Along with Sen. Chris Dodd (D-CT) and Sen. Kent Conrad (D-ND), Barack Obama is also the beneficiary of a lower-than-average "VIP" home mortgage interest rate.  "The Obamas purchased a $1.65 million mansion in Chicago through a 'super, super jumbo' loan from Northern Trust Bank in Illinois," the Washington Post reports. 

"The portion of the money financed through the lender ($1.32 million) was offered to the Obamas at an unusually low discount interest rate locked in at 5.625 percent over the life of the 30-year fixed-rate loan which was below the average of what a typical Chicagoan pursuing a similar low loan rate received at the time," according to a 7/2/08 Rick Pedraza Newsmax story. 

A June 2008 Condé Nast report states: "Sen. Dodd received highly favorable loans under the designation, "Friend of Angelo," a reference to embattled Countrywide Financial Corp. head Angelo Mozilo.  Dodd, who chairs the Senate Banking Committee, received loans from Countrywide that reportedly saved him tens of thousands of dollars."  Obama's Northern Trust Bank loan could save him about $300-a-month or $108,000 over the 30-year term.

In addition to senators Dodd and Conrad another Countrywide loan scandal recently caused the leader of

Obama's vice-president selection and vetting team, James Johnson, to resign amid criticism over his personal loan deals with the lender.
 

An Obama Campaign spokesman minimized the special-ness of the Chicago home loan by saying that "The Obamas have since had as much as $3 million invested through Northern Trust." 

Having received an under-6% fixed APR 30-year mortgage myself during that same timeframe for a comparatively miniscule amount, the candidate and his wife deserve the benefit of the doubt.  It is likely that they did, in fact, merit a favorable rate because of an excellent credit rating and their ongoing relationship with and loyalty to Northern Trust. 

That said, remaining unanswered questions include:

• What is the source of the millions that the Obamas have invested?

• Who, if anyone, are the Obamas' real estate investment partners?  Are they being investigated?

• What, if any, Obama-backed legislation may have benefited Northern Trust Bank?

Overall, elected officials and their cronies receiving preferential treatment from lenders is a scandal of huge proportion that begs to be treated as such by the media.  Whether the current presidential candidates are involved in any way and/or how they would deal with this problem should be high on the list of questions the press and town hall meeting attendees should be asking the candidates.

Incidentally, what about the super, super jumbo anti-green footprint created by mansion dwellers?  It is about time that all candidates who pontificate about global warming, environmental concerns, domestic oil drilling and similar issues are challenged for their lifestyle choices as well as for the financial dealings that help them achieve their lifestyle goals.

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