Senior Clinton Staffer Linked to Mortgage Crisis
As Clinton Talks Housing Crisis, Campaign Manager Serves on Board of Bankrupt Lender
WASHINGTON – While Hillary Clinton campaigns for the Democratic presidential nomination in neighborhoods where many have lost their homes in unscrupulous lending schemes, her campaign manager, Margaret “Maggie” Williams, sits on the board of one of the nation’s once-largest and now-bankrupt sub-prime mortgage lenders.
Williams joined the board of directors at New York-based Delta Financial Corporation in 2000, one month after a federal settlement was reached with Delta Financial over discriminatory lending practices.
As of September 2007, Williams owned 12,500 shares of Delta’s common stock, and by 2007 had earned at least $175,000 for her board obligations, according to company filings available in the Securities & Exchange Commission online database.
Clinton’s Tough Stand on Housing Crunch
Intently focused on the nation’s housing crisis in recent appearances, Clinton has been clear that sub-prime mortgage lenders, particularly in poor, working class urban neighborhoods shoulder much of the blame for the credit crunch.
“I am reminded every day as I meet with families and listen to their stories that the effective functioning of our financial markets isn’t just about Wall Street. It’s about Main Street,” she said recently.
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