Wednesday, July 2, 2008

What Does Obama Have In Common With Chris Dodd And Kent Conrad?

Other than their political affiliation, they all received discounts on their mortgages.

From The Los Angeles Times:

Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65-million restored Georgian mansion in an upscale Chicago neighborhood. He secured a $1.32-million mortgage from Northern Trust in Illinois.

The freshman Democratic senator received a discount. He locked in an interest rate of 5.625% on the 30-year fixed-rate mortgage at a time when such loans in Chicago averaged as much as 6%. 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 did to reduce their interest rates.


So, is this a standard perk for senators? Bet you won't hear much about it in the old 527 media.