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.
There is so much to post about Obama right now, so I thought I would take snipets of things and put them all here. --Wild Thing
Obama Got Discount on Home Loan
Washington Post ......for complete story
Obama's house purchase has been a source of controversy.
NOTE the Lapel pin but watch out for those teeth. LOL
Interesting that there's no words of the cover. Perfect for a guy with no ideas, or bad ideas. And quite fitting considering he's an empty suit also.
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