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Author Topic: John Edwards and Home Loan Foreclosures
Sven
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posted 17 August 2007 08:14 AM      Profile for Sven     Send New Private Message      Edit/Delete Post  Reply With Quote 
From a news article in today's WSJ:

quote:

As a presidential candidate, Democrat John Edwards has regularly attacked subprime lenders, particularly those that have filed foreclosure suits against victims of Hurricane Katrina. But as an investor, Mr. Edwards has ties to lenders foreclosing on Katrina victims.

The Wall Street Journal has identified 34 New Orleans homes whose owners have faced foreclosure suits from subprime-lending units of Fortress Investment Group LLC. Mr. Edwards has about $16 million invested in Fortress funds, according to a campaign aide who confirmed a more general Federal Election Commission report. Mr. Edwards worked for Fortress, a publicly held private-equity fund, from late 2005 through 2006.

Asked about the matter, Mr. Edwards yesterday pledged that he would personally provide financial assistance to New Orleanians who are facing foreclosure by Fortress-affiliated businesses or have lost their homes already. "I intend to help these people," the former North Carolina senator said.

He also promised to cleanse his portfolio of any investments that may be profiting from their losses. "I am going to divest" from any Fortress funds that have a stake in the subprime lenders that filed the foreclosures, he said in a telephone interview. "I will not have my family's money invested in these firms."


Even for a guy as wealthy as John Edwards, a $16 million investment in Fortress is a very significant investment that he would not likely make without really understanding what the business does.


From: Eleutherophobics of the World...Unite!!!!! | Registered: Jul 2005  |  IP: Logged

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