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Author Topic: Obama Got Discount on Home Loan  (Read 1023 times)

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Offline BlueStateSaint

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Obama Got Discount on Home Loan
« on: July 02, 2008, 11:54:15 AM »
With all the hubbub about Countrywide and their loan preferential loan practices (see "Conrad, Kent, D-ND"), you'd think that this is one thing that B. Hussein Obama would want to bury . . .


Obama Got Discount on Home Loan
Campaign Defends Lower Rate as Lender Competition for Business

By Joe Stephens
Washington Post Staff Writer
Wednesday, July 2, 2008; Page A03

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.

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.

Obama spokesman Ben LaBolt said the rate was adjusted to account for a competing offer from another lender and other factors. "The Obamas have since had as much as $3 million invested through Northern Trust," he said in a statement.


'Course, people such as my wife and I wouldn't have a snowball's chance in Hell of getting a loan like this.

Link:  http://www.washingtonpost.com/wp-dyn/content/article/2008/07/01/AR2008070103008.html?hpid=topnews
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Offline Chris_

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Re: Obama Got Discount on Home Loan
« Reply #1 on: July 02, 2008, 12:07:50 PM »
Well, isn't that special?



I guess obama-lama-ding-dong thinks he's better than the rest of us.

 :whatever:
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Offline DixieBelle

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Re: Obama Got Discount on Home Loan
« Reply #2 on: July 02, 2008, 01:48:37 PM »
notice that they mention the McCains who have no mortgages. Can you imagine the outrage and spin if this had been about McCain instead of Obama? *Eyeroll*
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Offline USA4ME

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Re: Obama Got Discount on Home Loan
« Reply #3 on: July 02, 2008, 02:04:51 PM »
The guy's a typical politician born of the Chicago Machine.  That tells us many things about him, one of the main ones being that he can be bought and sold.  The lib anti-capitalist purest won't like that, though you'll never hear them utter a word about it in public.

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