and the RATS, take another one in the..................HA ha!!!
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 ...
“When the Obamas secured the loan, their income had risen dramatically. Obama assumed his Senate seat in January 2005, with an annual salary of $162,100. That same month, Random House agreed to reissue an Obama memoir, for which it originally paid $40,000, as part of a $2.27 million deal that included two future nonfiction books and a children’s book.”
they need more specifics: ‘better than the average’ doesn’t mean much. He was low risk given the income.
This will be spun as being racist for pointing out that he did not get a subprime loan like many of his “black brothers”. End of story.
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/01/AR2008070103008.html?hpid=topnews
Obama paid no origination fee or discount points, as some consumers do to reduce their interest rates.
http://www.washingtonpost.com/wp-dyn/content/article/2008/07/01/AR2008070103008_2.html?hpid=topnews
The Obamas had no prior relationship with Northern Trust when they applied for the loan. They received an oral commitment on Feb. 4, 2005, and locked in the rate of 5.625 percent, the campaign said. On that date, HSH data show, the average rate in Chicago for a 30-year fixed-rate jumbo loan with no points was about 5.94 percent.
Jumbo loans are for amounts up to $650,000, but the Obamas’ $1.32 million loan was so large that few comparables are available. Mortgage specialists say that many high-end buyers pay cash.
Northern Trust
Current customers should go demand a refund on origination fee, discount points, and the lower rate.
What I wanna know is: how did he manage to pay a $16,000 a month mortgage payment every month?
Sadly, your sarcasm rings true.
McCain is showing that he really does not want to win this.
His POW and military record is being trashed by scum bags like Wesley Clark and "Tony" McPeak, while Obama winks and nods, but won't condemn the men.
***“They chose a house with six bedrooms, four fireplaces, a four-car garage and 5 1/2 baths, including a double steam shower and a marble powder room. It had a wine cellar, a music room, a library, a solarium, beveled glass doors and a granite-floored kitchen.”***
I wonder who does all the cleaning for Obama’s bitter half. These two “underprivileged” people are working politics for all THEY can get from the taxpayers.
The article says that the special interest rate Obama received would save him $300 per month over a 30 year loan. Base on the assumptions in the article $108,000 would be correct.
It’s the Obama I knew.
This is exactly what everyone should be asking.
George Stepanoupoulous is saddened. He says Obama should have gotten a loan like he did: completely crooked based on his employer, the Clintons.
Say what? This is a Washington Post story. How are "the papers" burying it?
Do I really have to say it?
From what I’ve seen of G Bush’s Waco home it is a gem and very “green” too. More so than AlGores piggy pallace
I worked for 20 years as a mortgage loan officer for a regional bank and this practice is very widespread. I often got calls from the president to offer this or that to his business buddies......at times to retain a customer who would bring deposits to the bank. This is done a lot....what they do is keep the loan inhouse and not sell it on secondary.
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