Obama Got A Sweetheart Deal On Home? No, Can’t Be!

How bad is this when the Washington Post covers the story and are not trying for massive amounts of “hey, there is no problem, much ado about nothing”? Obama Got Discount on Home Loan

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.

Too be honest, on the front end, this seems to be the kind of thing that politicians get, and expect. Being treated special. But, of course, only one of them is running for President of the United States of America on change and hope and a new politics and how great his character is.

Duane Lester, who is one of the bloggers over at Right Wing News this week, writes: Next big speech for Barack: “I will never question anyone’s mortgage, and I condemn anyone who does!”

Duane also writes that the Obamacons will dismiss the issue. Even better. Oliver Willis blames the story on McCain.

Captain Ed on a different part of the story: Northern Trust has helped out Barack Obama in other ways, too.  According to the Post, their employees have donated $71,000 to Obama’s campaigns.   When Obama rejected public financing, were these donations the kind that he insisted represented the moral equivalent of the system he championed until he found that he could outraise and outspend his opponents?

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4 Responses to “Obama Got A Sweetheart Deal On Home? No, Can’t Be!”

  1. manbearpig says:

    PLEASE!!!! This story has been around for over a year. It was brought up locally here in WI because Rezko had some ties to some WI politicians (from both Team Elephant and Team Donkey, BTW) as well as BHO. At the time Obama had just announced that he was going to run for President, and people around here asking what kind of impact Rezko would have on him since he had just been indicted and the thought was that all the politicans with the dirty hands would go running for cover.

  2. John Ryan says:

    5 and 5/8% wasn’t that great of a deal

  3. Stacy says:

    Just put the bong down John. It’s not helping any.

  4. Someone buy John a cheeseburger! 🙂

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