Posted on 07/01/2008 10:41:27 PM PDT by Kleebo151
Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois. This Story
The freshman Democratic senator received a discount. He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago. The loan was unusually large, known in banker lingo as a "super super jumbo." Obama paid no origination fee or discount points, as some consumers do to reduce their interest rates.
Compared with the average terms offered at the time in Chicago, Obama's rate could have saved him more than $300 per month
(Excerpt) Read more at washingtonpost.com ...
Hmmmmmm.....
Was just covered on FNC by Major Garrett. Of course, the word from the campaign was they had ‘offers’ from banks they considered. Garrett asked to release the names of the other institutions offering and was told they’re not releasing that info right not.
Be sure they have banks, loan officers, and vice presidents lined up right now to declare they were in the running for the loan.
~~~~~~
http://www.suntimes.com/news/politics/obama/919177,CST-NWS-pritz28.article
Snippet:
Obama’s subprime pal
PENNY PRITZKER | Finance chief’s bank failed in 2001, costing 1,400 customers some of their savings
White House hopeful Barack Obama talks a lot on the campaign trail about how failing banks have used subprime loans to victimize customers.
“Part of the reason we got a current mortgage crisis has to do with the fact that people got suckered in to loans that they could not pay,” he told a crowd in Reading, Pa., last week. “There were a lot of predatory loans that were given out, a lot of teaser rates. Banks and financial institutions making these loans were making money hand over fist.”
At the helm of Superior Bank at least some of the time was Obama’s national finance chairwoman, Penny Pritzker, an heiress to the Pritzker fortune.
One of the banks that went under after making a lot of subprime loans — leaving 1,400 of its customers without part of their savings — was Chicago’s Superior Bank.
Obama’s campaign notes that Pritzker stepped down as chairwoman of the bank’s board in 1994, seven years before it failed. She then went on the board of the bank’s holding company.
But a letter obtained by the Chicago Sun-Times shows that until the end, Pritzker appeared to be taking a leadership role in trying to revive the bank with an expanded push into subprime loans.
~~ping~
Much appreciated. Nice photo and I learned from that. Tell the truth AlGore’s marvy manse looks like an all you can eat buffet for termites, squirrels and rats
OBAMA then: “That is not the Jim Johnson I knew”
OBAMA now: “OOOPS, that is not the Barack Obama I knew!!”
Arguably.
I think this is the election where we reach the tipping point where enough independents will join those utterly invested in big government to swing a national election their way. Get ready for "change" -- the kind we won't like.
This scandal needs daily coverage. The drive-by’s who are 99.9% in the tank for Obama need to be held accountable for not making this headline news. If (and it isn’t likely that this won’t stick to him either) they don’t do their jobs, we need to keep the buzz going on this. McCain needs to be beyond squeeky clean and Obama gets away with this stuff. Getting help from a now-convicted felon Tony Rezko is just as bad and you won’t hear about that from the drive-by’s either. This is something that the McCain campaign needs to latch on to and not let go.
Alan Colmes is a useless Ditzbrain! Alan Colmes is beyond STUPID! I LOVE the way Oliver North and others sorta pat him on top the head and say “Nice Rover! now go pee on a lamppost while we discuss reality.” :-) Alan Colmes isn;t worthy of shining Oliver North’s Shoes:-P
"And...and...and...they're only picking on this deal because I'm black."
Well, it has to be Presidential enough to be considered the Western BlacK House should We have the horrible misfortune of B.O. HUSSEIN winning the Election against Democracy and America! GEEZZZ!!! BARF TSUNAMI ALERT!
Puff piece = SunTimes blog
http://blogs.trb.com/news/politics/blog/2008/07/did_obama_get_sweetheart_mortg.html
Hampton Pearson just carried the Magic One’s water on CNBC reciting his campaign’s response.
Where, Oh Where is Obie’s Birth Certificate?????????????
Is Obie really a Space Alien with No Birth Date????
Just What is the Truth about Obie??????
That IS the gaze of a Crackhead!
Ooops — error. That was from a Chicago Tribune blog, not Sun Times.
Pearson found a mortgage broker who said that a U.S. Senator has 6 figure income and one of the most secure jobs in the USA. That sums up the problem pretty well IMO.
Well we’re movin on up, to the east side.
To a deluxe apartment in the sky.
Movin on up to the east side.
We finally got a piece of the pie.
Fish don’t fry in the kitchen;
Beans don’t burn on the grill.
Took a whole lotta tryin’ just to get up that hill.
Now we’re up in the big leagues
Gettin’ our turn at bat.
As long as we live, it’s you and me baby
There ain’t nothin wrong with that.
Well we’re movin on up, to the East Side.
To a deluxe apartment in the sky.
Movin on up to the east side.
We finally got a piece of the pie.
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