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Obama clarifies mortgage deal
Politico ^ | 7/2/08 | Marty Kady II

Posted on 07/02/2008 10:50:37 AM PDT by pissant

Here's the bottom line on Barack Obama's sweet mortgage deal: He got a lower rate because he was rich, not because he's a senator.

The Washington Post reported today that Obama got a lower-than-market rate on his $1.3 million home loan from Northern Trust in Chicago in 2005. This contradicts what Obama's office told Politico last week for a survey of all 100 senators' mortgages. Answering the Politico inquiry of whether the senator received any special terms, Obama's campaign answered "no."

Obama received a 5.625 percent interest rate on his loan, which was below Northern Trust's going rate at the time of 5.81 percent.

The Obama campaign explained to The Crypt this morning that the Obamas did not get a special deal because of his position in the Senate. Rather, he got the deal because he borrowed $1.3 million but agreed to bring nearly $3 million in assets to the bank, which was more than happy to knock off a few points from his interest rate in order to manage his cash. Such a lower rate is often offered to wealthy individuals if there is competition for the loan, which there was in Obama's case.

"Northern Trust does not have a VIP mortgage program," Obama spokesman Ben LaBolt said. "Obama received the same rate as would have been available to anyone with his financial profile and with an offer from another institution."


TOPICS: Crime/Corruption; US: Illinois
KEYWORDS: 110th; chicago; corruption; larrysinclairslover; mortgage; northerntrust; obama; obamatruthfile; rezko
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Alternate Headline: Politico runs cover for Obama
1 posted on 07/02/2008 10:50:38 AM PDT by pissant
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To: pissant

He didn’t get that money until after he got the mortgage so that’s a lie—See the blog section of American Thinker for details.


2 posted on 07/02/2008 10:51:49 AM PDT by the Real fifi
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To: pissant

I am sure this will be the lead story on the nightly news. So sure, that I will hold...my...breath...


3 posted on 07/02/2008 10:51:52 AM PDT by Tulane
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To: pissant
because he borrowed $1.3 million but agreed to bring nearly $3 million in assets to the bank, which was more than happy to knock off a few points from his interest rate in order to manage his cash.

Actually, to be fair, that is quite possible.

4 posted on 07/02/2008 10:52:24 AM PDT by RockinRight (I just paid $63 for gas. An icefield in Alaska is NOT the Grand Canyon. F--- the caribou.)
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To: pissant
I hope the Politico crossed their t's and dotted their i's on this one. Obama never tells the truth up front. There's always something weird going on under the rhetoric. So I'll just grab my popcorn and watch Politico and Obama do backflips a few days from now.


5 posted on 07/02/2008 10:55:06 AM PDT by Fox_Mulder77
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To: pissant

He just got the Chris Dodd/Kent Conrad discount rate, that’s all - there’s no news here, move along...


6 posted on 07/02/2008 10:55:42 AM PDT by Redbob ("WWJBD" ="What Would Jack Bauer Do?")
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To: RockinRight

That’s true, but you would have to possess the assets in question for the deal to be legit. I’d like to see the timeline on his mortgage and income from book deals, etc. According to his wife, they were “struggling” financially until the books came out.


7 posted on 07/02/2008 10:57:43 AM PDT by edpc (Tagline Currently Under Construction)
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To: RockinRight

It’s possible, but how did a “community organizer” and state senator from a family without significant wealth manage to get $3 million in assets?

Northern Trust does go all out for wealthy clients, but when a politically connected person gets a sweet deal, always assume it was quid pro quo.


8 posted on 07/02/2008 10:57:49 AM PDT by MediaMole
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To: pissant

It’s OK for Obama to get a discount mortgage, just not us.

I suppose we won’t be hearing any more speeches about Countrywide.


9 posted on 07/02/2008 10:59:31 AM PDT by <1/1,000,000th%
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To: RockinRight

If I agree to bring 3 million to my bank, but do not have the 3 million yet, my bank is supposed to take on faith that I eventually will have it?

Get a clue, it was done because he was JUST elected to the Senate. That is the SAME reason his wife’s salary more than doubled at about the same time. BTW, what was the Obama’s FICO score when they got this loan??? If they do not release this info, then it is quite possible they are covering up something. The loan amount is conseidered super jumbo mortgage territory, and if they did not have a high FICO score, they would never have qualified for such a big mortgage period at a reduced rate.

Call it what it is, another Pol taking advantage of his position to make/save money. Average Joe realizes this, even if the Messiah does not. Then to lie on the questionaire put out by Politico and then this week claim they were not lying at all is par for the course for Team Obama.


10 posted on 07/02/2008 11:00:12 AM PDT by milwguy (........)
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To: RockinRight

Yep, and I’m sure that is why he also got a deep discount on the asking price, and just so happened to have Mrs. Rezko buy the adjacent lot full price and just so happened to deed a chunk of that lot over to Obama, and and and...


11 posted on 07/02/2008 11:02:11 AM PDT by pissant (THE Conservative party: www.falconparty.com)
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To: pissant

“”Northern Trust does not have a VIP mortgage program,” Obama spokesman Ben LaBolt said....”

Obama asked for one?


12 posted on 07/02/2008 11:02:57 AM PDT by rockinqsranch (Dems, Libs, Socialists...call 'em what you will...They ALL have fairies livin' in their trees.)
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To: pissant

“because he borrowed $1.3 million but agreed to bring nearly $3 million in assets to the bank, which was more than happy to knock off a few points from his interest rate in order to manage his cash.”

Just curious. How does a community organizer, with kids, happen to have 3 megabucks in cash collecting dust? Even if his wife does have a job with the hospital making a couple of hundred grand a year? Cattle futures?


13 posted on 07/02/2008 11:03:09 AM PDT by RedElement
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To: MediaMole

Good question... How did Obama acquire his “wealth”?


14 posted on 07/02/2008 11:04:29 AM PDT by RedEyeJack
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To: pissant

I’m not justifying anything - just that on the surface, having a lot of assets does help in that situation.

Reading more though with him not actually having the 3 mil at the time...well that’s a new can of worms.


15 posted on 07/02/2008 11:05:17 AM PDT by RockinRight (I just paid $63 for gas. An icefield in Alaska is NOT the Grand Canyon. F--- the caribou.)
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To: Tulane

That is a lovely shade of blue you’re turning...


16 posted on 07/02/2008 11:08:49 AM PDT by Hoffer Rand (0bambi: the audacity of hype)
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To: RedElement
Just curious. How does a community organizer, with kids, happen to have 3 megabucks in cash collecting dust? Even if his wife does have a job with the hospital making a couple of hundred grand a year? Cattle futures?

No he invested in Resko or should I say Resko invested in him.. and also in carbon offsets and also in bio-fuel all the little crappy things that the dems do.

17 posted on 07/02/2008 11:13:50 AM PDT by oswegodeee (Dee) ( Born in the South and raised in a G_D centered home)
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To: RedEyeJack
How did Obama acquire his “wealth”?

Here are a couple of articles I found:

Obama's wealth has skyrocketed

Obamas’ tax returns show a sharp rise in pay

18 posted on 07/02/2008 11:24:59 AM PDT by ravingnutter
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To: pissant

North Dakota Senator Kent Conrad got a similar deal from Country Wide. His non mea culpa read nearly word for word with that of Obama. Conrad seems to be getting a pass as well.


19 posted on 07/02/2008 11:26:03 AM PDT by Lion Den Dan
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To: milwguy
If I agree to bring 3 million to my bank, but do not have the 3 million yet, my bank is supposed to take on faith that I eventually will have it?

They also could not force him to deposit the funds once he did get it. And, certainly couldn't call his note if he didn't deposit it.

20 posted on 07/02/2008 11:26:26 AM PDT by jennyjenny
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