Barack Obama Received Preferential Treatment on his Mortgage

In this article we learn that Chris Dodd isn’t the only prominent Democrat to receive preferential treatment from the mortgage industry. Barack Obama also received a sweetheart deal with a mortgage broker.

This is the same industry that these Democrats believe is so corrupt that they have introduced a bill, which has now passed that would require people in the mortgage industry to register with a national fingerprint registry.

 They have no problem however when it comes to them receiving what some are calling illegal gifts in the form of sweetheart mortgage deals.

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.

Driving the recent debate is concern that public officials, knowingly or unknowingly, may receive special treatment from lenders and that the discounts could constitute gifts that are prohibited by law.

“The real question is: Were congressmen getting unique treatment that others weren’t getting?” associate law professor Adam Levitin, a credit specialist at Georgetown University Law Center, said about the Countrywide loans. “Do they do business like that for people who are not congressmen? If they don’t, that’s a problem.”

 While Barack Obama supports the mortgage bailout bill, along with the national fingerprint registry, he also supports receiving  a special deal from the same industry that he condemns. Perhaps if he and other senators like him weren’t getting these sweetheart deals the mortgage industry wouldn’t have to make back the money they are losing on the senators by fucking over the “little people.”

 Barack Obama isn’t the answer to the mortgage crisis, he is part of the problem. I laugh every time I hear any of these people complain that they got tax break, they claim they don’t need a tax break. It is a publicity stunt. They know it plays well to some Americans. The truth is they love to get breaks. If they truly believed that they should pay more taxes, than shouldn’t they at least pay the same mortgage rate as every other American?

 We don’t hear them complaining about the preferential treatment they got on their mortgages, do we? No, because they can’t blame George W Bush for that, they can only blame themselves. And now Barack Obama is in the same category, he is no better of different than the rest.