Posted on 02/19/2011 11:50:47 AM PST by Baynative
Conservatives often look at government spending, shake their heads and say, “They wouldn’t spend their own money like that.”
Turns out if you’re Barack Obama, you would. A new financial analysis indicates that he’s always spent far more than he made.
Here’s how The New York Daily News reports it:
In April 1999, they purchased a Chicago condo and obtained a mortgage for $159,250. In May 1999, they took out a line of credit for $20,750. Then, in 2002, they refinanced the condo with a $210,000 mortgage, which means they took out about $50,000 in equity. Finally, in 2004, they took out another line of credit for $100,000 on top of the mortgage.
Tax returns for 2004 reveal $14,395 in mortgage deductions. If we assume an effective interest rate of 6%, then they owed about $240,000 on a home they purchased for about $159,250.
This means they spent perhaps $80,000 beyond their income from 1999 to 2004.
Two things that I find prophetic about this blog:
1. The media says bloggers should not be taken seriously
2. This editorial was written back in 2009 and is proving itself and it's author correct today.
There are two things that I find prophetic about this blog:
1. The media says bloggers should not be taken seriously
2. This editorial was written back in 2009 and is proving itself and it's author correct today.
Who would lend $300,000+ for a condo worth $160,000?
....someone with Muslim backers
Was the mortgage issued by Nationwide? If so, perhaps the upcoming congressional investigation into “sweetheart” mortgages issued by Nationwide will “out” scumbag Zero.
Well, the condo went up in value since their original purchase. Also, at the time they re-financed and got the lines of credit, it was easier to qualify for such financing than it is today.
I think Obama knows that he’s set for life, financially. If he loses re-election in 2012, he will go on the lecture circuit and write more books. Obama is well aware that the Clintons raked in about $100 million after Bill’s term of office was over. Obama will be able to tap into that money stream, whether he gets re-elected or not. So this knowledge that he will never have to worry about money may have helped create this pattern in their spending.
Nationwide????
Do you mean Countrywide?
Nationwide is a top line insurance company. Countrywide is the mortgage lender who cut many corners and ended up being purchased by BofA. (or the feds leaned on BofA to buy it)
You are certainly right about the fact that it was easier to qualify for loan back then, but by my calculations, his condo was appreciating at something like 14% compounded every year. Was the Chicago real estate market that hot from 1999 to 2004?
So the first bimbo got a 260% raise, eh?
Most certainly not for talent for ability.
Neither she nor her moronic hubby could wire a light bulb, nor make a penny profit.
Wonder what was the cause?
/sarc
Nationwide (car Insurance, home owners insurance) did you mean Countrywide (now owned by Bank of America) home loans
I wonder how this reporter got ahold of this info. I wonder if he/she could dig into some of Obama’s other records?
Gee, the housing market is hot in chicago in 199-2004. Gee if your are a scam artist and you and your wife lose your Illinois bar license to be a lawyer for insurance fraud (Michelle Robinson (oBama) lost her illinois law license for insurance fraud, plus there was something weird that happened to her in Georgia) I found the information in 2008 and now the information has been removed from the records.
Anyone with any sense knows that Democrat politicians don’t need to worry about pesky things like income or means to finance their needs - they just need legilative access to taxpayers and all the lobbyists they can personally stomach.
Yep. He knew he was set.
He was called the “magic negro” for making white people feel good about voting for him.
But he knew he was really the “golden negro” scamming the nation.
The same thing that caused Hitlery to make $100,000 in stocks while her husband was the big cheese in Arkansas.
Ya think his cohort Soros will cover Zero’s debt?
Uh, “personal spending??” You mean spending the money he confiscates from TAXPAYERS and spends PERSONALLY, don’t you.
Bo got the mortgage from the bank that jan shakowski’s hubby creamer kited a couple million dollars of checks to, which is now closed but known to be the “progressive” bank, Shore Bank.
All of bo’s friends and dealings are with chicago crony socialists and commies.
He also didn’t have enough credit left on his Visa to pay for a rental car when he arrived in Los Angeles to give his speech during the DNC Convention.
But I digress.
Evil Roy Slade video. ‘Randolph the accountant’. http://www.youtube.com/watch?v=D1NsNSkt1xU
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