Common Sense Junction (Related)
"The clash between us and them is not a military clash. ... It is a cultural one, a religious one. ... The worst is still to come." ~ Oriana Fallaci ; Truth fanatic. __________________ "Do unto Islam as Islam would do unto you." ~ Frank Laughter ; Freedom fanatic. __________________ "It is fatal to enter any war without the will to win it." ~ Gen. Douglas MacArthur ; Victory fanatic. __________________ "We will never have peace until they love their children more than they hate us." ~ Golda Meir ; Peace fanatic, Israeli PM, 1969-74 __________________About (Related) The Cosmos (Related) Features (Related) GAoS (Related) GWoT (Related) Illegal Aliens (Related) Tributes (Related) U.S. History (Related) On This Day (Related)Edwards Says He Didn’t Know About Subprime Push
The hedge fund that employed John Edwards markedly expanded its subprime lending business while he worked there, becoming a major player in the high-risk mortgage sector Edwards has pilloried in his presidential campaign.
Edwards said yesterday that he was unaware of the push by the firm, Fortress Investment Group, into subprime lending and that he wishes he had asked more questions before taking the job. The former senator from North Carolina said he had asked Fortress officials whether it was involved in predatory lending practices before taking the job in 2005 and was assured it was not.
Subprime loans are aimed at buyers with poor credit histories and charge higher rates because of the risks. Some loans carry fees and large rate increases that are hidden from a home buyer.
Largely as a result of the rise in subprime lending and the cooling housing market, home foreclosure filings rose to 1.2 million in 2006, an increase of 42 percent. At the same time, the drop in value of subprime lenders has presented a buying opportunity for investors such as Fortress.
… Full story >> Edwards: “Didn’t Know About Subprime Push” (Related)
Hm… sounds familiar. I remember that he didn’t realize how badly he was damaging North Carolina’s healthcare system as he and his cronies bombarded doctors, nursing homes and hospitals with an endless number of ‘for settlement’ lawsuits. We’re still suffering from the exodus of physicians after they hammered everybody with a shingle.
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