Obama's Sweetheart Deal
I was surfing the 'net, when this popped up on my screen. Thought some of you might find it interesting.
Seems the ol' change agent, Barack Obama, is a quick learner in Washington DC, and the political back rooms of Chicago. Quoting that liberal rag, the Washington Post
"Modest adjustments in mortgage rates are common among financial institutions as they compete for business or develop relationships with wealthy families. But amid a national housing crisis, news of discounts offered to Sens. Christopher J. Dodd (D-Conn.), chairman of the banking committee, and Kent Conrad (D-N.D) by another lender, Countrywide Financial, has brought new scrutiny to the practice and has resulted in a preliminary Senate ethics committee inquiry into the Dodd and Conrad loans.
Within Obama's presidential campaign organization, former Fannie Mae chief executive James A. Johnson resigned abruptly as head of the vice presidential search committee after his favorable Countrywide loan became public. ......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. "
Here's a link to the story: view link
I wonder what Obama did for the bank in return for such a great deal. Hmmmmm.
Seems like the more things, people and Presidential campaigns change, the more they stay the same. It looks like the Obama's are just another bunch of rich folk, getting richer with deals not available to us common folk. So much for "Change we can believe in." I believe I smell a rat.
Seems the ol' change agent, Barack Obama, is a quick learner in Washington DC, and the political back rooms of Chicago. Quoting that liberal rag, the Washington Post
"Modest adjustments in mortgage rates are common among financial institutions as they compete for business or develop relationships with wealthy families. But amid a national housing crisis, news of discounts offered to Sens. Christopher J. Dodd (D-Conn.), chairman of the banking committee, and Kent Conrad (D-N.D) by another lender, Countrywide Financial, has brought new scrutiny to the practice and has resulted in a preliminary Senate ethics committee inquiry into the Dodd and Conrad loans.
Within Obama's presidential campaign organization, former Fannie Mae chief executive James A. Johnson resigned abruptly as head of the vice presidential search committee after his favorable Countrywide loan became public. ......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. "
Here's a link to the story: view link
I wonder what Obama did for the bank in return for such a great deal. Hmmmmm.
Seems like the more things, people and Presidential campaigns change, the more they stay the same. It looks like the Obama's are just another bunch of rich folk, getting richer with deals not available to us common folk. So much for "Change we can believe in." I believe I smell a rat.
