Relativity by E. M. Escher Posted on 12/14/2008 1:09:30 PM PST by mondoreb
Relativity by E. M. Escher
While researching an article about Obama's Chicago home-- about the circumstances surrounding who is the "owner", I happened across a bit of information: Obama's home has a Fannie Mae-Freddie Mac mortgage to the tune of $1,320,000. (Page 5 of Cook County Property Assessment Record)
The information comes from the Cook County Clerk's office where the "owner" of the Obama home is listed as William Miceli, a former supervisor of Obama's when he worked at the David Law Firm.
What's unusual about the Obama mortgage is that the upper limits of a Fannie Mae loan on a single family dwelling as of January, 2008, is $417,000 while mortgages in "high cost" areas cannot exceed $729,750.
The Obama's mortage, through Northern Trust Company, is in the amount of $1,320,000.
The limits for a Freddie Mac single family dwelling is $417,000, with an upper tier of $625,500 for homes located in Alaska, Hawaii, the Virgin Islands, and Guam.
I looked into whether Cook County, Illinois, where the Obama home is located, and whether it is considered by Fannie Mae or Freddie Mac as a "high cost area". I found this little snippet written by Lew Sichelman, of the Reality Times in 2004, a few months prior to the Obama's purchasing their home:
Is there any explanation for this?
(Excerpt) Read more at deathby1000papercuts.com ...
OUCH!! This is going to leave a mark!
The whole stinking mess is starting to percolate to the surface.
I want to know how it got that great rate on a JUMBO mortgage.
Bump
(and reminder to seek follow-up)
Just being picky, but it is either/or, not both. Either way it is outside of the limits.
What is sickening is that this could have perculated up during the Senate run, Presidential primary, or General election. Yet, no curiosity for who Obama is or what he has been involved in. But every lawyer and journalist whore in sight went to Alaska to check Palin’s stool remains. Sorry for being gross.
I can’t get some of the info to come up...as he verified that it is a freddie mac/fannie mae loan and not a non-conventional loan?
$$$$$$$$$$$$$$$$Bump
It's reminiscent of the movie "The Firm". 0be sure has no shortage of interesting acquaintances.
Payola!
C orruption
H idden-Agenda
A nti-American
N on-transparent
G reed
E vasive
S ocialism
Dat was wacist, U dont wike obama so u wite dis stuff cause u r wacist.
This, as everything else about Obama, will not be reported by the MSM, If they keep this up he’ll be a shoe in for re-election in 2012.
Sadly, you're almost right. They were clambering for her to release ALL of her medical records. Demanding she release records to prove that Trig was actually her son, etc. No doubt hoping to get something gynecological they could use to embarrass her.
A loan at those values would not be a Fannie/Freddie product, but instead be a non conforming loan.
I don’t see the point of the story.
There are lots of loans that exceed Fannie/Freddie loan limits. Other investors or the originating bank hold the loans.
I want to know how much he put down and what are his monthly payments. He’s going to have to stop all other earnings as president. How is he going to afford the payments?
Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication.
They were even going to alcohol stores in Alaska to see if her and Todd ever went to them.
If it's not Obama's house, he'd better be paying rent to the owner or claiming the unpaid rent on his income taxes as income.
rut roh!
How is it listed with the Clerk? Would it say it's a Fannie or Freddie loan?
The more Obama talks to more his political skills can be defined one of three ways:
A) Completely oblivious dunce who has no idea that any of his pals are raving nutters (Wright, Ayers, etc) or crooks (Rezko, Blago) etc. Someone would have to be amazingly naive to operate in Chicago politics and not know anything about folks like these.
B) He is a p!$$ poor manager who has no idea what any of his surrogates are doing and with whom they are speaking.
C) He is a completely pathological liar.
None of these are good for Mr. Hope and Change.
Freep-mail me to get on or off my pro-life and Catholic List:
Please ping me to note-worthy Pro-Life or Catholic threads, or other threads of interest.
Obama Says A Baby Is A Punishment
Obama: “If they make a mistake, I don’t want them punished with a baby.”
Michelle is going to ask for “First Lady” pay.
NO
Freep-mail me to get on or off my pro-life and Catholic List:
Please ping me to note-worthy Pro-Life or Catholic threads, or other threads of interest.
Obama Says A Baby Is A Punishment
Obama: “If they make a mistake, I don’t want them punished with a baby.”
Okay, then how is Obama going to pay that kind of mortgage on president’s pay? I wonder how much he still owes? Or, has he used campaign money to help pay it off?
His supporters (Chris Matthew types) worship him.
*their legs tingle when he speaks*
The information comes from the Cook County Clerk's office where the "owner" of the Obama home is listed as William Miceli, a former supervisor of Obama's when he worked at the David Law Firm.
What's unusual about the Obama mortgage is that the upper limits of a Fannie Mae loan on a single family dwelling as of January, 2008, is $417,000 while mortgages in "high cost" areas cannot exceed $729,750.
The Obama's mortage, through Northern Trust Company, is in the amount of $1,320,000.
You ask a great question -- my only guess is that the 0bama's hold a second mortage to the first held by Micelli, owner of the property.
At first read, I was wondering if we had another Clinton/McAuliffe thing going, where Terry bought the NY house for them so that she could establish residence in time to run for the Senate ... which had all of us wondering how was it that a man who sat as president for eight years couldn't afford to purchase the place his own self. Remember the (justified, IMHO) hue and cry? It ended up that Bill and Hill did take out their own mortgage for the joint, but charge the Secret Service contingency who reside in the little guest house on the place a monthly rent equal to the mortgage payment, how convenient.
Anywhoo, getting back to 0bama, this whole thing stinks to high heaven. I still say that regardless what does end up in transcripts from the Blago investigation, on-going conversations are going to be held in the Oval Office between 0bama, Rahm, Michelle probably joining in, along with other assorted flunkies, a la Nixon, Haldeman and Erlichman. Remember, with Watergate, it wasn't the break-in by the plumbers but the COVER UP that got Nixon in the end.
Is there any explanation for this?
Is the guy serious with this question?
GUESS WHO The REALTOR that handled Rezo’s house, Obama’s house, and the strip of land Obama bought from Rezco was:
None other than GOVERNOR BEGEJOVICH’S WIFE!!!!!!!!
*PING*
Oh, I think I heard something about that.
I really despise Obama and everything he stands for. I want him to burn politically. And, I mean burn.
Want to understand the Obama-Rezko house deal and why Obama still isn’t off the hotseat? Read this:
http://www.gopmom.com/2008/10/clever-real-estate-strategies-for-politicians/
Want to understand the Obama-Rezko house deal and why Obama still isn’t off the hotseat? Read this:
http://www.gopmom.com/2008/10/clever-real-estate-strategies-for-politicians/
I don't think so!
Its not a JUMBO either, jumbos only go up to 650,000. After that it is a portfolio loan.
What I thought was my last nerve “tingles” when I hear the voice of Obama, come to think of it, when any Libtard speaks.
Maybe someone here has better or more info.
A few interesting observations. I went to zillow and entered the 5046 South Greenwood address and it returned a multi-unit building. Eyeballing the “Bird’s Eye View” pic it appears that the correct address should be 5040 S Greenwood. Zillow indicated that the approximate valuation in mid 2005 was $1.2 million and is currently $1.06 mil. They also state that they don’t have any sales history on the property. And if you go to GoogleEarth you’ll see that the house is directly across the street from a Jewish temple, fwiw.
some sort of trust?
Keep scrolling down the page, it is there, past the blank blue.
Is there any explanation for this?
Yes, it's called corruption. And Obama will say, "Gee, I didn't know there was anything different with my loan! These aren't the Fannie Mae and Freddie Mac I knew."
I didn’t see the interest rate. What was it?
Now it will be his home and secret service will have to rent an office in it, ala Clinton's, and they will make his payment.
“Okay, then how is Obama going to pay that kind of mortgage on president’s pay?”
Thats the reason he couldn’t give any money to Blago for his Senate seat.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.