Obama refinancing would be bad move, experts say (skirting mention of the Rezko dough)

Chicago Tribune ^ | 4-9-09 | John McCormick

[STARWISE]

As President Barack Obama on Thursday talked up the economic benefits from the wave of home refinancing sweeping the nation, a mortgage broker said he and First Lady Michelle Obama would likely do well to stand pat with the 30-year mortgage they have on their stately mansion in Chicago.

*snip*

The Obamas, however, do not need to worry about lowering their monthly expenses as much as most Americans, and their Washington housing is free. Back in Chicago, they have a mortgage locked in at 5.625 percent, compared with the current national average of about 4.87 for a standard home loan.

The Obama loan, however, is what bankers call a "super jumbo," which is larger and often harder to finance in today's market conditions. At the time they received the loan, the average for similar-size mortgages was estimated in the range of 5.93 percent to 6 percent, according to news reports.

Their rate, an Obama spokesman said in 2008, was because of a competing loan offer and the fact that the couple already had several million dollars deposited at Northern Trust Co. Such loan adjustments are common among lenders competing for banking and investment relationships with wealthy families.

[STARWISE]

[STARWISE]

~~PING!

[Texas Eagle]

a mortgage broker said he and First Lady Michelle Obama would likely do well to stand pat with the 30-year mortgage they have on their stately mansion in Chicago. *snip* The Obamas, however, do not need to worry about lowering their monthly expenses as much as most Americans, and their Washington housing is free.

Dumbass mortgage broker. The Ubamas should pay their stately Chicago mansion off as quickly as possible. The longer they drag out the mortgage payment, the more they will pay in interest.

[Lonesome in Massachussets]

Yeah, but 0bama gets to make up the rules about the deductability of home mortgage interest rates. BTW, shouldn’t he be paying income tax on the imputed value of his employer supplied housing?

[Colonel_Flagg]

The Obama loan, however, is what bankers call a "super jumbo," which is larger and often harder to finance in today's market conditions.

Unfortunately, so is his Federal budget.

[Texas Eagle]

Yeah, but 0bama gets to make up the rules about the deductability of home mortgage interest rates. BTW, shouldn’t he be paying income tax on the imputed value of his employer supplied housing?

Sheeyit. Make up the rules. He can make up the AMOUNTS and get away with it.

But dragging out your mortage payment just to deduct the interest is a fool's game. You are much, much, much better off paying off your house and saving tens of thousands of dollars in interest payments.

[Lonesome in Massachussets]

Depends on liquidity and how you employ the money otherwise. I agree, most people should pay off their mortgages as quickly as possible. (I did.)

Living debt free is a great thing.

[dr_who]

While Obama is in office, the government and his supporters (you know, all those dedicated activists—at least the ones with several mansions apiece and deep pockets) will provide. When he leaves office (assuming he doesn’t do an Adolf), he’ll sell his Chicago mansion at a huge profit and get a cushy, lucrative job that will more than cover any debts he may have. Public service is all about sacrifice, you know. Especially if you’re a Democrat who cares more than anyone else about the little guy.

[Texas Eagle]

When he leaves office (assuming he doesn’t do an Adolf), he’ll sell his Chicago mansion at a huge profit and get a cushy, lucrative job that will more than cover any debts he may have.

Good point. Just another reason that mortgage broker is a dumbass.

[SERKIT]

Michelle Obama Is The “Specifically Named Individual” On Page 64 of The Affidavit Submitted by FBI

"Michelle Obama is the “specifically named individual” who was able to sit on corporate boards, although she lacks the experience of Blagojevich’s wife. And notice how Michelle Obama’s position with the WAL-MART vendor helped alleviate the “financial stress” of the Obama family at a time when they were purchasing a mansion from Rezko they could not afford."

[dr_who]

Which mortgage broker? The one that was talking about the “jumbo”? He’s just a bean counter talking shop.

[Texas Eagle]

Which mortgage broker? The one that was talking about the “jumbo”? He’s just a bean counter talking shop.

Yeah. The one who said the Ubamas would be better off to stand pat with their current mortgage instead of refinancing.

[al baby]

Super Jumbo are they talking about Michell’s butt?

[dr_who]

If you’re a loan officer, and a potential presidential candidate with a senate seat, ties to Fannie Mae/Freddie Mac, so-called “community housing” groups, other local power brokers, and the ability to affect legislation that could make or break you.... if that person asks you for a loan at favorable rates, what do you tell them? That’s the problem with the federal government today. Possibly the fatal flaw.

[USMA '71]

and the fact that the couple (the Obamas) already had several million dollars deposited at Northern Trust Co.

This is an interesting item. Although I have never seen an Obama financial disclosure statement, this statement sure caught me off-guard. I thought this windbag passed up the opportunity to make millions on Wall St to rather become a community organizer in Chicago. Looks like community organizing and Michele fleecing the local hospital has really paid off. Obama - champion of the poor!

[I_be_tc]

These two already had several million dollars depositted in this bank???!!! HUH??From where did they get this when they were financing their house. His books were not that big of sellers and she was only pulling down the big bucks for a couple years.

[STARWISE]

When he leaves office (assuming he doesn’t do an Adolf), he’ll sell his Chicago mansion at a huge profit and get a cushy, lucrative job that will more than cover any debts he may have.

~~~~~

Are you kidding ? He’ll sell it for $10M to the govt, drooling Obamanots or his presidential lie-brary for a sacred presidential home or museum, where they’ll charge the ignorant, unwashed sheeple (and ACORN alumni) to visit the place where The One actually lived.

[OafOfOffice]

Who Owned Obama’s Home And Who Paid His Taxes?

http://strata-sphere.com/blog/index.php/archives/6530

Another Freeper connects Emil with the San Francisco ad agency Goodby, Silverstein & Partners that came up with a series of spoof ads to promote the candidacy of Barack Obama including the McCain Homes ad.

All tax assessments from 1998-2004 are in the name of Emil - is this the person paying taxes on the property for the Obamas until they sold the property in 2005?

http://www.talkleft.com/story/2008/3/23/224059/069

“He said, ‘Cliff, I’m gonna make me a U.S. Senator.’”

“Oh, you are? Who might that be?”

“Barack Obama.”

http://rezkowatch.blogspot.com/2008/02/obamas-rezko-house-rezko-lot-logistics.html

http://therealbarackobama.wordpress.com/2008/10/26/obamas-rezko-house-resource-list/

http://blogs.suntimes.com/rezko/2008/07/rezko_here_are_blago_and_obama_1.html

If you have seen all of this information already, make sure you read this one link. It pulls a lot of obama and syrian rezko together.

http://www.capitalresearch.org/pubs/pubs.html?id=640

There is also information the rezko’s attorney has obama’s home in his name. And that a lawsuit is ongoing by the appraiser of Obama’s Hyde Park home who says his appraisal was lowered. And last, I read where obama’s loan was a FHA loan and it was almost double the limit allowed at the time.

http://www.judicialwatch.org/news/2009/apr/new-documents-uncovered-judicial-watch-show-congress-ignored-corruption-fannie-mae-and

I think refinancing might just put the homeowner under obama control. And that is the point.

[OafOfOffice]

Unfortunately so is MO’s junk in her trunk.

I can’t believe I posted that but I did.