It looks like your favorite speech giver isn’t as squeaky clean like you’d all like to think:
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.
Ok fair enough, but explain this to me:
In Obama's case, he received a lower rate than the average offered at the time in Chicago for similarly structured jumbo loans. He secured his final mortgage commitment on June 8, 2005, and during that week, rates on similar loans for which information is available averaged 5.93 percent, according to HSH Associates, which surveys lenders. Another survey firm, Bankrate.com, placed the average at 6 percent.
So, they are willing to drop the percentage .3% to be competitive? I find that a little hard to believe.
Around the same time, the University of Chicago Hospitals promoted Michelle Obama to a vice president and more than doubled her pay, to $317,000.
Which they gladly doubled when Obama secured earmarks for his wife’s employer. How convenient.
Since 1990, Northern Trust employees have donated more than $739,000 to federal campaigns, including $71,000 to Obama, according to the Center for Responsive Politics.
I’m sure that’s all just a coincidence.
But here’s what’s going to turn people off to Obama:
Thousands of them are now using the same grass-roots organizing tools previously mastered by the Obama campaign to organize a protest against his decision.
You can’t afford to piss people off now Barack.
But this is exactly what I’ve been telling you people for the better part of a year now. The guy makes pretty speeches, no question. But, when you take a look at him deeper, you start to find all sorts of bad things about him.
Don’t take my word for it. Search around, I’m sure you’ll find things that you don’t like either.
Travis
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