Obama's sub prime mortgage part 3

Not only would Obama not qualify for a mortgage with the income he was earning at the time (see this post).

Apparently, the savior, also got a nice juicy interest rate....

Another Democrat gets caught taking a sweetheart mortgage, and the Democrat, his bank and the left again insist: Nothing to see here. Only this time, the Democrat is presidential nominee Barack Obama, who scant months after his election to the Senate secured with his wife a $1.32 million mortgage, discounted by three-eighths of a point, from Northern Trust Bank of Illinois.

The cut-rate mortgage on their $1.65 million mansion in Chicago will save them at least $108,000, which is more than just chump change they can believe in. As first-time Northern Trust customers, they paid no fees or points as people without "U.S. Sen." before their names must. (A one-point fee would have cost them $13,200.) Northern Trust, which the Center for Responsive Politics reports donated $71,000 to Sen. Obama's campaigns, says it has no formal loan-discount program for public officials, but it ordinarily doesn't do business with people who don't have at least $1 million in investable assets, reports The Chicago Tribune. In 2006, however, the Obamas reported investments of just $715,000, according to Money Magazine.

An Obama spokesman said the couple got the lower rate via hard bargaining and comparison shopping. Not very original. That's the same flimsy explanation Sen. Christopher J. Dodd, an Obama supporter, offered last month before admitting he got VIP treatment from Countrywide Financial in 2003 when he and his wife refinanced their mortgages, saving $75,000. Also implicated in that scandal was James Johnson, who got $1.7 million in VIP loans from Countrywide and was head of the Obama vice-presidential search committee when the scandal broke. Yeah, nothing to see here.

Riiiiight.