Obama’s Chicago Home:
Fannie Mae Mortgage Loan Amount Listed at $1,320,000
Relativity by E. M. Escher
While researching an article about Obama’s Chicago home about the circumstances surrounding who is the “owner”, I happened across a bit of information: Obama’s home has a Fannie Mae-Freddie Mac mortgage to the tune of $1,320,000. (Page 5 of Cook County Property Assessment Record)
The information comes from the Cook County Clerk’s office where the “owner” of the Obama home is listed as William Miceli, a former supervisor of Obama’s when he worked at the David Law Firm.
What’s unusual about the Obama mortgage is that the upper limits of a Fannie Mae loan on a single family dwelling as of January, 2008, is $417,000 while mortgages in “high cost” areas cannot exceed $729,750.
The Obama’s mortage, through Northern Trust Company, is in the amount of $1,320,000.
The limits for a Freddie Mac single family dwelling is $417,000, with an upper tier of $625,500 for homes located in Alaska, Hawaii, the Virgin Islands, and Guam.
I looked into whether Cook County, Illinois, where the Obama home is located, and whether it is considered by Fannie Mae or Freddie Mac as a “high cost area”. I found this little snippet written by Lew Sichelman, of the Reality Times in 2004, a few months prior to the Obama’s purchasing their home:
What could possibly explain this?
Continue reading: Obama Fannie Mae/Freddie Mac Chicago Home Mortgage $903,000 over Legal Limit
by LGB/Mondo
Source: Obama Fannie Mae/Freddie Mac Chicago Home Mortgage $903,000 over Legal Limit
Mondoreb blogs at Death By 1000 Papercuts. Interested readers can e-mail him at
mondoreb@gmail.com. All DBKP stories are filed under Mondoreb at BNN. This article was by LBG.
2 users commented in " Obama Fannie Mae Chicago Home Mortgage $903,000 over Legal Limit "
Follow-up comment rss or Leave a TrackbackHow totally warm and fuzzy…
Let me start out by saying – I am NOT a fan of President Obama…
Let’s clarify a few things:
The buyer you refer to (Miceli) bought the property as Trustee on behalf of The Northern Trust Co # 10209 for $1,650,000 and used $250,000 borrowed by the trust in the form of an equity line.
The SELLER is listed as having had a 1,320,000 Fannie Mae / Freddie Mac loan.
Typically, that entry is a default entry from a pull down menu. There is no such thing as a “Fannie Mae / Freddie Mac” loan. The document is trying to communicate that there is conventional financing on the property. Most likely, there was a conventional first mortgage up to $417,000 and a second mortgage… possibly even a home equity line on top of that, all adding up to the 1,320,000 total payoff.
Again, I am NOT a fan of President Obama, but I am a fan of accuracy! There are PLENTY of things we can be talking about that are real issues.
By incorrectly drawing attention to a non-issue, you are reducing the efficacy of bringing up real issues like the socialization of private industry or gun control!
If you are a conservative as I am, let’s stick to the real issues and raise valid concerns instead of throwing up smoke screens that do nothing to educate voters.
God bless you, and God bless America.
Michael
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