Presidential candidate John Edwards says he will divest himself of funds tied to his former employer Fortress Investment, which owns GateHouse Media,
The newspaper group, which includes The Carthage Press, Neosho Daily News, and Big Nickel in this area, had nothing to do with Edwards' decision. Fortress also owns companies that have foreclosed on victims of Hurricane Katrina:
''I will not have my family's money involved in these firms that are foreclosing on people in New Orleans,'' he said.
Edwards has reported $29.5 million in assets, more than half 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. ''I just learned about this. I don't know the details, I will find out and I will find a way to help them.''
Edwards has decried the predatory lending practices that sometimes accompany subprime mortgage lending. He has built his campaign on an anti-poverty message.
The Chicago Sun-Times says Edwards received just a little under a half million dollars from Fortress when he served as an attorney for the company, and has picked up $150,000 in campaign contributions from Fortress executives.
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