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


How to redesign, rebrand and recast your practice

Redesigning and reshaping your practice is a tough pill to swallow for advisers. But what got you here won't get you there, says John Kozuch, a Chicago financial adviser.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

E*Trade acquiring custodian Trust Company of America

Discount broker buying second-tier custodian for $275 million.

Another thousand Dow points higher, and investors yawn

Market milestones keep falling like dominoes, with 51 records broken so far this year.

LPL retains $570 million with super-OSJ deal

Kansas-based nVision Wealth will come under supervision of Chicago-based IHT Wealth Management.

How does your advisory firm stack up?

Comparing a firm's pay to the competition can point out vast flaws.

10 signs your client is cheating on you

Sure signs that clients may be on the way out the door.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print