Wednesday, July 02, 2008
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Obama's Favorable Home Loan (And the "Other" Lender To Be Named Later? ...)
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Posted by:
Matt Lewis at
1:53 PM
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The Washington Post story “Obama Got Discount Home Loan,” drew some attention this week -- no doubt due to the fact that other prominent Democrats have recently been scandalized for having received special mortgage deals.
Today, the Obama campaign responded, saying that, “anyone with the Obamas’ financial profile could have gotten the same rate on that mortgage.”
Obama's spokesman Ben LaBolt went on to say that,
... the Obama family was flush with cash at the time they were loan shopping and that the bank in question, Northern Trust, sought their business by offering a lower mortgage rate and to respond to a competitive mortgage rate offered by another lender. LaBolt would not identify the lender “at this time.” (Emphasis mine).
Flush with cash? I thought he was still paying his college loans???
So his excuse for Obama receiving this "sweetheart deal" is that another company -- whom he won't name -- was offering an even sweeter deal???
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say what the actual rate he got is. why? because the wing-nuts are desperate. any little thing is a national crisis to them. the good old kitchen sink strategy. keep in up, wing nuts. lets see if it works. |
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check out Boston Globe June 27, 2008
"Grim Proving Ground for Obama's Housing Policy"
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is Rezko. This mortgage thing is a smoke screen because everyone knows it amounts to nothing. The real story is Rezko. Here's the scenario: Two properties are for sale, required to close at the same time. Rezko puts in above-market offer on one and Obama puts in below-market offer on the other. They close, Obama gets a bit more of the "property" apparently through deed to add to his lot. Rezko gets a $14M government grant (Hillary's "slumlord" accusation). Slick, slick, slick. Now Rezko is convicted in Illinois and Obama has this skeleton in his closet. What way to better get rid of it than to link it to this "smoke screen" mortage "deal" and then let them blow over together? Nice try...Americans are not that stupid and they no longer blindly trust politicians, which Obama has proven himself over and over to nothing more than. |
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It's that simple. Obama is no different than the rest of the crooked slimebags in Congress regarding this. It's the leftist politics that make Obama so distasteful to me and millions of others. Now to vote him OUT! |
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Senator Dodd was harsely criticized for his Coun-try Wide mortgage dealing. Yet, the smooth talk-ing Obama, aspiring for the vital President role,
gives a poor excuse for his mortgage favors and Nary a Word!! Of course there is always competi-tive lower rates offered to obtain business, that is no excuse. The teflon Obama took advan-tage of his position and in fact his financial past, reveals money ties with shady characters. How then can he complain about his opponents sources of money aid etc.,?? Pleeeeeeeeeee |
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You excuse Obama's sweetheart mortgage deal and then cry, "Meanwhile no-bid contracts for multiple billions of dollars go to connected companies like Haliburton,.."
Sorry to bust your Bash-Bush bubble and tired lies, you want to take a guess at who ACTUALLY gave Haliburton a no-bid contract???
In 1992 Congress the govern bid known as LOGCAP (rebuilding in the Balkins) came up for bidding. Dynacorp was the lowest bidder but the President of the US (BILL CLINTON)threw out Dynacorp's bid and awarded the contract to KBR (Haliburton).
But hey - don't let FACTS get in your way of spewing lies that support your political ideology. |
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IF the communist BHO got a good interest rate. The question is, why is he hiding information? |
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and the rest of the MSM are totally ga-ga over Sen. Obama. The purpose for airing or publishing a "negative" story on him is to try to convince the public that they are just as tough on him as on the Republicans (ROFLOL). You will notice that the "negative" stories about Sen. Obama are pretty small potatoes, as this one is. I'll believe the MSM is "fair and balanced" when they hold his feet to the fire over his almost daily contradictions of himself. |
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from http://www.fivethirtyeight.com/2008/07/most-irresponsible- piece-of-journalism.html
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So Obama's rate was 30 basis points better than the average. However, the amount of the loan and the nature of the property are not the only factors that determine a mortgage rate. Another major consideration is the creditworthiness of the borrower. According to current rate quotes from myFICO.com, a borrower with very good credit can expect a mortgage rate about 30 basis points better than someone with pretty good credit, and a borrower with excellent credit can expect about a 50 basis point discount.
Unless the Washington Post has access to Obama's FICO score -- and unless it has rented an apartment to him, it probably doesn't -- it is missing a pretty important piece of information on what Obama's mortgage rate ought to have been. What was Obama's FICO score? I don't know, but considering that...
* Obama had just gotten a $2.27 million book deal from Random House -- about $1 million more than the value of the mortgage.
* The Obamas each had exceptionally secure jobs that paid them a combined annual salary of about $500,000 per year.
* The Obamas had just sold their condo, on which they had realized a $137,500 profit.
* The Obamas were prominent public figures whose political futures depended in part on maintaining a reputation for responsibility and trustworthiness.
* The Obamas are known to be relatively thrifty and have no credit card debt but substantial savings.
...I would think that the Obamas were exceptionally creditworthy. So indeed, Obama received a "discount" -- the same discount that any borrower in his position would have received.
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He got a .30% break because of good credit and assets. Well within the bounds of "perfectly normal".
Another non-issue prompts ranting and raving on the hypocritical right.
Meanwhile no-bid contracts for multiple billions of dollars go to connected companies like Haliburton, and tens of millions in cash payments from the Army go out the door to parties unknown in Iraq, with no justification, and the right says nothing.
Again: IOKIYAR: It's OK If You're A Republican.
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He got a .30% break because of good credit and assets. Well within the bounds of "perfectly normal".
Another non-issue prompts ranting and raving on the hypocritical right.
Meanwhile no-bid contracts for multiple billions of dollars go to connected companies like Haliburton, and tens of millions in cash payments from the Army go out the door to parties unknown in Iraq, with no justification, and the right says nothing.
Again: IOKIYAR: It's OK If You're A Republican.
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Excuse any impropriety if it's "your guy". U.S. taxpayers are being forced to bail-out the mortgage crisis but the folks in DC (and Chicago) are making sweetheart deals - and you want to excuse it?
You EXEMPLIFY the problem! |
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This loan business has shined a light back on those property transactions between Obama and Rezko. There's no way you can convince me that Obama's seller knocked $300K off the sale price because of Obama's charm. I think the market was still quite high.
I suspect that the money made its way to the seller somehow. If, by accepting the side payment, the seller could avoid capital gains tax (at these levels, his gain might have exceeded the excludable maximum).
There's also Washington Post reporting that Obama paid Rezko $60K more than the appraised value for some adjoining property. Regardless what Rezko paid for it, Obama (and his wife, if they gift-split) made a taxable gift to Rezko for federal gift taxes. Did he file a gift tax return reporting this gift? |
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If the Clinton's couldn't find a hot story in this, do you really think the Washington Post can? |
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I have an 820+ average score and I just purchased a house (9/07) with no fees and a rate 13bps below the "published" rate. I'm an excellent credit risk "flush with cash" due to a recent sale of an investment property and I'm liquid at a level more than twice the mortgage. I just didn't want to pay cash for the house. My situation and Obama's are similar.
You people are getting desperate if this is the best you can come up with... |
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The loan he chose was probably the lowest rate one available. This was not in response to a "sweeter deal", but (assuming the other bank exists) was the low offer that beat the previously sweet deal.
I don't trust Obama with much, but banks competing over his mortgage and offering a rate that is 0.375% lower than the average jumbo rate at the time sounds entirely plausible. If their credit/liquidity was that good, it is possible a premium rate was offered with no strings attached. |
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The campaign states, "anyone with the Obamas’ financial profile could have gotten the same rate on that mortgage.”
Oh really? Please disclose who else received this same deal that Obama received.... someone other than Senator Dodd and Jim Johnson.
Words are cheap. Prove it. |
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he got a big book advance ...
a good rate comes from the flush with cash and ok credit ... i.e. alot of folks may have been able to get that rate ...
The No Fees thing is a favor, pure and simple. Obama owes somebody for that one, maybe Tony R. ? |
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I read it was from profits on his books. |
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