Obama Got Discount on Home Loan

[red states rule]

How will the cult followers of the messiah spin this? While Dems are attacking the mortgage industry they were getting special deals the rest of us could not get



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.

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/01/AR2008070103008.html?nav=hcmodule

[Yurt]

on a loan that big, that doesn't seem like a "big" discount, probably was competing for his business

[red states rule]

on a loan that big, that doesn't seem like a "big" discount, probably was competing for his business

From the link

Obama paid no origination fee or discount points, as some consumers do to reduce their interest rates.

And his rate was low for a jumbo loan

This is not a common practice. Like other Dems like Dodd and Kent Conrad, they did get special treatment

All while attacking the industry at the same time

[Kathianne]

From the link

Obama paid no origination fee or discount points, as some consumers do to reduce their interest rates.

And his rate was low for a jumbo loan

This is not a common practice. Like other Dems like Dodd and Kent Conrad, they did get special treatment

All while attacking the industry at the same time

Yeah and no. I paid no points or origination fees, both for my mortgage and home equity, because I shopped and bargained. Chicago has been a very competitive market. I'd like this to be a stroy, just don't think it is.

[red states rule]

Yeah and no. I paid no points or origination fees, both for my mortgage and home equity, because I shopped and bargained. Chicago has been a very competitive market. I'd like this to be a stroy, just don't think it is.

Could be, but I find it business as usual for the Dems to attack the very people who gave them such good deals

It was a community activist named Obama who demanded banks give loans to as many blacks as they did whites

So they loosened up their lending requirements and the default rate went up

[Kathianne]

Could be, but I find it business as usual for the Dems to attack the very people who gave them such good deals

It was a community activist named Obama who demanded banks give loans to as many blacks as they did whites

So they loosened up their lending requirements and the default rate went up

True that. Then again, so did the US Congress force bad loans, now blaming the financials.

[red states rule]

True that. Then again, so did the US Congress force bad loans, now blaming the financials.

Both sides (more Dems however) stuck their nose in something they never should have

Like with ethanol, we are getting the usual results when government interfers wth the free market

[Yurt]

Could be, but I find it business as usual for the Dems to attack the very people who gave them such good deals

It was a community activist named Obama who demanded banks give loans to as many blacks as they did whites

So they loosened up their lending requirements and the default rate went up


True that. Then again, so did the US Congress force bad loans, now blaming the financials.

now that is an issue and is/was problematic...forcing a company to loan someone money, them blaming that company when that person does not repay the loan...silliness

[red states rule]

now that is an issue and is/was problematic...forcing a company to loan someone money, them blaming that company when that person does not repay the loan...silliness

Or how we the taxpayers keep paying for the rebuilding of homes is flood areas when the h/o's fail to have flood ins

[Kathianne]

now that is an issue and is/was problematic...forcing a company to loan someone money, them blaming that company when that person does not repay the loan...silliness

Yep, redlining was wrong. The government overcompensated though, making financial institutions to make loans based on highly questionable attributes. I know, I benefited. Difference with me though, I'd owned property and knew the commitment. That didn't change the fact that PNC, a lender I really do like, made a $85k loan to a single mother, 3 kids under 15, making less than $15k per year. Yes, I had $45k to put down, yet it was obviously out of my retirement money.

I'd say that considering it's been 12 years and I never was late with a payment, it worked out alright, but even I wouldn't have given me that loan. :laugh2:

[Hagbard Celine]

Yeah and no. I paid no points or origination fees, both for my mortgage and home equity, because I shopped and bargained. Chicago has been a very competitive market. I'd like this to be a stroy, just don't think it is.

Of course you would. You're squirming in your jogpers fretting over the fact that Obama will be the next prez. You and your ilk will jump on the bandwagon of any and all ridiculous accusation that crops up. (And a new one does every single day. What a mystery! :eek: Who could be behind it all?)

[Yurt]

Or how we the taxpayers keep paying for the rebuilding of homes is flood areas when the h/o's fail to have flood ins

i do not have an opinion on that, for i do not know the value to the country of those homes/towns along the mississippi given the massive commerce that goes through there.


Yep, redlining was wrong. The government overcompensated though, making financial institutions to make loans based on highly questionable attributes. I know, I benefited. Difference with me though, I'd owned property and knew the commitment. That didn't change the fact that PNC, a lender I really do like, made a $85k loan to a single mother, 3 kids under 15, making less than $15k per year. Yes, I had $45k to put down, yet it was obviously out of my retirement money.

I'd say that considering it's been 12 years and I never was late with a payment, it worked out alright, but even I wouldn't have given me that loan. :laugh2:

i'm not a lender, but you don't seem like you necessarily benefited from the government forcing lenders to loan to a certain demographic. you had a DP, even out of retirement, that is your choice and still an investment. you put approximately 55% of the loan down, most banks/lenders view that as a non high risk loan. and 85K? seems to me what you purchased/offset/i don't know.... is more valuable than 85K. or are you tellilng me that you bought a house for 85k?


Of course you would. You're squirming in your jogpers fretting over the fact that Obama will be the next prez. You and your ilk will jump on the bandwagon of any and all ridiculous accusation that crops up. (And a new one does every single day. What a mystery! :eek: Who could be behind it all?)

:lol: and those are....

[Hagbard Celine]

i do not have an opinion on that, for i do not know the value to the country of those homes/towns along the mississippi given the massive commerce that goes through there.



i'm not a lender, but you don't seem like you necessarily benefited from the government forcing lenders to loan to a certain demographic. you had a DP, even out of retirement, that is your choice and still an investment. you put approximately 55% of the loan down, most banks/lenders view that as a non high risk loan. and 85K? seems to me what you purchased/offset/i don't know.... is more valuable than 85K. or are you tellilng me that you bought a house for 85k?



:lol: and those are....
It's just another word for pants or leggings.