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Old 09-21-2008, 10:34 PM
 
31,683 posts, read 41,071,495 times
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Quote:
Originally Posted by NewToCA View Post
After all the other stuff that has been posted concerning McCain's and Bush
's efforts to get better control on the situation, and the lack of any concerns expressed by Obama when in office, you have to really know that you are just reaching here.

Now, about that home loan that Obama personally obtained at a discount, just like Chris Dodd (see a pattern here?):

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...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.


Obama Got Discount on Home Loan


Hmmm, quite a lot to ponder here...
You and I have had with me posting many links before a lengthy discussion on his loan. You predicted a major scandal that never happened and as you know the reality is that he deposited millions from his book deal with the bank and leveraged a lower rate just as any intelligent person of affluence knows how to do. Pay cash for a house and negotiate a lower price as there is no mortgage for the seller to worry about falling through. I did it and I am sure you do it with your own personal finances as any educated person knows how to do.

Brokerage houses give a discount for volume and Cindy McCain had an American Express card with a 0% interest rate because of money she had invested.
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Old 09-21-2008, 10:38 PM
 
Location: Sacramento
14,044 posts, read 27,238,461 times
Reputation: 7373
Quote:
Originally Posted by TuborgP View Post
You and I have had with me posting many links before a lengthy discussion on his loan. You predicted a major scandal that never happened and as you know the reality is that he deposited millions from his book deal with the bank and leveraged a lower rate just as any intelligent person of affluence knows how to do. Pay cash for a house and negotiate a lower price as there is no mortgage for the seller to worry about falling through. I did it and I am sure you do it with your own personal finances as any educated person knows how to do.

Brokerage houses give a discount for volume and Cindy McCain had an American Express card with a 0% interest rate because of money she had invested.
Nope, his deposit in the bank was subsequent to his loan being finalized, check it out for yourself.

This issue isn't fully played out yet as a discussion topic for the election. Just because the focus isn't currently on the issue, doesn't mean it has gone away, especially as a commercial
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Old 09-21-2008, 10:41 PM
 
31,683 posts, read 41,071,495 times
Reputation: 14434
FiveThirtyEight.com: Electoral Projections Done Right: Irresponsible Journalism Alert
Unless the Washington Post has access to Obama's FICO score -- and unless it has rented an apartment to him, it probably doesn't -- it is missing a pretty important piece of information on what Obama's mortgage rate ought to have been. What was Obama's FICO score? I don't know, but considering that...

* Obama had just gotten a $2.27 million book deal from Random House -- about $1 million more than the value of the mortgage.
* The Obamas each had exceptionally secure jobs that paid them a combined annual salary of about $500,000 per year.
* The Obamas had just sold their condo, on which they had realized a $137,500 profit.
* The Obamas were prominent public figures whose political futures depended in part on maintaining a reputation for responsibility and trustworthiness.
* The Obamas are known to be relatively thrifty and have no credit card debt but substantial savings.

...I would think that the Obamas were exceptionally creditworthy. So indeed, Obama received a "discount" -- the same discount that any borrower in his position would have received.

Yes there is a lot to ponder but seeking and finding the truth is not hard if you want.
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Old 09-21-2008, 10:42 PM
 
31,683 posts, read 41,071,495 times
Reputation: 14434
Quote:
Originally Posted by NewToCA View Post
Nope, his deposit in the bank was subsequent to his loan being finalized, check it out for yourself.

This issue isn't fully played out yet as a discussion topic for the election. Just because the focus isn't currently on the issue, doesn't mean it has gone away, especially as a commercial

Duh he had already signed the deal as noted and his publisher is pretty well known and reliable. Athletes who sign big contracts out of college are able to secure loans in anticipation of receiving there money. Is that so they will throw games?
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Old 09-21-2008, 10:44 PM
 
31,683 posts, read 41,071,495 times
Reputation: 14434
Quote:
Originally Posted by TuborgP View Post
FiveThirtyEight.com: Electoral Projections Done Right: Irresponsible Journalism Alert
Unless the Washington Post has access to Obama's FICO score -- and unless it has rented an apartment to him, it probably doesn't -- it is missing a pretty important piece of information on what Obama's mortgage rate ought to have been. What was Obama's FICO score? I don't know, but considering that...

* Obama had just gotten a $2.27 million book deal from Random House -- about $1 million more than the value of the mortgage.
* The Obamas each had exceptionally secure jobs that paid them a combined annual salary of about $500,000 per year.
* The Obamas had just sold their condo, on which they had realized a $137,500 profit.
* The Obamas were prominent public figures whose political futures depended in part on maintaining a reputation for responsibility and trustworthiness.
* The Obamas are known to be relatively thrifty and have no credit card debt but substantial savings.

...I would think that the Obamas were exceptionally creditworthy. So indeed, Obama received a "discount" -- the same discount that any borrower in his position would have received.

Yes there is a lot to ponder but seeking and finding the truth is not hard if you want.
I suspect those amongst us with comparable situations can well understand how he got the rates he did. Of course those amongst us who don't have those resources might well be clueless to the world of affluence.

So now his FICO score is?
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Old 09-21-2008, 10:46 PM
 
Location: Sacramento
14,044 posts, read 27,238,461 times
Reputation: 7373
Quote:
Originally Posted by TuborgP View Post
Duh he had already signed the deal as noted and his publisher is pretty well known and reliable. Athletes who sign big contracts out of college are able to secure loans in anticipation of receiving there money. Is that so they will throw games?
Your just validating your reach pal, at the time of our discussions you said it was due to his brilliance. Time and events are showing it is likely due to something else.

I'll give you the final word though, your postings are getting farther away from the core discussion, and too marginal to continue to argue.

McCain is on record alerting concerns about the problem and cosponsoring legislative solutions a few years ago, Obama has no proposed legislation at all concerning reform of the financial systems (too busy writing books about himself, I guess).

His current silence about the finance really says it all.
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Old 09-21-2008, 10:50 PM
 
31,683 posts, read 41,071,495 times
Reputation: 14434
Default So now how did Cindy McCain get a 0% interest rate with her debt level

If we wonder how Obama got a lower mortgage rate with no debt and lots of money coming in. Should we not in fairness ask how Cindy McCain got a 0% American Express rate with her debt level? After all fair is fair isn't it?
But not all credit card debts are created equal. In fact, according to a prior disclosure form filed in May that was provided to The Huffington Post, a significant amount of the McCains' credit card debt is being held by American Express at an interest rate of zero percent -- making their debt a lot less like the costly credit card pitfalls facing many Americans and a lot more like the big sweetheart loans that can get national political figures in hot water. (Sen. Barack Obama's first choice to head up his vice presidential search committee resigned this week after a controversy emerged over a favorable mortgage he received from Countrywide, a key player in the current housing crisis.)

WTF? Considering the McCain background with the Keating Savings and Loan scandal anything with him and banks is very shakey to say the least. Wouldn't you as a neutral reader think so?
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Old 09-21-2008, 10:51 PM
 
31,683 posts, read 41,071,495 times
Reputation: 14434
Quote:
Originally Posted by NewToCA View Post
Your just validating your reach pal, at the time of our discussions you said it was due to his brilliance. Time and events are showing it is likely due to something else.

I'll give you the final word though, your postings are getting farther away from the core discussion, and too marginal to continue to argue.

McCain is on record alerting concerns about the problem and cosponsoring legislative solutions a few years ago, Obama has no proposed legislation at all concerning reform of the financial systems (too busy writing books about himself, I guess).

His current silence about the finance really says it all.
As usual I am providing plenty of corroborating sources and thoughts to support my posts.
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Old 09-21-2008, 10:53 PM
 
31,683 posts, read 41,071,495 times
Reputation: 14434
Quote:
Originally Posted by NewToCA View Post
Your just validating your reach pal, at the time of our discussions you said it was due to his brilliance. Time and events are showing it is likely due to something else.

I'll give you the final word though, your postings are getting farther away from the core discussion, and too marginal to continue to argue.

McCain is on record alerting concerns about the problem and cosponsoring legislative solutions a few years ago, Obama has no proposed legislation at all concerning reform of the financial systems (too busy writing books about himself, I guess).

His current silence about the finance really says it all.
As always scan the list on the issues provided by a neutral source and let the neutral reader determine if it is Obama silence or his critics not reading:
Barack Obama on the Issues
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Old 09-21-2008, 10:54 PM
 
12,669 posts, read 20,461,043 times
Reputation: 3050
Quote:
Originally Posted by TuborgP View Post
You and I have had with me posting many links before a lengthy discussion on his loan. You predicted a major scandal that never happened and as you know the reality is that he deposited millions from his book deal with the bank and leveraged a lower rate just as any intelligent person of affluence knows how to do. Pay cash for a house and negotiate a lower price as there is no mortgage for the seller to worry about falling through. I did it and I am sure you do it with your own personal finances as any educated person knows how to do.

Brokerage houses give a discount for volume and Cindy McCain had an American Express card with a 0% interest rate because of money she had invested.

Compared with the average terms offered at the time in Chicago, Obama’s rate could have saved him more than $300 per month.

So who cares?

Perhaps you should.

Joe Stephens explains why in the Washington Post:


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.

Driving the recent debate is concern that public officials, knowingly or unknowingly, may receive special treatment from lenders and that the discounts could constitute gifts that are prohibited by law.


“The real question is: Were congressmen getting unique treatment that others weren’t getting?”


I mean, you know, Chris Dodd, he gets a sweetheart deal. Kent Conrad, another.

You know all these Countrywide financial guys, you know, resulted in a preliminary Senate ethics inquiry into the Dodd and Conrad loans.

But you know what, folks?

What am I? I’m forgetting he’s the agent of change.

He’s different. He’s above all of this. After all, he used to be a community organizer.


http://hbmortgageoracle.wordpress.com/2008/07/08/update-obamas-foa-home-loan/
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