Lookie at what Obama's been up to: "Obama clarifies mortgage deal". This is what I call, 'Real Change': "Northern Trust does not have a VIP mortgage program," Obama spokesman Ben LaBolt said." The Crypt: Obama clarifies mortgage deal - Politico.com

When working in a bank, it is common practice to 'beat' other banking institutions' rates. It is call price comparison shopping. Customers will price shop for the best rates. Depending on how much money they are investing or borrowing, standard banking procedure is to offer them a lower rate to get or keep their business. When you are talking about a ton of money, as Obama's house cost, it is guaranteed to get bankers' panties in a wad trying to get that loan. Frankly, the interest rate is not that much different than the standard rate... and is still far higher than my own rate, financed in the same time... but I work at the bank, so I always get the lowest rate. You might want to try shopping for your rates on CD's money markets, and loans... I guarantee if someone wants your business, they will be more than willing to knock down your rate or give you a higher rate of return if you tell them you have received a better interest rate elsewhere and ask them if they can beat it. They can always beat a rate... it is just a matter of how important your money is to them... a million dollar mortgage is a big deal.

Yeah: there's Obama, working in the southside ghetto saving the po folks from all that poverty; working sooooooooo hard, and darn, he became a millionaire, and while he was working away saving those po folks, the bankers just found ol' Obama and bided against each other for his business while he was back-filing for those mean, capitalist bankers. A true savior and real change. Excuse me: this persona is making me puke.

Watch Obama: saving us from ourselves, showing off how well he reads those pacifist lines, and making millions of bucks, from where?   Obama wants to “Protect” America by Macsmind

I wonder if he thinks this bank is a "predatory lender" ? I wonder what position in an Obama Cabinet Chris Dodd will serve?

But it is probably true that there was no quid pro quo in this instance. Obama got a favorable rate because he is a good credit risk. Rich people get that all the time. It may not square with his populist rhetoric;Obama talks out of one side of his mouth about change and acts and behaves in an entirely different way when it relates to his family and his dealings with people like Rezko... but there is nothing particularlly sleezy about it.

We need another Republican crook, like the country needs higher gas prices. ;)

And this is a problem why?? You guys make me puke with BS like this! Sad indeed!

I guess in Aussie it is common for bankers to give sweetheart loans to politicians who watchover and regulate their industry. Now in this case there is a legitimate debate over if that is what actually happened ;but it is part of a larger banking scandal that is emerging here.

You said it yourself Tom. Obama got a "good interest rate because he is a good credit risk. Rich people get that all the time".
So why is this thread only directed at Obama? Why not all rich politicians? Why not all rich people? What interest rate does Gorgeous George pay? Nothing more than digging up dirt because things are getting desperate.

Skell


In an effort to find how much GB's Crawford ranch would cost [ I believe, small town and Biblical truism would be that he probably paid cash up front ], I found this.


The Western White House, Crawford Texas

Quote:

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Crawford's official motto is "1295 miles from Washington DC, 97% White, and ARMED TO THE TEETH!"

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I know you would appreciate that. :)

Hello George:

Yeah. Obama sucks. I hate ALL politicians. But he sucks LESS than the older fellow - whatshisname - John McSame?

excon