Subprime Lenders Linked To Edwards Firm Foreclosed On 100+ Iowa Homes

Des Moines Register:

A total of 107 Iowa homeowners were foreclosed upon by subprime mortgage companies owned by Fortress Investment Group while Democratic presidential candidate John Edwards was associated with the equity company, court records show.

Fortress foreclosures have occurred in other states, but the Iowa cases bring Edwards' tie to subprime lending to the leadoff presidential nominating state, where he has staked his political future.

Most Iowa Democratic activists interviewed by The Des Moines Register say the foreclosures by themselves do not undermine Edwards' anti-poverty message. However, some say he should have known that his tie to Fortress, which paid him $479,500 for 14 months of work, would be scrutinized in the campaign.

Read the whole story: Des Moines Register

Comments

[Rebelfriend]

It just doesn't stop. The Destroyers are just busy little bees, aren't they? Why is no one saying anything about the fact that the Clintons owned the same kind of stock, and just got rid of it in the nick of time. Interesting that this comes out now shortly before the Iowa caucuses. We have a good, decent man who is willing to work his heart out for the working people of this country, he gets almost no press from the corporate-controlled mainstream media so that it has been harder for him to raise money, while Hillary and Obama, who have been given relatively free passes on everything, are all over the media, and thus able to raise much more. The only media coverage Edwards does get are stories like this garbage. I'm sick and tired of the distortions, innuendo, and downright lies that are the only coverage they give him. Even in light of this, he has the courage to fight the good fight, and the thinking people of this country who trust their own minds and hearts (rather than the political manipulations) know how good this man is, and that he has proven by the way he has lived his life that he is an honest man. It's also interesting that even with all this John Edwards defeats every one of the Republican candidates in general election matchups. Edwards has the character to beat this garbage, and the American people have the smarts to know who he is, what he stands for, and just as he is fighting for them, they will fight for him. Go John Edwards! America needs you!

[Ramirez]

Here's an aerial photo of John Edwards' house. Several of the SUV's are circled in red.
http://i167.photobucket.com/albums/u128/sapguy_us/EdwardsHome.jpg

[amerdiaspora]

doh!

[godlessclif]

I want Jimmy Carter to build me a house.

[NABNYC]

People get a loan that they don't really qualify for, because they've got such bad credit. Then they use that loan to buy a house they can't afford. And they pledge the house as security for the loan. If they don't pay the loan, the lender takes the house. Happens every day all over the country. It has nothing to do with Edwards.

Probably every single person who has a penny in any fund owns part of some financial group that owns mortgages and forecloses on people who do not make their payments.

This is ridiculous to blame Edwards for Bush's destruction of our economy. People aren't losing their homes because they got bad loans. They bought the house in the first place even though they couldn't afford to do so. If real estate had continued going up in price they could have re-financed and been fine. That's not Edwards' fault.

Why did he take the job? All politicians get fat paychecks when they leave office. They are "employed," or are "consultants," mainly to show up once in a blue moon for a lunch or dinner. Their involvement allows the company to solicit other investors and do business. Edwards did the same as everyone else. Bill Clinton earned $600,000 in April of 2006 alone just for showing up at 4 lunches. Do we think that is a violation of the campaign finance laws? For Bill to take millions in corporate money by people who want to buy influence with Hillary?

These attacks on Edwards are unfair.

[godlessclif]

Chris Mattews just attacked Edwards Iraq troop withdrawal position because he said he would leave a Brigade to protect the embassy. He said is sounds dishonest and not a real pullout to leave 5,000 guys to protect our embassy. If Hillary said
the same thing Matthews would be praising her.

Hillary plans to leave 100,000 men including combat troops for four more years.

The DLC better realize the left will never vote for Hillary. The DLC elected Nixon in 1968 and are about to do so again.

[Rebelfriend]

NABNYC: Good for you! We have to point out the hypocricy of the media, because they are determined to destroy John Edwards. Where is the media on the fact that the Clintons had the same kind of investments but got rid of them sooner than Edwards? (You don't hear or read a word about that!) Does any person really interested in the truth really believe that John Edwards, this good and decent man who has spent his life helping people, would really intentionally rip off the very people he's fighting so hard for? The thinkers out there will see this for what it is: Do everything you can to destroy Edwards in Iowa so Hillary will win the nomination. Enough is enough! It makes me mad as hell, and I have no doubt this will effect Iowans the same way!

[realitytrumpsbull]

John Edwards, spokesman for the National Slumlords Association...

[godlessclif]

The same charge was made against Al Gore. Only Gore actually owned real estate. Edwards owned some mutual fund and was a passive investor. Wall Street is so screwed up you do not even know what you own. Next we will hear Jimmy Carter is responsible for foreclosures on houses he built for Habitat.

Edwards helped the homeless after Katrina, no Republican can make that claim.

[SeanGardner]

Edwards is done.

[godlessclif]

Then get ready for President Guiliani. We will never vote for Hillary. We will never support a DLC candidate.

[Rebelfriend]

Do you really think this BS will do him in? You must be joking. You don't know how strong this man is! And people are getting really tired of seeing this kind of political character assassination against him. He has proven throughout his life that he is an honest, good and decent man. The thinking people of this country know this, and are disgusted by such dirty politics.

[WigWamWag]

This article is really another obvious attempt to smear Edwards again. HuffPro have you no decency?

Arianna Huffington may need a psycholgical intervention. She maybe doped up on her delusions and wrong head loyalties to O-bomb-a and ultra liberal socialist causes.

Just like Fox, Rupert Murdock, Bill Mahr, Bill O'Reiley, Rush L., Newt G., Al Sharpton, Jesse Jackson and Dennis Miller she probably is using the media to try propagandize and mold public opinion to her particular brand of thought and ideology.

It really is not about stopping a bad war in Iraq. It is much more complex.

That agenda is dirty partisan political gamemanship not objective journalism, which we should expect to be based in fact and clear truth.

[godlessclif]

I know the insiders do not like Edwards at the DLC. Edwards might actually help the middle class, we can't have that.

[Rebelfriend]

In 2004, the Washington establishment "annointed" John Kerry as the Democratic party nominee. And look what happened. And they are trying to do the same thing again this time around. What a tragedy for this country if they "annoint" Hillary -- because her candidacy will mobilize the Republicans like no one else, and we will have yet another Republican in the White House in January 2009. When that happens, we will all look around like we did in 2004, and realize that once again, the Democratic party establishment shot itself in the foot. Edwards is the one Democrat who can win this election. Why do you think Edwards is raising more money in the South than any of the candidates -- including the Republicans?! Because he is the one candidate who can win states that no other Democrat can win. And that will begin the process of healing the red/blue state divide, and making us all simply Americans again. The Washington establishment had better get off their merry-go-round for a second, get their heads screwed on straight, and, for the country's sake, do the right thing. If John Edwards is the nominee, and only with John Edwards, will we have a Democrat in the White House in January 2009.

[daniel155]

This is part of the lending industry. I think most people realize there are consequences if you don’t make payments on a loan. If loans don't perform then they will be foreclosed on. Sub prime lending companies would not stay in business long if they did not foreclose. I don't necessarily blame Edwards for this no more than I would blame a neighbor who for a bank or mortgage lending company for loans being foreclosed on.

I do have a problem with Edwards' explanation for taking the job with Fortress. Rather than saying he needed the experience or some other reasonable explanation, he said that he took the job because he wanted to see how markets affect the poor.

Even the most ardent Edwards supporter must be able to see through the phoneyness of that explanation.

If you learn nothing else from this it should be this. Don't take out a mortgage unless you are absolutely sure you can keep up the payments because there are plenty of people who will loan you the money and foreclose on you later.

[godlessclif]

Like the guy in "The Grapes of Wrath" who did not know who to shoot when they foreclosed his farm.
http://www.youtube.com/watch?v=umoYaS49Dnw

[WigWamWag]

Rule of law and economics: No one should get a free ride. If they do not pay their bills you are creditors may be forced to find remedies under the legal guidelines.

Foreclosure and bankruptcy are outgrowths of irresponsibility of the individual in not meeting their debt obligations.

This article is really another obvious attempt to smear Edwards again. HuffPro have you no decency?

[godlessclif]

George W. Bush got a free ride. Every trust fund baby gets a free ride. The capitalist system is run by what Thorstein Veblen called "The Leisure Class" who are all free riders who do not work.

http://en.wikipedia.org/wiki/The_Theory_of_the_Leisure_Class

[Sanjong Thapa]

Democrat leaders = The Enemy of the Poor

[jeanruss]

huffpo is really risking their credibility by continually criticizing Edwards-who really subsidizes this site? They are acting like Republican corporatists-I guess his tremendous performance at the debate really brings out all the fears a real people's President might mean to the oligarchy that has taken over America-I'm really happy to see that people are wising up to what's going on.

[TekBoss]

Like Edwards said, the game is rigged.

Even if you don't want to be linked to something like this (and obviously he wouldn't want to be), if you have money invested in the financial markets, you are "linked".

Nice hit piece though.

By the way, I'm voting for Edwards and you can't stop me.

[rssrai]

These people who got these loans got them because no other bank would give them a loan. They took a chance and lost. Boo hoo! I got a home loan for a fixed rate. Yes, you can still get home loans for fixed rates. I have no pity for stupid people. If they did not know that interest rates go down and go up too, than they deserve everything they get. People, read the fine print already.

[outnow]

So,? Borrowers bet on rising prices, lenders encouraged no doc loans.

John Edwards is a populist who has represented injured consumers. He represents a threat to the business interests who engage in fraudulent conduct and produce harmful products.

If his barber has to travel to John and cut his hair "on-call," is that any different than Condi's shoe that cost $400?

If someone called me to jump into my car and drive 20 miles to cut someone's hair at their convenience, I wouldn't do it because I would lose money and I don't like cutting hair.

John's investments after 22220 years of practice are really proof of the fast-fading American dream. He is a self-made man.

I hope that he gets the nomination. He is for nuclear disarmament - that's why the MIC hates him.

[godlessclif]

I guess NBC is not going to be for John when GE is one of the manufacturers of Nuclear weapons