John Edwards Criticizes the Subprime Mortgage Industry While He Works and Invests in that Industry

He’s described the sub-prime lending business as the “wild west of the credit industry, where . . . abusive and predatory lenders are robbing families blind.” However, according to MSN Money columnist Tim Middleton, John Edwards serves as a senior adviser to Fortress Investment, a large hedge-fund operator, for which he received $479,512. His and his wife’s investment in Fortress Investment Fund III (Fund D) totaled between $1 million and $5 million. Fortress, based in New York, owns subprime lender Nationstar Mortgage, formerly Centex Home Equity. The Dallas company calls itself “one of the nation’s leading mortgage lenders offering nonprime mortgages and home-equity loans.”

Edwards has lashed out at subprime lenders, saying they are “pulling a fast one on hardworking homeowners.” Edwards has said he worked for Fortress to learn more about financial markets and their link to poverty. Of course, while he is learning about poverty, he just happens to be profiting as one of the players that pulls fast ones on hardworking homeowners.

More info …
MSN Money
How John Edwards makes his millions grow
OpenSecrets.org Executive Branch Personnel PUBLIC FINANCIAL DISCLOSURE REPORT for John Edwards May 15, 2007