Posted on 07/02/2008 12:30:57 PM PDT by pissant
The Bourbon Room, courtesy of Fox Chicago producer Ruth Ravve, has received this formal comment on the Obama loan from Northern Trust.
The statement is from John OConnell, director of Northern Trusts institutional public relations, North America.
Northern Trust does not comment to the media on client matters, as a matter of policy.
However, at the request of the Obama campaign we responded to an inquiry from the Washington Post on the Obama familys home mortgage.
Beyond confirming basic facts about the mortgage, which the campaign has posted on its Web site, Northern Trust told the Washington Post:
- Northern Trust does not have a VIP program offering special rates on mortgages for celebrities or public officials.
- The process for determining the Obamas mortgage loan was consistent with how we structure Northern Trust rates, and the rates themselves were consistent with Northern Trust rates at that time.
- The bottom line is that this was a business proposition for us. Our business model is to service and to pursue successful individuals, families and institutions.
(Excerpt) Read more at bourbonroom.blogs.foxnews.com ...
For starters, Obama has made it a big hulabaloo, touted by the press worldwide, to respond to rumors and smears. He has an official "Fight the Smears" website.
His campaign has also touted their quick response team that is tasked with 'correcting the record'.
Here is a prime example of such. The Wash Post and American Thinker discovered that he got reduced loan rate on his (Rezko tainted) home purchase. The very next day, his campaign puts out a release saying it was not untoward in any way, AND he authorizes the bank manager to discuss it with the media to put an end to the speculation.
Now why is that important? BECAUSE he could just as easily tell the Dept of Health/Records in Hawaii that they can release and discuss his BIRTH RECORDS to clear up the suspected fraudulence surrounding the Certificate of Live Birth he and KOS posted on their websites.
AND he could just as easily tell the phone company to release his cell phone records from November 6 and 7, 1999 to dispel the Larry Sinclair accusations.
IOTW, by dragging his feet and obfuscating on BirthGate and LarryGate, he is looking mighty guilty as charged.
I just can’t interested in this unless it gains traction, which is sooooo unlikely.
Ping
Obfuscabama
Let’s assume that BO is utterly corrupt on this issue.
What are the chances it affects the race? Next to zero?
“It’s not the same loan I have known for twenty years”
In February of 2005, everyone expected Obama to be extremely successful-- a lock to be the Dem nominee in 2012 when they expected him to run. He'd already been the star of the DNC in 2004, had his first book republished and become a best seller again, and likely already had a deal for The Audacity of Hope to be published in 2006. People who have fat wallets or are viewed to be getting fat wallets get all kinds of benefits from banks. Hell, Jed Clampett did, too. That was a major subplot of that show, which is decades old. This has always been the case-- banks love rich people. Surprise!
The idea that the Obama family, with a listed net worth of less than half a million in ‘05 had above average assets for those taking out super super jumbo loans at the time is just ridiculous.
At least it’s got some coverage in the press. Having him really get nailed for it by an effective commentator or whomever would at least help to dispel the nonsense that he is somehow above the taint of normal politics.
That would be a good assumption.
What are the chances it affects the race? Next to zero?
The more the Muslim militant POS is exposed the more it will hurt him. Hussein is running out of steam, its all down hill for him.
“In February of 2005, everyone expected Obama to be extremely successful...”
Banks don’t give loans on expectations. They also base loans on documentation, 2-3 years worth of W-2s. The Obamas list $207,000 on their 2004 W-2. He made less in ‘03 and ‘02.
Forget the rate. No one gets a $1.3M jumbo, fixed rate on that kind of income.
L O L
Too Funny!!
Precisely so. I don’t know about Larry Sinclair, although that is developing a bit of a stench too, because you could just about make a case for “not dignifying it with a response”. However, there’s no excuse in the world, after all the speculation, for not clearing up the issue of his birth certificate.
I am becoming more convinced every day that he was not born in the U.S.A.
It looks like he also had 20% ($300,000+) down on this new house in early 2005. Maybe he got a huge advance on his book in January or February 2005? Sounds like the bank had a lot of hope for some change.
I suppose he could have taken out one of those “No Doc” loans, in which case the rate is even more suspect.
I would have given the loan to Obama in 2005 if I ran the bank. All loans have risks, but the risk for the bank of getting stuck with a foreclosure property was exceedingly low. Like I said, banks make allowances for people who come into wealth at once all the time— like pro athletes or entertainers. Obama got an advance of $1.9M in 2005 for his second book. It was very obvious by the bank when he got this loan that he would be able to pull in a ton of money whenever he decided it was something he wanted to do, including with more books. He had a family income of $984K in 2006, which was quite predictable by the bank.
Banks love rich and successful people...especially those in a position to help when help is needed with such things as pesky regulation, govt. oversight, nuisance legislation at the state and local level. No wonder Northern Trust’s last itim was:
- The bottom line is that this was a business proposition for us. Our business model is to service and to pursue successful individuals, families and institutions.
“I would have given the loan to Obama in 2005 if I ran the bank.”
And I’m the King of the Universe.
Once again; loans are based on past W-2s, not expectations. I write for a living. One of the stumbling blocks that always comes up with my mortgages or refinancing is the unpredictability of advances and royalty payments. One in the hand, and all that. That leaves past income as the only true benchmark in determining whether or not you can handle a mortgage, especially a jumbo.
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