After reviewing Obama's tax returns, I started asking the question. When did Obama buy the house that's been the subject of the Rezko controvery.
The answer? June 2005.
Yet, if you look at the Obamas'
2004 tax return you'll see that their income for that year was $207,000. The home in question cost the Obama's 1.5 million.
So let me make sure I have this right. Around January, the Obama's work with a real estate agent and tell him/her they're looking for a cozy 4 bedroom in the 1.0 - 1.5 million dollar price range and the agent pre qualifies them with these income numbers? Then they're able to find this home make a offer and close by June.
By the way, where did they get a down payment for a home of this size? Their tax returns show no interest or dividend income for the year so they had no savings.
What mortgage company in their right mind would loan someone that kind of dough on that income?
Most real estate agents will tell you that you really can't afford a home that exceeds 3 times your annual income; Obama's was well over seven times. What gives?
Given that Obama was elected to the senate in 2004 and received his book deal in 2005, a banker could use that income as evidence of future ability to pay. Even Michelle's additional income could be included. But a year ahead of time? I know when I qualified for my last mortgage they wanted three years of tax returns to show that my income was stable. I think a broker would laugh at me if I brought returns like these in for a 1.5 million dollar house.
Obama has been using this quote lately in his stump speech
The top mortgage lenders spend $185 million lobbying Congress, and we wonder why Washington looked the other way when they were tricking families into buying homes they couldn't afford.
Were the Obama's some of these people? Or did Rezko grease some skids to get them their mortgage? Why is no one in the main stream media asking these questions?
See my update
here.