The Obamas, who have a pretty nifty income, get treated better by the bank than you do:
Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois.
The freshman Democratic senator received a discount. He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago. The loan was unusually large, known in banker lingo as a "super super jumbo." Obama paid no origination fee or discount points, as some consumers do to reduce their interest rates.
Compared with the average terms offered at the time in Chicago, Obama's rate could have saved him more than $300 per month.
But...but... how can that be?
When the Obamas secured the loan, their income had risen dramatically. Obama assumed his Senate seat in January 2005, with an annual salary of $162,100. That same month, Random House agreed to reissue an Obama memoir, for which it originally paid $40,000, as part of a $2.27 million deal that included two future nonfiction books and a children's book.
Around the same time, the University of Chicago Hospitals promoted Michelle Obama to a vice president and more than doubled her pay, to $317,000.
Here's an ugly little secret: people with money get better rates and deals from banks than the common riff-raff. There is a little something called an "ongoing banking relationship" where bank customers transfer significant assets from one financial institution to another in search of better rates, discounts, and services:
Obama spokesman Ben LaBolt said the rate was adjusted to account for a competing offer from another lender and other factors. "The Obamas have since had as much as $3 million invested through Northern Trust," he said in a statement.
But never mind that because you just know that the 101st Fighting Keyboarders™ will deploy the Cheetoh-Eating Corp of Engineers to inspect and appraise this :
The couple wanted to step up from their $415,000 condo. They chose a house with six bedrooms, four fireplaces, a four-car garage and 5 1/2 baths, including a double steam shower and a marble powder room. It had a wine cellar, a music room, a library, a solarium, beveled glass doors and a granite-floored kitchen.
The counter tops! What about the counter tops? Oh ,the humanity....
To provide home improvement context the cornice kerners will cite the paneling they recently installed in their own spare bedroom/office/citizen journalist media center/never-mind-why-daddy-locked-the-door internet room while accusing the Obamas of being elitist for having indoor plumbing and mailbox that's not nailed to a tree...
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TBogg, did you mean to include those hyperlinks?
Stupid WaPo hyperlinks.
OMG! I wanna be the first to call out the FOUR GARBAGE CANS.
How many cans does the average four-person family really need?
Where is their recycling can?
Do they leave their emptied cans too long out on the curb?
Does Barack Obama take out the trash?
Compare this to McCain where no one has bothered to even figure out just how many homes he owns (I’ve heard between 7 and 10), much less what the details of the loans or number of bathrooms are for each one.
“The couple wanted to step up from their $415,000 condo. They chose a house with six bedrooms, four fireplaces, a four-car garage and 5 1/2 baths,…”
What good is half a bath ?
Oh, those uppity Negroes….
If I was J. Sidney, I’m not so sure I’d want to get into banking details, given the Keating Five thing and the interesting financial information that is undoubtedly be hiding in his wife’s past–or present, for that matter. Besides, the GOP’s spent the last eight years making America safe and secure for rich people, so what’s the big deal? Oh…wait…he’s one of those dusky complexioned folks. Sorry…
Compare this to our current leader, who lives in a simple prairie cabin in constant threat of being overtaken by brush.
Ah, the consumerist culture of Glorious America, where enough is never, ever enough, as perfectly illustrated by the Obama’s. Here in the U.S., when we finally make enough money to justify the lifestyle we currently live, we immediately borrow money to enable us to continue to live beyond our means.
Barrack is just another grasping consumerist. Sad.
Yes. We should just take all of that money that we earn and keep it inside of a sock that we will hide in our refrigerator box homes.
So, when determining if we’ll elect someone president, they have to pass both the (1) “guy I’d like to have a beer with” test, and (2) “person who lives just like I do” test. Rethugs always get a pass on (1) and (2) even when they are inevitably the ones with the biggest fortunes and are least likely to have pumped their own gas or gone grocery shopping for themselves at any point in their lives.
We always hear the gritty details about what the dem owns/makes/inherited, but the Villagers just take it upon themselves to not burden us with the same details for their barbequeing rethug buddies. That’s just so considerate of them.
A cardboard box, eh? Luxury!
“We used to dreeeeeam of cardboard box!”
Much to the dismay of my sons, I can be all Four Yorkshiremen at once…
So when do we get details on the McCain’s real estate portfolio? Do they really want to compare the Obama’s authentic American success story with the McCain rags-to-riches bio?
Yeah, this story has legs….Obama gets a 5.65% 30 year fixed rate mortgage…who can relate to that?
Welp, here’s a start: http://news.yahoo.com/s/politi.....Xus_ZsnwcF
I especially got the warm and fuzzies for My Pasty Potential Overlords with this part:
“In her recent Vogue interview, conducted from the newer Coronado condo, McCain explained that her husband, a Navy veteran, initially wasn’t keen on the idea of a pied-à-terre in Coronado.
“When I bought the first one, my husband, who is not a beach person, said, ‘Oh, this is such a waste of money; the kids will never go,’” she told Vogue. “Then it got to the point where they used it so much I couldn’t get in the place. So I bought another one.” “
Way to connect with the Heartland, Cruella. Have another Dalmatian puppy while you’re at it, won’t you?
Whoa, Cindy. I thought the message was supposed to be “I’m just a simple Navy wife.” I think I can safely state that no simple Navy wives own two Coronado beach condos.
Did you notice the detail that one of the kids, presumably McMegan, blew $50,000 a month on trendy clothes and ugly shoes? Now those are some heartland values there.
The basic assumption is this: if you are rich, it’s hypocritical to be a Democrat.
“Whoa, Cindy. I thought the message was supposed to be “I’m just a simple Navy wife.” I think I can safely state that no simple Navy wives own two Coronado beach condos.”
Exactly - she’s supposed to be saying that her husband just has a “respectable Republican cloth coat.”