Posted on 03/31/2008 9:22:41 AM PDT by COUNTrecount
Hillary Rodham Clinton’s campaign manager, Maggie Williams, earned about $200,000 on the board of a Long Island subprime lender that charged prepayment penalties — a practice that Clinton, a critic of the subprime industry, now seeks to eliminate.
Williams, who took over the reins of Clinton’s campaign in early February, served as a director on the board of the Woodbury, N.Y.-based Delta Financial Corp. from April 2000 until the firm declared bankruptcy in December, according to Securities and Exchange Commission records.
She was originally recruited by former New York City Deputy Mayor Bill Lynch, a Delta consultant. Her assignments were to create a new code of “best practices,” and to improve the company’s crisis management operation in the wake of state and federal predatory lending probes that resulted in a $12 million payout to borrowers.
Her hiring coincided with stepped-up Delta outreach efforts in minority communities, where the company made a large number of its loans, an initiative that included parties for homeless children and mortgage seminars in Brooklyn and Queens.
Williams, 53, isn’t the only Clinton insider who made money from an industry the candidate has demonized. A month ago, The Wall Street Journal reported that Clinton ally and former HUD secretary Henry Cisneros grossed more than $5 million in stock sales and board compensation from Countrywide Financial, one of the nation’s largest subprime lenders.
Once a poster child for predatory practices, Delta’s reputation improved substantially until its recent travails, as executives eschewed adjustable-rate mortgages for more stable fixed-rate loans, which have fewer defaults.
(Excerpt) Read more at weblogs.baltimoresun.com ...
Now we know whay Maggie needed the new job (Campaign Manager) after December.
A Predatory Hypocritical Clinatanoid ping.
Another Robin HUD.
Another Robin HUD.
Clinton Associate = Duplicitous Crony
How dare you question a member of the Royal Court!
I don’t fully understand the problem with prepayment penalties - they are standard around much of the world (along with adjustable mortgage rates).
And now Hillary’s campaign cannot pay its bills.......
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