Non-scandal
Barack LIBOR Obama, like other rich people, has good credit?
Shocking!
In other news, my rate is lower than his. But I did spring for origination fees. Of course, I’m also not rich. But I did know my banker. Hmmmm. Maybe they should investigate me!
Update: Oh, that’s because I’m white. Northern Trust is clearly racist!!!
July 2nd, 2008 at 12:34 pm
Geeze, that’s my exact rate! And I’m not a Harvard graduate! And I’m not an um, minority – I would have thought affirmative action could have gotten him a better rate than that…..
July 2nd, 2008 at 12:46 pm
Every critter is having their mortgage looked at because of the Countryslide Financial / Bank of America deal that saved Countrywide’s ass.
Bank of America is buying Countrywide, but then I think there’s a bill or something that would let them swap their worthless paper for something backed by the goverment (Ginnies? I think they are goverment backed, unlike fanny and freddie).
As you will recall, the artful (i.e. fraudulent) repackaging of sub-prime loans into packages that hid the risk was widespread in the loan industry. This is the root of our credit crunch/recession.
July 2nd, 2008 at 12:47 pm
I should also say that it seems that a few critters got sweet loan deals in exchange for votes.
July 2nd, 2008 at 3:16 pm
The problem with Obama’s loan isn’t so much that he got a below average rate but that having done so he has been campaigning on a holier than thou platform.
July 2nd, 2008 at 3:29 pm
I was under the impression that most elected officials in the house and senate had bad credit ratings. You mean, some of them actually pay their bills, on time?
July 3rd, 2008 at 7:14 am
so he should have voluntarily asked to pay a higher rate on his loan then?
July 3rd, 2008 at 7:42 am
How about figuring out how he got a loan for 1.2 mil and where the $330K down payment came from on his salary of $58K/year as a Illinbois senator?