I am not defending Obama and the deal was total sleaze but as far as borrowing $903,000 on a $1,650,000 sales price every lender in town will do that deal. Its 54.7% LTV and not a problem for anyone. I was a Fannie Mae underwriter, and underwriter for major lenders for 10 years and a mortgage broker for 17 years. That is a slam dunk loan. Anything below 75% LTV is a no brainer and they could get the same exact loan right now on that house. Of course its probably decreased in value at this point.
Now the sale of the lot from Rezko is another thing entirely. That needs to be investigated. Trump is right.
You missed the point!!
(Note below Obama’s Mortgage was “ $903,000”.. over...( FM/FM “Legal Limits”)