Democratic presidential candidate John Edwards, who has called homeownership "the foundation of the American dream," said Friday he will divest his holdings in funds linked to lenders that have foreclosed on Hurricane Katrina victims.
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"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.
"My reaction is I'm going to help these people," Edwards said in a telephone interview. "I just learned about this. I don't know the details, I will find out and I will find a way to help them."
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