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Obama Fannie Mae/Freddie Mac Chicago Home Mortgage $903,000 over Legal Limit
DBKP ^
| December 14, 2008
| Ginn
Posted on 12/14/2008 1:09:30 PM PST by mondoreb
Relativity by E. M. Escher
While researching an article about Obama's Chicago home-- about the circumstances surrounding who is the "owner", I happened across a bit of information: Obama's home has a Fannie Mae-Freddie Mac mortgage to the tune of $1,320,000. (Page 5 of Cook County Property Assessment Record)
The information comes from the Cook County Clerk's office where the "owner" of the Obama home is listed as William Miceli, a former supervisor of Obama's when he worked at the David Law Firm.
What's unusual about the Obama mortgage is that the upper limits of a Fannie Mae loan on a single family dwelling as of January, 2008, is $417,000 while mortgages in "high cost" areas cannot exceed $729,750.
The Obama's mortage, through Northern Trust Company, is in the amount of $1,320,000.
The limits for a Freddie Mac single family dwelling is $417,000, with an upper tier of $625,500 for homes located in Alaska, Hawaii, the Virgin Islands, and Guam.
I looked into whether Cook County, Illinois, where the Obama home is located, and whether it is considered by Fannie Mae or Freddie Mac as a "high cost area". I found this little snippet written by Lew Sichelman, of the Reality Times in 2004, a few months prior to the Obama's purchasing their home:
Is there any explanation for this?
(Excerpt) Read more at deathby1000papercuts.com ...
TOPICS: News/Current Events; Politics/Elections; US: Illinois
KEYWORDS: adingbat; atinfoilhat; barackobama; chicago; cookcounty; crackerhead; fanniemae; hydepark; letsmakeupastory; miceli; mortgage; ratcrime; tonyrezko
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To: claymax
But ultimately they are sold to freddie/fannie, and you can trace that. NO they are not, Freddie and Fannie only buy a percentage of the market, and never stuff like this. I would bet it was not a conventional mortgages to begin with. Probably some sort of five are ten year deal!!! The whole mortgage story is bogus!!!
61
posted on
12/14/2008 2:21:52 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: SlapHappyPappy
The more unfounded allegations we make, the less credibility well have. None of the newbies seem to care about that!!!
62
posted on
12/14/2008 2:22:51 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: mondoreb
63
posted on
12/14/2008 2:23:11 PM PST
by
rdl6989
To: outinyellowdogcountry
(Pssstttt, none of that white rabbit stuff here)
64
posted on
12/14/2008 2:23:16 PM PST
by
muawiyah
To: org.whodat
Hate to say it but I’ve seen some real long time posters who assume every allegation about Obama is true. They sound a lot like DU talking about Bush.
To: HD1200
Doesn't she have a broker/realtor's license in Illinois? There's a reference to Class 7 license or something in the transcripts of the wire taps.
I think we've been over this business of what the tax records in Cook county show ~ they are something like 5 or 6 years behind current. That probably explains why it shows a different crook owning Obama's house rather than the current crook owning it.
66
posted on
12/14/2008 2:27:14 PM PST
by
muawiyah
To: muawiyah
fannie and freddie loans are dif than a fha loan
To: org.whodat
Well, if you have a loan, do me a favor look at the bottom of your instrument. It will have some forms in there that say Fannie or Freddie Mac at the bottom, the reason being is that some not all are ultimately sold to these two Mortgage companies and still buy a percentage of the market.
68
posted on
12/14/2008 2:27:57 PM PST
by
claymax
To: NewLand
roger that...
69
posted on
12/14/2008 2:27:59 PM PST
by
Chode
(American Hedonist -)
To: SlapHappyPappy
Check my post #66. We’ve been over this. I think what everyone needs to do is hold their breath a second and dive into Google.com for “Obama’s mortgage”.
70
posted on
12/14/2008 2:28:37 PM PST
by
muawiyah
To: bigbob
Thanks for the link. If a new professor at the University of Chicago can afford a $1.6 mil house, I would imagine that senior professors are really well paid.
To: Sister_T
you're welcome, my pleasure...
72
posted on
12/14/2008 2:29:50 PM PST
by
Chode
(American Hedonist -)
To: Ann Archy
I think that is due to change to 600,000 shortly. as does their retirement after 20 years.
73
posted on
12/14/2008 2:29:53 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: nufsed
Didn't he pork barrel an expenditure for his wife's hospital resulting in a big salary increase for her. House payment problem solved?Someone else mentioned book deals. I am so repulsed by Obama and his scummy ways.
74
posted on
12/14/2008 2:30:22 PM PST
by
raybbr
(It's going to get a lot worse now that the anchor babies are voting!)
To: mondoreb
75
posted on
12/14/2008 2:30:59 PM PST
by
Girlene
To: claymax
Hint, Hint, I was a real estate broker and teacher years ago!!!!
76
posted on
12/14/2008 2:31:12 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: montesquiue
even to this day it makes me cringe sometimes...
77
posted on
12/14/2008 2:31:42 PM PST
by
Chode
(American Hedonist -)
To: mondoreb
The artist is M.C. Escher, not”E.M.”
78
posted on
12/14/2008 2:33:30 PM PST
by
editor-surveyor
(The beginning of the O'Bummer administration looks allot like the end of the Nixon administration)
To: remaxagnt
Actually it isn’t them that do the loan, they make sure that Mortgage companies, banks and lenders have the funds to make these loans. They are the driving force on what percentage rates are used.
79
posted on
12/14/2008 2:35:02 PM PST
by
claymax
To: raybbr
The wife salary story ran here early during the campaign and I can’t find any recent references.
80
posted on
12/14/2008 2:35:07 PM PST
by
nufsed
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