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 ...
Sue me, too. I got a discount on my home loan.
What I wanna know is: how did he manage to pay a $16,000 a month mortgage payment every month?
Hillary, you magnificent BASTARD!
Hardly an apologist. The man is an America-hating, Marxist racist anti-semite but there are a whole lot more important things to bring him down.
...According to joint tax returns filed with the Internal Revenue Service, the Obamas, with their two girls, had $1.67 million in total income last year.
Book royalties and advances brought in about $1.2 million for the senator-author. In late 2004, Obama landed a three-book deal worth $1.9 million. The first book under the contract, The Audacity of Hope: Reclaiming the American Dream, is scheduled for release in mid-October and is to focus on his political convictions and how he became the Senate’s only African American.
During 2005, the South Side Democrat’s income as a public official almost tripled to $154,047, after he left the Illinois state Senate for the nation’s capital.
His wife’s income as an administrator at the not-for-profit University of Chicago Hospitals nearly tripled to $316,962, from $121,910.
In 2005, she was also elected to the board of directors of west suburban Westchester-based TreeHouse Foods, which calls itself the nation’s largest pickle and pepper supplier. For that, she received $12,000 and $33,000 from a subsidiary.
She was promoted to the hospitals’ vice president for community and external affairs in March. Obama said that his wife, who, like him, is a Harvard law school graduate, was deserving of the promotion and raise.
Her previous position was less demanding, he said, and because his Senate campaign had ended and she had more time to devote to her work, she was more marketable with her educational background and other strengths.
‘’You can’t fault her for being smarter and better qualified for all sorts of jobs than I am,’’ he said...
-excerpted- http://www.suntimes.com/news/metro/72374,CST-NWS-obama26.article
Discussing this doesn’t help Michelle Obama’s children, dammit. Stop talking about how corrupt the Obamas are! This simply isn’t an important matter. /sarc
On the math, here’s how your friend got there:
If he saved $300/mo by the discount, and the loan was for 30 years, then:
Assuming he paid out over 30 years (Definitely an assumption, because he could’ve paid off or sold the property at any time...):
30 years x 12 months = 360 mos.
360 mos. x $300 = $108,000
Yawn.
On the one hand shows the hypocrisy you see from powerful well connected people. On the other hand, it’s not really surprising that the powerful and well connected would get a better deal on a mortgage, or any other goods and services, than ordinary people get.
What a downright mean country this is. At this point, Michelle was still not proud of her country. Have a really Happy 4th, Barry and Michelle. Other people have pride in their country even when they've been given a lot less of its marble powder rooms and four car garages.
But Michelle still wasn't proud of her country yet. It still hadn't done enough for her.
I have a $132,000 loan that was at 8% interest and I had to pay $10,000 in total closing costs to re-finance & buy down points and I only got the interest reduced to 5.75% Why should I have to pay such a hefty sum while people like Obama get a free ride at 5.625%?
Not to mention that the average American can’t afford to buy down points or re-finance for that matter.
If that spare tire is mounted, it’s going to throw the camber off a bit.
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