Obama, Like Dodd and Conrad, Got Cheap Home Loan »
Posted by: pc25 1 month, 2 weeks agoPresidential nominee Barack Obama joins the list of several other high-profile Democratic Party members who received highly favorable home loans. Obama, D-Ill., reportedly purchased a $1.65 million mansion in Chicago through a "super, super jumbo" loan he received from Northern Trust Bank in Illinois, the Washington Post reports.
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pc251 month, 2 weeks ago
the Washington Post article
http://www.washingtonpost.com/wp-dyn/content/st...
and this should be consider newsworthy itself
CBS and MSNBC actually engaging in the pursuit of reporting the news
http://www.cbsnews.com/stories/2008/07/02/polit...
http://www.msnbc.msn.com/id/25496822/
maybe that tingle in Chris Matthews' leg will finally stop
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libsRfunny1 month, 2 weeks ago
FTA:
"For his part, Obama and his camp are defending the lower rate as lender competition for business. A spokesman for the camp says, 'The Obamas have since had as much as $3 million invested through Northern Trust.'"
"Since," as in, AFTER he got the sweetheart loan. That's what's called a quid pro quo! that is the HEART of corruption.
I can't believe they were dumb enough to actually admit to a quid pro quo. Makes you wonder what the quid pro quo was for Obama's deal with Rezko.
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pc251 month, 2 weeks ago
that is a spot on assessment of the deal "QUID PRO CO"
No adjustable rate mortgage here........no danger of defaulting on one hell of a huge mortgage......no possibility of Obama joining that other America of the Two Americas that John Edwards talks about........the people who couldn't get a nice deal on a mortgage and are now having their homes foreclosed on
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TimALoftis1 month, 2 weeks ago
CNN pretty much started debunking this story as of yesterday morning interviewing several people close to the loan industry. Obama'a good rate was largely due to the assets that he brought to the table. These lenders interviewed said that anybody would have been able to get the same deal if their overall asset picture was the same as Obama's.
What Dodd and Conrad received was under a totally different program.
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spkguy1 month, 2 weeks ago
PC This is a complete piece of garbage a NON STORY!
As far as interest rates concerned the simple fact is...
"So Obama's rate was 30 basis points better than the average. However, the amount of the loan and the nature of the property are not the only factors that determine a mortgage rate. Another major consideration is the creditworthiness of the borrower. According to current rate quotes from myFICO.com, a borrower with very good credit can expect a mortgage rate about 30 basis points better than someone with pretty good credit, and a borrower with excellent credit can expect about a 50 basis point discount.
Unless the Washington Post has access to Obama's FICO score -- and unless it has rented an apartment to him, it probably doesn't -- it is missing a pretty important piece of information on what Obama's mortgage rate ought to have been. What was Obama's FICO score? I don't know, but considering that...
Continued:
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spkguy1 month, 2 weeks ago
--Obama had just gotten a $2.27 million book deal from Random House -- about $1 million more than the value of the mortgage.
--The Obamas each had exceptionally secure jobs that paid them a combined annual salary of about $500,000 per year.
--The Obamas had just sold their condo, on which they had realized a $137,500 profit.
--The Obamas were prominent public figures whose political futures depended in part on maintaining a reputation for responsibility and trustworthiness.
--The Obamas are known to be relatively thrifty and have no credit card debt but substantial savings.
...I would think that the Obamas were exceptionally creditworthy. So indeed, Obama received a "discount" -- the same discount that any borrower in his position would have received.
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inplacenews1 month, 2 weeks ago
Nothing illegal in someone giving someone a deal or a break. It was not in exchange for anything. Thus, nothing illegal.
Want to talk about illegal? How about McCain's off-the-record biopsy in Canada? How about those tax papers? Well, McCain's wife is so rich that there is no need for sweetheart deals. Obama is like the rest of us. I know I would take a break if I could. Hell, the economy sucks
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libsRfunny1 month, 2 weeks ago
Except, Obama didn't have large deposits in the bank until AFTER getting the loan, or didn't you read the story?
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jordan111 month, 2 weeks ago
Did you know that there are loans available for low income people that don't require a down payment? And remember, Obama earned the money to pay for that home. (1.6 million hardly buys a mansion these days). He wasn't born to money. He earned it. What? Are you jealous? Go to school. Get an education. Work hard. It's really tacky to begrudge a person the perks of all that hard work.
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pc251 month, 2 weeks ago
FTA
"Obama joins Sen. Chris Dodd, D-Conn., and Sen. Kent Conrad, D-N.D., on the list of high-profile public figures who received "VIP" loans that some now are scrutinizing as alleged trade-offs for POLITICAL FAVORS."
and by the way that's Sen. Chris Dodd, who chairs the Senate Banking Committee.......with all the uproar about the sub prime lending crisis certainly no conflict of interest here...........
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libsRfunny1 month, 2 weeks ago
And who was Obama calling an evil lending institution? Countrywide Financial, a direct competitor with the bank that gave him the sweetheart deal.
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icono11 month, 2 weeks ago
According to CNN and other MSM outlets OBama came to the bank with approx 3 million in assets which included 'an advance' on his book. So according to the logic of banking he got a 'slightly reduced rate' because of his 'apparent wealth' which saved him thousands of dollars in interest. I believe the 'price' of the property was approx 1.5 mil.
However his political friend Rezko bought the lot next door to the OBama's for 'full price' then sold a portion of that lot to the OBama's.(Interest rate and price for the partial lot not mentioned)
Interesting to note that the same type of deal was not given to Rezko that was given to OBama; the question is why, for Rezko is reputedly wealther than OBama.
On the surface this appears to be 'money politics as usual' by the banking/lending institutions and possibly by the OBama's also.
Currently this type of 'back scratching' is not at all that uncommon in American business/Politics.
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pc251 month, 2 weeks ago
as slippery as this guy is we no longer have to drill for oil........we'll just blot it off of his skin, wring it out and then process it......should be enough to power this country for 10 years........WE HAVE JUST SOLVED AMERICA'S DEPENDENCE ON FOREIGN OIL........
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CRYMTYPHON1 month, 2 weeks ago
I want to take this oportunity to explain why I was given an unfair economic advantage.
I had this coupon for starbucks and it had gone through the laundry like 5 times and you couldn't even read it but I insisted to the poor clerk and everyone in the line back of me was complaining to hurry up so they gave me an expreso for a buck off.
And Obama got a house loan at some kind of discount from banking friends, maybe too, which is not very fair either.
And if you can't find anything better than this to throw at Obama the man is whistle clean*
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the kind of whistle without spit on them.
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pc25
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