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Obama Got 'Good Deal' on Mortgage

Posted Jul 2, 08 11:32 AM CDT in Politics 

(Newser) – Barack Obama is taking heat for accepting a better-than-average interest rate that saves him $300 a month on his $1.32 million mortgage, the Washington Post reports. The 30-year, fixed 5.625% rate on the Democrat's Chicago home was under the 6% being offered other buyers in June 2005 by Northern Trust, and included no origination fee or discount points.

An Obama spokesman said the bank lowered the rate to compete with other lenders; Northern Trust said it aims to " pursue successful individuals." Questions arise, however, if the loan to a public official could be classified as an illegal gift. "Do they do business like that for people who are not congressmen? If they don't, that's a problem," said one legal expert.

Source Washington Post

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Democratic presidential candidate, Sen. Barack Obama, D-Ill., center, and his wife arrive at a park to watch their daughter Malia's soccer game in Chicago on Tuesday, July 1, 2008.   (AP Photo/Jae C. Hong)
People stop and take pictures in front of the home of Democratic presidential candidate, Sen. Barack Obama D-Ill., in Chicago.   (AP Photo/Alex Brandon)
Democratic presidential candidate, Sen. Barack Obama, D-Ill., center, greets people on his doorstep at his home in Chicago.   (AP Photo/Russel A. Daniels)
Democratic presidential candidate, Sen. Barack Obama, D-Ill., speaks during a news conference after he toured the East Community Ministry in Zanesville, Ohio, Tuesday, July 1.   (AP Photo/Jae C. Hong)
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Barack Obama  • presidential campaign  • mortgage rates  • Senate Ethics Committee


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