Obama Got Discount on Home Loan

by Keli Wed Jul 02, 2008 2:00 am

Obama Got Discount on Home Loan
Washington Post ^ | June 2, 2008 | Joe Stephens

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 ...

If this is true, it’s ripe with hypocrisy.

Obama canned Jim Johnson from the VP vetting process for this very reason.

“In sum, the piece notes that Jim Johnson, one of the three people Sen. Obama chose to help him select his vice presidential running mate, received below-market interest-rate mortgages from Countrywide Financial while he was the CEO of Fannie Mae, and did not disclose the sweetheart deals to Fannie’s board. This while he was pulling down $21 million in pay. Obama has called Countrywide’s CEO—who arranged the special loans for Johnson—one of the people responsible for the mortgage crisis.”

http://tinyurl.com/4z8ztl

by Aaron Wed Jul 02, 2008 6:05 am

So are you big on recycling in your everyday life Terry?

Obama Got Discount on Home Loan

Obama Got Discount on Home Loan

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