Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Anthony Weiner Owned Shares in San Diego Subprime Outfit

It's no doubt among the least of New York Democratic Congressman Anthony Weiner's problems these days, but based on his official financial disclosure reports, he apparently once owned between $1,001 and $15,000 worth of preferred stock in Accredited Home Lenders, the San Diego sub-prime lending outfit that went bust during the great economic meltdown.

Back in 2004, the company received local fame for donating a $275,000 vehicle to the San Diego Fire Department, but things went only downhill from there.

Calling it "Accredited Home Lender Pfd," Weiner reported the holding on his annual 2008 financial disclosure statement, filed May 15, 2009, which said he received between $201 and $1000 in dividends from the company.

On Weiner's 2009 statement, filed June 17, 2010, there is a note saying "Accredited Home Lender does not appear on this report, as it is now worth less than $1,000. (It was listed on 2008 disclosure)."

Last October, the New York Daily News reported that Harry Wilson, Republican candidate for New York state controller, had also invested in Accredited:

"Records show that Wilson's hedge fund -- Silver Point Capital -- at one point owned as much as a 10% stake in Accredited Home Lenders, a San Diego firm that was a top player in the subprime industry before it went bust and declared bankruptcy last year."

Our Don Bauder ran up a warning flag on Accredited back in December 2006:

"TV's frenetic Jim Cramer, cofounder of TheStreet.com and one who enjoys being labeled the "Mad Man of Wall Street," likes Accredited stock. Cramer believes that concerns about sub-prime lending are overblown and notes that Accredited is seeing an increase in mortgage applications. 'They'll have a tough time for many months,' says Cramer, but 'they have a good [business] model.'

"However, the view that the housing downturn is ending requires a large pair of rose-colored glasses. As an investment, Accredited scores lower than 76 percent of stocks that rating agency Standard & Poor's follows. 'I would be very cautious jumping into the sub-prime lenders until we see the extent of the shakeout,' says Bud Leedom, publisher of CaliforniaStocks.com. 'There is fear of what is in these underlying portfolios. A lot of investors feel that sub-prime lenders will be going out of business. The ticking-time-bomb scenario is alive and well.'"

The whole story is here:

http://www.sandiegoreader.com/news/2006/dec/28/risky-mortgages-hurt-borrowers-investors/

Update, 11:35 PM PDT: Disclosures covering 2010 have been released by Congress; the Accredited holding has returned to Weiner's statement, valued at between $1001 and $15,000. No dividends reported.

We have the filings here:

2010:

http://www.sandiegoreader.com/documents/2011/jun/15/weiner-disclosure-10/

2009:

http://www.sandiegoreader.com/documents/2011/jun/15/weiner-disclsoure-09/

2008:

http://www.sandiegoreader.com/documents/2011/jun/15/weiner-disclsoure-08/

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Centennial Salute to San Diego’s Military, East Village Block Party, Birding Basics Class

Events March 29-March 30, 2024

It's no doubt among the least of New York Democratic Congressman Anthony Weiner's problems these days, but based on his official financial disclosure reports, he apparently once owned between $1,001 and $15,000 worth of preferred stock in Accredited Home Lenders, the San Diego sub-prime lending outfit that went bust during the great economic meltdown.

Back in 2004, the company received local fame for donating a $275,000 vehicle to the San Diego Fire Department, but things went only downhill from there.

Calling it "Accredited Home Lender Pfd," Weiner reported the holding on his annual 2008 financial disclosure statement, filed May 15, 2009, which said he received between $201 and $1000 in dividends from the company.

On Weiner's 2009 statement, filed June 17, 2010, there is a note saying "Accredited Home Lender does not appear on this report, as it is now worth less than $1,000. (It was listed on 2008 disclosure)."

Last October, the New York Daily News reported that Harry Wilson, Republican candidate for New York state controller, had also invested in Accredited:

"Records show that Wilson's hedge fund -- Silver Point Capital -- at one point owned as much as a 10% stake in Accredited Home Lenders, a San Diego firm that was a top player in the subprime industry before it went bust and declared bankruptcy last year."

Our Don Bauder ran up a warning flag on Accredited back in December 2006:

"TV's frenetic Jim Cramer, cofounder of TheStreet.com and one who enjoys being labeled the "Mad Man of Wall Street," likes Accredited stock. Cramer believes that concerns about sub-prime lending are overblown and notes that Accredited is seeing an increase in mortgage applications. 'They'll have a tough time for many months,' says Cramer, but 'they have a good [business] model.'

"However, the view that the housing downturn is ending requires a large pair of rose-colored glasses. As an investment, Accredited scores lower than 76 percent of stocks that rating agency Standard & Poor's follows. 'I would be very cautious jumping into the sub-prime lenders until we see the extent of the shakeout,' says Bud Leedom, publisher of CaliforniaStocks.com. 'There is fear of what is in these underlying portfolios. A lot of investors feel that sub-prime lenders will be going out of business. The ticking-time-bomb scenario is alive and well.'"

The whole story is here:

http://www.sandiegoreader.com/news/2006/dec/28/risky-mortgages-hurt-borrowers-investors/

Update, 11:35 PM PDT: Disclosures covering 2010 have been released by Congress; the Accredited holding has returned to Weiner's statement, valued at between $1001 and $15,000. No dividends reported.

We have the filings here:

2010:

http://www.sandiegoreader.com/documents/2011/jun/15/weiner-disclosure-10/

2009:

http://www.sandiegoreader.com/documents/2011/jun/15/weiner-disclsoure-09/

2008:

http://www.sandiegoreader.com/documents/2011/jun/15/weiner-disclsoure-08/

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.