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Rating:Mortgage Lender Woes Draw Attention to Lynch Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 09, 2008

Mortgage Lender Woes Draw Attention to Lynch

by: Neil Anderson, Managing Editor

The Boston Globe highlights another collision of the mutual fund world with the sub-prime mortgage mess. The paper's Kimberly Blanton reports that Fidelity Management & Research vice chairman Peter Lynch (made famous for managing the Fidelity Magellan Fund) and ex-Fidelity Destiny I Fund manager George Vanderheiden have each been hit by the state of New Hampshire with $85,000 fines over their stakes in First Call Mortgage Co, an Andover, Massachusetts-based mortgage lender accused of improperly selling mortgages. First Call president told the Globe that Lynch and Vanderheiden "were not involved in any day-to-day activities" of the company, and Fido spokesman Vin Loporchio described the pair as "passive investors" in the venture.

Lynch's name filled headlines seven months ago when Fidelity settled with the SEC over Lynch and others allegedly accepting more than $1.6 million in gifts from brokers (see MFWire, March 5, 2008, March 6, 2008, and March 7, 2008). 

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