Obama, Like Dodd and Conrad, Got Cheap Home Loan
Wednesday, July 2, 2008 10:36 AM
By: Rick Pedraza
Presidential nominee Barack Obama joins the list of several other high-profile Democratic Party members who received highly favorable home loans.
Obama, D-Ill., reportedly purchased a $1.65 million mansion in Chicago through a “super, super jumbo” loan he received from Northern Trust Bank in Illinois, the Washington Post reports. The portion of the money financed through the lender ($1.32 million) was offered to the Obamas at an unusually low discount interest rate locked in at 5.625 percent over the life of the 30-year fixed-rate loan, which was below the average of what a typical Chicagoan pursuing a similar low loan rate received at the time.
For his part, Obama and his camp are defending the lower rate as lender competition for business. A spokesman for the camp says, “The Obamas have since had as much as $3 million invested through Northern Trust."
Obama joins Sen. Chris Dodd, D-Conn., and Sen. Kent Conrad, D-N.D., on the list of high-profile public figures who received “VIP” loans that some now are scrutinizing as alleged trade-offs for political favors.
What is it that Nancy Pelosi was saying about the "culture of corruption" Democrats were going to supposedly vanquish when they took over Congress in 2006?
For a narrative of how the Obamas went about purchasing their mansion and Tony "Slum Lord" Rezko's role in the deal, read "How to Buy a Mansion You Can't Afford" and be disgusted. Be very disgusted.