John Edwards has decided to pull his money out of mortgage investment firms that have foreclosed on victims of Hurricane Katrina.
“I will not have my family’s money involved in these firms that are foreclosing on people in New Orleans,” he told the Associated Press.
Edwards has reported $29.5 million in assets, millions of which are invested in the hedge fund Fortress Investment Group., a company that paid him nearly half a million dollars last year for consulting advice.
Fortress has investments in lenders that offer subprime mortgages, higher priced loans for borrowers considered greater risks. The Wall Street Journal on Friday identified 34 New Orleans homeowners who face foreclosure actions from lenders connected to Fortress.
How convenient that he picked this week of all weeks to get out of subprime mortgage investments. This has nothing to do with subprime lenders taking a huge hit in the market this week, right? His timing is impeccable and pathetic.
If you liked my post, feel free to subscribe to my rss feeds
BlogoSquare