Guys, this is the proof that Clinton is unelectable. Totally!
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.
And they went after communities of minorities and low-income workers! Yikes!
Obviously, Hillary is complicit in this, since she knows this person. Hence, unelectable. Right? Does my logic hold up?
Even better:
To boost revenue in the absence of high-profit adjustable loans, the company charged relatively steep interest rates -- 11 percent in 2007 -- and levied higher-than-prime-loan closing costs.And Delta assessed prepayment penalties for borrowers who paid off before their loans matured -- a practice Clinton frequently decries on the campaign trail.
"I would eliminate the prepayment penalties that lead to such high rates of default," Clinton said in a March 24 speech at the University of Pennsylvania. "I would require lenders to take into account the borrower's ability to pay property taxes and insurance fees when deciding whether to make a loan in the first place."
Subprime loans come with higher interest rates and are offered to borrowers with poor credit. That lending took off during the housing boom and is one of the underlying causes of the current credit crisis.
Of course, the Clinton campaign says she didn't have any say in day to say operations, but who can trust the Clinton campaign? Obviously, they're lying.
Final nail in the coffin. It certainly isn't just an embarrassing, but ultimately unimportant, story. No way!
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