Obama Hiding His Mortgage Details With Northern Trust
Chicago Billionaire Industrialist on Board of Obama’s Mortgage Provider
By SusanUnPCcloseAuthor: SusanUnPC Name:
Email: susanunpc@gmail.com
Site: http://noquarterusa.net/
About: See Authors Posts (1100) on July 2, 2008 at 12:52 PM in Barack Obama, Chicago, Chicago Mansion, Chicago politics, Crown family, Economy, Housing Crisis, Machinists Union, Maytag, Northern Trust, Tom Buffenbarger, Unemployment, Unions, Workers
Memeorandum.com is linking to the numerous stories on today’s Washington Post article noted by TexasDarlin in “Obamas Got Discounted Home Loan.” Many — from Politico’s Ben Smith to Salon — are downplaying the report as “well short” of the Countrywide story.
However, shortly, we will reveal additional details about the membership of the Chicago-headquartered billionaire Crown family on the board of directors of Northern Trust, which granted the Obamas their advantageous loan. Crown family members have been major donors to Obama’s campaigns, and serve on his elite fundraisers group for his presidential campaign.
Among the most disturbing stories of Obama’s many efforts to give political and legislative advantages to the Crown family’s holdings, Senate candidate Barack Obama promised Illinois’ Maytag workers he’d work to protect their jobs — and took campaign donations from the beleagured workers — but then met with Lester Crown, on the board of directors of Maytag, to take his campaign donations. Crown later told the press that Obama never raised the workers’ fate with him. The machinists lost their jobs to Maytag’s Mexican plant. From my story, “Machinists’ Union TELLS It Like It Is ,” quoting a must-read article at TradingMarkets.com, “Obama’s fundraising, rhetoric collide: Union says senator did little to save jobs“:
Obama had a special connection to Maytag: Lester Crown, one of the company’s directors and biggest investors whose family, records show, has raised tens of thousands of dollars for Obama’s campaigns since 2003. But Crown says Obama never raised the fate of the Galesburg plant with him, …
These are the ties that bind:
The billionaire industrialist Crown family’s board memberships with Exelon Corporation(Connected to David Axelrod..Obama’s campaign manager), Maytag Corporation, and Northern Trust.
Barack Obama plays the “populist” routine in his campaign speeches, but he delivers to his billionaire benefactors, not the common working stiffs who are losing their jobs and their homes.
Now for a quick round-up a bloggers’ report on the Obamas’ “sweetheart” home mortgage from Northern Trust, on whose board a billionaire member of the Crown family sits:
Hot Air blog:
Barack Obama’s home loan has more questionable aspects than just the Tony Rezko connections, according to the Washington Post. After ten years as a prominent Chicago politician and in his first year in the Senate, Obama got a $1.32 million loan below market rates without paying the normal extra fees — a rate which saved him $300 per month on his mortgage. Obama managed to do this despite the extraordinarily large mortgage and his lack of history with the lender:
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 Obamas had no prior relationship with Northern Trust when they applied for the loan. They received an oral commitment on Feb. 4, 2005, and locked in the rate of 5.625 percent, the campaign said. On that date, HSH data show, the average rate in Chicago for a 30-year fixed-rate jumbo loan with no points was about 5.94 percent. […]
Thus far, no evidence has arisen that the Obamas took advantage of a “Friends of Angelo” program, as Chris Dodd and Kent Conrad did with Countrywide. However, the difference in rates — especially for such a large mortgage — gives the appearance of a political favor, at the very least. Combined with the Tony Rezko’s financial involvement in the deal, at a time when Rezko had little income other than that from a shady Iraqi financier and fraudster, and it looks as though people in Chicago really wanted to see the Obamas move into that house.
Northern Trust has helped out Barack Obama in other ways … their employees have donated $71,000 to Obama’s campaigns. When Obama rejected public financing, were these donations the kind that he insisted represented the moral equivalent of the system he championed until he found that he could outraise and outspend his opponents?
Obama has spent plenty of time castigating credit lenders in this campaign for their capricious practices and bad management. He has rung the populist bell. …
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