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The Obama Nation
Sketchy Mortgage Deal in the Obama’s House
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There has been some, not a lot, of coverage in the mainstream media about Obama’s real estate scandal with Tony Rezko, but now stories are surfacing about a questionable mortgage arrangement.
Obama was a big critic of the Countrywide Financial Corp., who he labeled as “the people who are responsible for infecting the economy and helping to create a home foreclosure crisis,” at a town hall meeting in Lancaster, PA this past March.
Is something fishy about the Obama mortgage for the house he purchased in 2005?
Obama bought a $1.65 million restored Georgian mansion after locking in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage from Northern Trust in Illinois.
This was below the average for such loans at the time in Chicago.
Interestingly, Obama spokesman Ben LaBolt admitted that “The Obamas have since had as much as $3 million invested through Northern Trust,” in a statement.
So, if Obama thought it was a “bone-headed mistake” to engage in a questionable real estate deal with Tony Rezko, who was convicted last month on 16 counts of fraud and money laundering, what is the story with this mortgage?
Another sweetheart deal for a mortgage like Chris Dodd got?
