Edwards Says He Didn't Know About Subprime Push

The Washington Post reports:

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.

Have the biggest house in the county,work for a hedge fund that's involved in sub-prime lending,get a $400 haircut,and mouth the same socialist propaganda that the late Michael Harrington espoused.There's only one John Edwards.