To: LindyBill who wrote (244149 ) 4/2/2008 12:48:33 PM From: Hope Praytochange Read Replies (1) | Respond to of 793801 Hillary's Delta Blues By INVESTOR'S BUSINESS DAILY | Posted Monday, March 31, 2008 4:30 PM PT Election '08: Hillary Clinton blames predatory subprime mortgage lenders for creating the housing mortgage crisis. She should know. Her campaign manager sat on the board of one. Sen. Clinton has spent a considerable amount of campaign time bashing the Bush administration's handling of the subprime lending crisis. She paints a picture of economic disaster as financial wolves huff and puff to repossess everybody's home, though 96% of mortgagees have been making their payments on time. Williams: Predatory lender? She should be very familiar with the subject, since she has as her campaign manager one Margaret "Maggie" Williams, who has sat on the board of one of the nation's largest, and now bankrupt, subprime mortgage lenders accused by consumer advocates and the federal government of predatory lending practices. Williams joined New York-based Delta Financial in April 2000, less than a month after one federal official said Delta's practices were "turning the American dream of homeownership into a nightmare." In March 2000, the federal government had charged Delta with violating consumer fair lending and consumer protection laws by approving and funding loans regardless of the borrower's ability to pay. Delta Financial, and subsidiary Delta Funding, made much of its money by turning around and selling its loans at a profit. At the time Williams joined Delta, it had a 5% foreclosure rate — double the industry standard. Until Delta's bankruptcy last December, Williams sat on the board of the ninth-largest subprime lender in the nation, handling subprime loans worth more than $800 million in the third quarter of 2007 alone, according to National Mortgage News. As of last September, Williams owned 12,500 shares of Delta's common stock and by year-end had earned in the neighborhood of $175,000 for her board service, according to filings with the Securities and Exchange Commission. Records show that she was able to cash in some of her stock options for a profit of $15,000 during a temporary rise in Delta's stock price last July. Williams has a way of popping up at the most unusual times. When Bill Clinton was president, Johnny Chung, a bagman for the Chinese military, sought a photo-op with the Clintons for himself and a few close friends. Rebuffed by then-DNC Chairman Don Fowler, Chung showed up at the White House with a $50,000 check that he handed to Williams, Hillary Clinton's chief of staff. Williams also was seen by a Secret Service agent taking files from Vince Foster's office the night of Foster's alleged suicide. Foster, White House counsel for the Clinton administration, was Hillary Clinton's law partner at the Rose Law Firm and was tied to the Whitewater scandal. Williams also served as chief of staff for the William J. Clinton Foundation, contributors to which include the Soros Foundation. George Soros is the patron saint of MoveOn.org. The foundation's Form 990 IRS return from 2006 shows that none of the top 13 donors was identified. Curiously, donations rose nearly 50% to $138.5 million that year, about the time Hillary decided to seek the White House. Williams isn't the only Clintonian who made money from an industry Hillary has denounced. Henry Cisneros, Bill Clinton's former secretary of housing and urban development, grossed more than $5 million in stock sales and board compensation from Countrywide Financial, one of the nation's largest subprime lenders. Judging by her choice of staff and her truth-deficit disorder, it's clear Hillary Clinton isn't ready for prime, or even subprime, time.