Would-be commerce secretary was pioneer in subprime lending

Will Penny Pritzker — the chairman, president and chief executive officer of Pritzker Realty Group LLC —  be the next secretary of commerce?

That she led fundraising efforts that helped President Barack Obama win the 2008 election undoubtedly helped the Chicago billionaire secure the nomination.

But at her Senate confirmation hearing Thursday, Pritzker can expect to face some tough questions about her role in one of the nation’s largest bank failures  (Superior Bank, which went under in 2001 after becoming an early pioneer in subprime mortgage lending), and a “clerical error”  in a disclosure form required for her nomination that understated at least $80 million in income. Source: bloomberg.com.