[Baynative]

A close examination of their finances shows that the Obamas were living off lines of credit along with other income for several years until 2005, when Obama’s book royalties came through and Michelle received her 260% pay raise at the University of Chicago. This was also the year Obama started serving in the U.S. Senate…

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.

[Baynative]

I stumbled on this from a blog that was written back in 2009.

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.

[fhayek]

Who would lend $300,000+ for a condo worth $160,000?

[Da Coyote]

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

[cinciella]

I wonder how this reporter got ahold of this info. I wonder if he/she could dig into some of Obama’s other records?

[hondact200]

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.

[Gaffer]

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.

[ExTexasRedhead]

Ya think his cohort Soros will cover Zero’s debt?

[Oldpuppymax]

Uh, “personal spending??” You mean spending the money he confiscates from TAXPAYERS and spends PERSONALLY, don’t you.

[DCmarcher-976453]

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.

[Mountain Bike Vomit Carnage]

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.

[anglian]

Evil Roy Slade video. ‘Randolph the accountant’. http://www.youtube.com/watch?v=D1NsNSkt1xU

[gloryblaze]

And then he met Mr. Tony Rezko.

[FourPeas]

they purchased a Chicago condo and obtained a mortgage for $159,250.

[snip]

then they owed about $240,000 on a home they purchased for about $159,250.

Obtaining a mortgage for $159K+ does not mean that's what they paid for the condo. How much of a downpayment did they (or someone else on their behalf) make?