Edwards tied to Katrina foreclosures

Aug 17, 2007 @ 12:18 pm

By Darla Mercado

Democratic presidential candidate John Edwards has investment ties to lenders who are foreclosing on Hurricane Katrina victims, The Wall Street Journal reported.

The owners of 34 New Orleans homes have faced foreclosure suits from subprime lending units of Fortress Investment Group LLC, the Journal said.

Mr. Edwards has $16 million invested in Fortress funds, and he also worked there from late 2005 through 2006.

When the Journal asked Mr. Edwards about the connection, he said he would personally provide financial assistance to the New Orleans homeowners who are either facing foreclosure or who have already lost their homes.

The North Carolina senator, who has been a vocal critic of predatory lending and foreclosures on Katrina victims, also told the Journal that he would divest from Fortress funds that have a stake in these subprime lenders.

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