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.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Top questions surrounding future of DOL fiduciary rule

Reporter Greg Iacurci and managing editor Christina Nelson discuss the biggest uncertainties springing from the Fifth Circuit Court of Appeals' decision to vacate the regulation.

Latest news & opinion

Stocks plunge, advisers tell clients to hang tight

Though planners encourage calm, some are preparing investors for a correction.

Lightyear Capital's Donald Marron said to be in the hunt for Cetera Financial Group

The veteran brokerage executive, who bought Advisor Group in 2016, owned Cetera once before.

What to watch for next with the DOL fiduciary rule

Much hinges on whether the Labor Department appeals the 5th Circuit decision by April 30.

Social Security benefits losing buying power

Low inflation combined with rising Medicare costs threaten the adequacy of seniors' income.

Finra looks to streamline broker-dealer exams

CEO Robert Cook says three examination teams may be consolidated.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print