-old home.

“As we all know the recession hit and our home of course has lost approx. 30% from the purchase price and the value is now considerably below the loan amount.

Yet, some politicians in Congress have no problem with 4% down mortgages.