Two months ago, I posted a piece on Obama's mortgage based on his obviously low income reported on his previous three years worth of tax returns. Basically, you're average joe could never have qualified for that house. How did the Obama's?
A Johnny come lately provided me with this comment yesterday....
1. The deal could have gone down without Rezko. While it's true that the couple who sold the house to the Obamas and the adjoining vacant lot to Rezko's wife required the deals to close on the same day, there was at least one other serious bidder on the lot......First, my initial post really had nothing to do with Rezko. My main point was how did the Obama's qualify for a mortgage on a 1.65 million dollar mortgage with an annual income of $250,000. Especially, when they were loaded with $100,000 plus in student loan and credit card debt (per Mrs. Grievance, Michelle) .
Second, since you did bring up Rezko, Mr. Anonymous, let's look at Tony and Obama's real estate deal.
You're telling me that it's a coincidence that Obama and Rezko closed on the purchase on a house and the lot right next door on the same day?
That it's a coincidence that the Obama's got $300,000 knocked off of the purchase price on the home but Rezko paid full price on the lot? I find that hard to believe.
It looks to me that Obama needed to trim the price for the house so he could get his sub prime mortgage. That meant knocking off the lot and reducing the price of the house. The sellers were willing to do that since Rezko would pay the full asking price for the lot.
My guess is someone wanting to own the lot next to the Obama's would buy the property to build on it; not hold it so they can sell a strip of it to the neighbors. Look at the above picture, selling that strip of property to the Obama's essentially makes the lot next to them worthless. Who can build on that site now?
The Obama's ended up with 2 million dollars worth of real estate and only had to pay 1.3 million for it. As a friend of mine use to say, "it's not the wealth you own, it's the wealth you control that counts". In this case, the Obama's effectively own both lots without having to pay for both.
The whole train of events on the property transfers can be found here.
My whole point in my previous post was that Obama could never have qualified for that mortgage under normal mortgage credit standards. He had to have qualified under a stated income loan (or as mortgage lenders call them "stated lies").
That is the crux of this sub prime mortgage mess that The Messiah himself has been critical of. Now, if we find out that Countrywide was the loan originator, the stench from this deal would be unbearable.