Sounds less like fraud and more like Obama had friends who pulled strings and made verbal promises on his behalf that his circumstances were only going to get better.
Essentially, by the book - he probably shouldn’t have gotten that loan, but given who he is friends with, there were probably some words exchanged to the fact that the Obamas were going to be earning substantially more sooner than later, a fact that appears to have panned out well for the loan officer who took the risk of making the loan to the Obamas.
When he entered the U.S. Senate in 2005, he reported assets worth between $200,000 and $400,000.
He only got the loan because of his position, and NOrthern Trust and Obama’s statements that since he agreed to move 3 million $ there is an outright lie. By his own Senate filings even by the end of 2006, 18 months AFTER he got this mortgage,At the end of 2006, Obama’s holdings were worth $455,000 to $1.125 million.
MOre than smoke here folks, a lot of enterprising mortgage and finance people starting to dig.
http://www.latimes.com/news/politics/la-na-money17-2008may17,0,3496427.story