Las Vegas Sun

September 3, 2014

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2008 Elections

John Edwards on Foreclosures

 

(John Edwards suspended his race for the Democratic nomination on Jan. 30, following coming in third place in three contests, including his home state of South Carolina.)

Edwards' plan to help those in subprime foreclosure is one that he closely links to his campaign theme to end what he sees as the growing economic disparity between the rich and the poor in America. On his Web site, Edwards laid out a plan to fight predatory lending and protect home ownership. His plan includes introducing a national law prohibiting all lenders from offering predatory mortgages, provide relief to borrowers before foreclosure occurs through a Home Rescue Fund, holding home owners and lenders accountable and adding mortgage pay-off into bankruptcy laws. In response to Bush's plan to put a five-year freeze on interest rates, Edwards has suggested a seven-year interest rate freeze. Still, Edwards has come under accusation with the subprime foreclosure crisis because of his financial ties with Fortress Investment Group. The group has invested in two mortgage companies (Nation Star Mortgage and Green Tree Lending) that have foreclosed on many homes in the past year. Edwards denies any affiliation with the group and points to his life-long work with underprivileged children and families.

 

YouTube audio: Edwards answers a question on Nevada's NPR radio about his ties to the predatory Green Tree Lending group.

 

YouTube Video: Edwards visits a neighborhood in Cleveland hit hard by the subprime foreclosure crisis.

 

— Las Vegas Sun intern Jenna Kohler compiled this report.

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