What a sly deal that was, honey bun!
I suppose if a land transaction Barack Obama inked a few years ago was thrown together by either Hillary or Bill Clinton, there would be an almighty stink.
And, cries for criminal charges to be brought.
But, for some inexplicable reason - in spite of the fact the funding of a loan for a Georgian Mansion in upscale Chicago does not appear to pass the "smell test" - there have not been any allegations of "foul".
I expect the voters are so keen on following through with their - "candidate for change" - that they are inclined to look the other way. Or, just maybe they're going into denial about the whole fiasco?
In my opinion, it has all the makings of a scandal; once the smoking gun is found, of course!
Shortly after joining the Senate, Obama bought a 1.65 million dollar property which he secured with a mortgage from Northern Trust in Illinois.
Unlike many other home buyers at the time (who generally paid 6% for a mortgage loan) the Senator was able to lock in at an interest rate of 5.625% over the thirty-year term.
Known as a "super super jumbo" in banking vernacular, the unusually high loan required no origination fee or discount points, either.
Based on average terms available during that time frame, the deal essentially saved Obama about three hundred dollars a month.
Great financing, if you can swing it, eh?
After the questionable terms of the loan were revealed, Ben LaBolt (a spokesperson for the Senator) tried to effect some damage control by asserting that the rock-bottom rate was offered up to compete with another lender's bid for the financing. And, hence, not out-of-the-norm under the circumstances.
But, the debate is heating up, and for good reason.
When news broke that discounts were offered to J. Dodd (D-Conn.) and Kent Conrad (D-N.D.) at Countrywide Financial - at a time when a National Housing Crisis has adversely affected homeowners around the country - a glaring spotlight was thrown on the questionable practices - and ultimately - resulted in a preliminary Senate ethics committee inquiry into the Dodd and Conrad Loans.
Even Obama's campaign organizers have not been immune from scrutiny in recent days.
In fact, when it was disclosed that James A. Johnson - head of the Vice Presidential Search Committee - obtained a favorable loan from Countrywide Financial, he resigned to avoid facing the music.
In some quarters, there is a concern that public officials knowingly or unknowingly receive special treatment from lenders and that the discounts may amount to illegal gifts, in essence.
Looking back, industry experts acknowledge that Barack Obama did better than average in respect to the financing of his mortgage in June of 2005.
In defense of the hints of impropriety, Northern Trust Vice President John O'Connell argued that occupation and salary are two factors taken into consideration when determining the extent of the financing, interest rates, etc.
However, his concluding remarks were the most telling, in my estimation.
For the record he noted that the Barack Obama mortgage financing was a business proposition for Northern Trust and that - as such - part of a "business model" to service and pursue successful individuals, families, and institutions.
Which begs the question: what does Northern Trust expect of the Senator in the future?
Notwithstanding, what of the common Joe?
Shouldn't a first-time home buyer, with scant funds, also be given the chance to pursue the American dream, too?
But, the controversy does not end there.
Allegedly, the day of the closing on the Georgian mansion in Chicago's tony enclave, the wife of Antoin (Tony) Rezko (a long-time friend and fundraiser for Barack) finalized paperwork on an adjoining lot that was originally a side yard for the main property.
More astounding - perhaps - was the revelation that Barack and Michelle managed to purchase their house for $300,000.00 less than the asking price of 1.95 million.
In contrast, Rita (Rezko's wife) purchased the adjacent piece of land for the full sale price of $625,000.00.
Curiously, Rita Rezko later sold a portion of the tract (vacant) to the Obama family so that they could enlarge their yard.
Gee, I'd love to have "friends" like that, wouldn't you?
A footnote adds an intriguing twist to the whole scenario.
A few weeks ago, Tony Resko was convicted of sixteen counts in an influence-peddling scheme that reached the highest levels of Illinois State Government.
Was Obama his next victim or just a well-cared for pal?
An Ace in the hole, no doubt.
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