judicialwatch.org — The FEC "closed the file" on Judicial Watch's complaint against Senator Barack Obama for accepting a below market rate mortgage loan in 2005 not available to the general consumer. In its analysis the FEC confirms Obama obtained a discounted loan but said no laws were violated, DESPITE ADMISSIONS he got preferential terms because he was a Senator!!!
Feb 16, 2009 View in Crawl 4
novaculusFeb 16, 2009Submitter
FTA:The FEC's legal analysis dismissed O'Connell's admission. The FEC based its decision to exonerate Obama largely on the fact that Northern Trust claims it provided preferential terms to other "similarly situated borrowers" in addition to Obama. Northern Trust's new explanation was that eight of 14 similarly situated borrowers (including Obama) received a mortgage loan discount."Now we know for sure that Obama received a discounted mortgage. For the FEC to base its decision to excuse Obama on the fact that a few other unnamed borrowers also received sweetheart mortgages seems irresponsible. Look no further than Countrywide, which doled out corrupt mortgages to numerous public officials, to see the massive hole in that logic," said Judicial Watch President Tom Fitton. "The fact is Northern Trust's president admitted Obama received the loan, in part, based upon his position. This is improper and almost certainly constitutes an illegal campaign contribution (or gift). The FEC's response is inadequate and does not serve the public's interest."
Closed AccountFeb 16, 2009
He will scapegoat banks and businesses when it serves his purpose to increase his power but take what is essentially is a bribe whenever one comes along.Obama the criminal
novaculusFeb 16, 2009Submitter
If the FEC and the IRS actually enforced laws and regulations against politicians the way they do against regular folks, there probably wouldn't be a Democrat left in Congress...
globalroamerFeb 16, 2009
Forgive me for repeating the same writing from months ago:Tony Rezko is a native of Syria who came to Chicago in the late 1970’s. Where he went to work for a food services company owned by the son of Elijah Muhammad, founder of the Nation of Islam.Rezko used his money and influence to build a firm named Rezmar a firm used to purchase and rehabilitate run down low-income housing on the Chicago South Side. Obama who worked as a lawyer and legislator to improve living conditions for the poor, took campaign donations from Rezko even as Rezko’s low-income housing empire was collapsing, leaving many African-American families in building riddled with problems – including squalid living conditions, vacant apartments, lack of heat, squatters, and drug dealers.While Rezko could not find the money to get the heat turned on for his tenants hid did come up with a thousand dollars to give to the political campaign of Barack Obama.The Chicago Tribune reported after their March 14, 2008, interview with Obama that the amount of money given to Obama from Rezko was as much as $250,000 for the first three offices Obama sought, up to and including his 2004 race for the US Senate.When a home across the street from Rezko came on the market Obama was interested. It was a 6,400 ft sq brick Georgian Revival home with four fireplaces, six bedrooms, and six bathrooms. The owner wanted $1.95 million for the home. The deal was contingent upon the sale of the adjacent vacant lot as well, priced at $625,000.Tony Rezko was indicted on October 5, 2006. On November 2, 2006 Rezko’s legal counsel reported that Rita Rezko, (Tony’s wife) came up with a $125,000 down payment and collateral to secure a $500,000 loan needed to buy a vacant lot next to Obama’s newly found mansion.The loan for the property came from Mutual Bank of Harvey. The Chicago Tribune reported that since 2002, Mutual Bank lent more than $3.4 million to Rezko. The Rezko partner taking out the loan was Abdelhamid “Al” Chaib. Chaib was subsequently indicted on federal fraud charges for allegedly participating in a scam to obtain the $3.4 million.The London Times reported that Nadhmi Auchi, an Iraqi billionaire, had wire-transferred a $3.5 million loan to Rezko on May 23, 2005, just weeks before the Obama purchase of his mansion at Kenwood.In 1967, Auchi, a cousin of Saddam Hussein went to work in Iraq’s Ministry of Oil, later channeling billions from the oil for food program into Banque Nationale de Paris. At Rezko’s trial the government’s star witness, Stuart Levine, testified he attended a reception Rezko had at his home (across the street from Obama) for Auchi on April 3, 2004. Levine further testified that Barack and Michelle Obama attended the reception and met Auchi.Later Obama was placed at the Four Seasons hotel with Rezko and Auchi.
fury420Feb 16, 2009
"the FEC confirms Obama obtained a discounted loan but said no laws were violated.""...at a rate of 5.625 percent, although the average going rate on that day according to two different surveys was between 5.93 and 6 percent.""A person's occupation and salary are two factors; I would expect those are two things we would take into consideration," O'Connell told The Washington Post [emphasis added]. "This was a business proposition for us."holy s**t, you mean being a U.S. Senator means that your job & income are relatively secure? i had no idea! it really does not seem like this giant conspiracy that someone with a well paying, high profile job was able to negotiate a mortgage interest rate 4% lower than the AVERAGE market rate on that day. the value is an AVERAGE, thus is made up of values both above, and below the given 5.93 - 6% range. it makes sense that someone with a lower paying, lower profile job (with less job security, worse credit, etc..) might be given a higher mortgage rate on that day, since the risk is higher