Relativity by E. M. Escher Posted on 12/14/2008 1:09:30 PM PST by mondoreb
Relativity by E. M. Escher
While researching an article about Obama's Chicago home-- about the circumstances surrounding who is the "owner", I happened across a bit of information: Obama's home has a Fannie Mae-Freddie Mac mortgage to the tune of $1,320,000. (Page 5 of Cook County Property Assessment Record)
The information comes from the Cook County Clerk's office where the "owner" of the Obama home is listed as William Miceli, a former supervisor of Obama's when he worked at the David Law Firm.
What's unusual about the Obama mortgage is that the upper limits of a Fannie Mae loan on a single family dwelling as of January, 2008, is $417,000 while mortgages in "high cost" areas cannot exceed $729,750.
The Obama's mortage, through Northern Trust Company, is in the amount of $1,320,000.
The limits for a Freddie Mac single family dwelling is $417,000, with an upper tier of $625,500 for homes located in Alaska, Hawaii, the Virgin Islands, and Guam.
I looked into whether Cook County, Illinois, where the Obama home is located, and whether it is considered by Fannie Mae or Freddie Mac as a "high cost area". I found this little snippet written by Lew Sichelman, of the Reality Times in 2004, a few months prior to the Obama's purchasing their home:
Is there any explanation for this?
(Excerpt) Read more at deathby1000papercuts.com ...
OUCH!! This is going to leave a mark!
The whole stinking mess is starting to percolate to the surface.
I want to know how it got that great rate on a JUMBO mortgage.
Bump
(and reminder to seek follow-up)
Just being picky, but it is either/or, not both. Either way it is outside of the limits.
What is sickening is that this could have perculated up during the Senate run, Presidential primary, or General election. Yet, no curiosity for who Obama is or what he has been involved in. But every lawyer and journalist whore in sight went to Alaska to check Palin’s stool remains. Sorry for being gross.
I can’t get some of the info to come up...as he verified that it is a freddie mac/fannie mae loan and not a non-conventional loan?
$$$$$$$$$$$$$$$$Bump
It's reminiscent of the movie "The Firm". 0be sure has no shortage of interesting acquaintances.
Payola!
C orruption
H idden-Agenda
A nti-American
N on-transparent
G reed
E vasive
S ocialism
Dat was wacist, U dont wike obama so u wite dis stuff cause u r wacist.
This, as everything else about Obama, will not be reported by the MSM, If they keep this up he’ll be a shoe in for re-election in 2012.
Sadly, you're almost right. They were clambering for her to release ALL of her medical records. Demanding she release records to prove that Trig was actually her son, etc. No doubt hoping to get something gynecological they could use to embarrass her.
A loan at those values would not be a Fannie/Freddie product, but instead be a non conforming loan.
I don’t see the point of the story.
There are lots of loans that exceed Fannie/Freddie loan limits. Other investors or the originating bank hold the loans.
I want to know how much he put down and what are his monthly payments. He’s going to have to stop all other earnings as president. How is he going to afford the payments?
Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication.
They were even going to alcohol stores in Alaska to see if her and Todd ever went to them.
If it's not Obama's house, he'd better be paying rent to the owner or claiming the unpaid rent on his income taxes as income.
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