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Clinton Aid Adviser to Sub-Prime Mortgage Lender
Published by Pamela Gentry on Monday, March 31, 2008 at 1:54 am.By Pamela Gentry, Senior Political Producer
March 31, 2008 – Sen. Hillary Clinton (D-N.Y.) is railing on unscrupulous lending 
practices by sub-prime mortgage lenders and offering up solutions to mitigate the crisis while one of her top advisers had been on the board of one of the nation’s biggest culprits in housing scandal.
Maggie Williams, Clinton’s campaign manager, joined the board and advised the now bankrupt sub-prime lender Delta Financial Corporation for seven years, according to Security Exchange Commission. Williams was recruited for the board after the New York-based lender came under federal scrutiny for discriminatory lending practices.
But there is no indication Williams, an African American, worked to protect folks from the practices that made tons of money for investors and cost working-class people their homes.
Williams did, however, make her share of cash while on the board. As of September of 2007 Williams’ shares of Delta’s stock earned her at least $175,000.
How?
Delta Financing did just what Clinton says she wants stopped. Under a subsidiary, Delta Funding, the company made huge profits by turning around and selling loans it purchased for profit. The company offered refinancing to homeowners of moderate and middle incomes – often in Black neighborhoods. The company even penalized folks who tried to pay the loans off early, a practice Clinton has been grandstanding against in recent days.
Williams had to know how the Long Island-based company was raking in millions during her tenure on the board, but she stayed until the bubble burst and the company filed bankruptcy. She left in December 2007, just a couple of months before she came to her current position with the Clinton campaign. I would like to give Williams the benefit of the doubt and say she didn’t sell Black folks down the river, but she had to know how Delta Financing was making some serious cash.
Homeowners were talked “out of” fixed 30-year mortgages, at 6.2 percent, and “in to” loans with rates anywhere from 11.3 percent to 13.6 percent, according to Federal Financial Institutions Examination Council (FFIEC), an inter-agency body that recommends standards for U.S. financial institutions,. These were rates they couldn’t afford to pay back, and borrowers found themselves forced into foreclosure.
Williams’ close relationship with the lender ended just two months before she became a top Clinton adviser, this brings into question how tough the New York senator could really be on these lenders. It’s not clear if Williams filled any volunteer position with the Clinton campaign while at the same time serving on board of Delta Financing.
It also calls into question if the Clinton’s have investments in or have profited from companies like Delta Financing? The campaign continues to stall on the release of the Clinton’s tax returns and have worked feverishly to keep the list of donors to President Clinton’s library under wraps.
Wonder why?
Wow alot of black folk’s are turning on the clinton’s that’s cold.I’m a Obama supporter but I
think the Clintons are good people and we are now being two faced ,because of our support for Obama,
but don’t kick the Clinton into the lion den…
They been very good and fair to our people.
Just one black man opinion…………
BroJay………….That’s because a lot of black folks are undercover racist! ………………..We are so busy trying to call out white people for racism when we are just as guilty. Since so many of you want to denounce what Bill Clinton did for America, I can’t wait to see what the saviour Obama does. You all will be calling him every name in the book as soon as he’s forced to past legislation that doesn’t benefit African-Americans.
Please stop comparing President Clinton’s positive presidential deeds to his wife and presidential candidate Hillary.
We stood by the President during a critical time during his presidency. When he really needed us we never waivered our support for him during his time of impeachment. We were very forgiving!
Despite his mistake I disagree with Chelsea….
I personally think that her father make the better president… That’s why I’m respectfully voting for Obama at this time and not her mom.
This has absolutely nothing at all to do with being an undercover racist… I am what I am… a black women voting for Senator Barack Obama.
When I voted for President Clinton I was still the same black women voting for Bill Clinton.
Justin I totally disagree with you black people are not racist but we are reactors to
racism.that just like saying jews are racist for
the people who were reponsible for the hollicust.
Diane:
I think Chelse opinion about her mother, I would be incline to think she would know more about her
parents than you.Also why do I believe if Obama
was’nt in this race we’ll be all up in Hillary grill….
Time to stop playing the same Washington game with the same folks… That’s a 21st century gamble!!!!
I find it hilarious when Black people are accused of being racist when anybody with a small amount of historical knowledge knows we have not enslaved,wholesale murdered, lynched or raped whites in abundance.It is always the case when blacks don’t agree with white folk opinions or outlook.This twisting of the facts arise from a defensive and guilt point of view.Another question is,how is it racist for Blacks too vote for blacks many,many whites will not vote for Blacks because they are blacks,is that racist ?
Now if you want to bring Clintons dirt to light why not mention Penny Pritzker. Obama’s national finance chairwoman, Penny Pritzker, was chairwoman of the board of a Chicago area bank in 1993 when it adopted a subprime business strategy that regulators say ultimately led it to collapse in 2001.
As I keep saying neither side is squeaky clean.
If you are going to make it a fair story you have to mention that Obama’s national finance chairwoman, Penny Pritzker, was chairwoman of the board of a Chicago-area bank in 1993 when it adopted a subprime business strategy that regulators say ultimately led it to collapse in 2001.
As I keep saying neither side is sqeaky clean!!!
Can my post show BET?
Look up Obama’s national finance chairwoman, Penny Pritzker
Justin what’s ya last name? I bet timbalake huh..continuely biting and wanna get paid. Yo son call a spade a spade and quit b-ishing this chick hiallry than caught up mo dirt in da last 2 months than people can keep up wit an da real datz jus the tip. For Obama cat on some MLK ish but he aint murkn and robbing nobody -so dat tell you watz good
Da Pennybaker ish real –hit me in da mouth I takes mine like a man nonetheless Hillary still drowning n dirt and on top is a cool patheological liar
gfv Een plaatje zegt alles, toch ? twq Het volledige rapport is hier te vinden. Lees natuurlijk g de blogposting. r r
Thanks for interesting post! sbl
[url=http://skuper.ru]??????[/url] 4r
i know this is “just” a blog, but it is ridiculous that you can get away with throwing around accusations by saying things like “it’s not clear whether” and “calls into question”, etc. if there’s no concrete reason to suggest a link between two completely unrelated things, then it’s just irresponsible to do so.
secondly, what’s the “point” of this story anyway? someone had a job advising a company in a business we don’t particularly like, then went to work on a campaign. no laws were broken & no public figures were involved. how’s that “newsworthy?” it’s like the obama-rezko “scandal”… there’s no there there, but talking about it gives fodder to the other side. the republicans in power have done so much actually shady sh*t; we should try n keep our eyes on the ball.
thats for sure, dude
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