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.

Be Sociable, Share!