What is Digg?183 Comments
- bstein80, on 07/09/2008, -45/+113So much for "change."
- acbrown, on 07/09/2008, -45/+109why am I not surprised his name came up?
VIP Loan? Yes we can. - shupy, on 07/10/2008, -29/+90Aside from the Dick Armey connection, this is a non-story.
Loan rates are determined by credit ratings. Obama's rating is excellent, and credit ratings are not a matter of public record. Without the details of the loan agreement, no one can pass judgement on weather or not this was a "sweetheart" deal. There is nothing suspicious about the loan at all.
I have an excellent credit rating, and I also qualified for a loan with a lower than average interest rate. It has nothing to do with being a VIP. It has everything to do will having excellent credit, and a good income.
Given the fact that Diggers seem to be too young to have ever held a mortgage, they are easy targets for anyone who want to whip up a scandal concerning a loan rate. - OC73, on 07/09/2008, -45/+104Obama = Fraud
- swrostmore, on 07/10/2008, -22/+70Here's a response to this nonstory
http://www.fivethirtyeight.com/2008/07/most-irresp ...
Obama's rate was 30 basis points better than the average.
According to current rate quotes from myFICO.com, a borrower with very good credit can expect a mortgage rate about 30 basis points better than someone with pretty good credit, and a borrower with excellent credit can expect about a 50 basis point discount.
Obama received a "discount" -- the same discount that any borrower in his position would have received. - diamondbigdog, on 07/09/2008, -42/+83This the hope and change. He hopes you won't find out he saved a lot of change by getting preferential treatment.
- inactive, on 07/09/2008, -23/+56In the interest of full disclosure, It should be noted that the website that the article came from, "FreedomWorks," is chaired by Dick Armey. While the allegations may, in fact, be true, this is not neutral, objective journalism. The website clearly advocates certain viewpoints. Which is fine. At least, unlike Fox News, they are forthcoming with these viewpoints, rather than masquerading as a reputable news source.
- laxjax31, on 07/09/2008, -39/+71I wish I could say I was shocked?....this is just another example of the "super super jumbo" amount of corruption that comes along with a $300 billion taxpayer-funded bailout.
- robthej, on 07/09/2008, -41/+72this guy is dirty...
- DeskFlyer, on 07/10/2008, -18/+47Good credit score = better rate on mortgage than the average Joe. Doesn't seem too hard to figure out.
- shupy, on 07/10/2008, -17/+41But it is so much easier to grab anything and try to turn it into a scandal. Especially if you are too ignorant or too lazy to do your own research.
If the right wing ever discovers a true scandal, no one will believe it. They have been crying "wolf" for so long and resorting to the tactics of rumor and slander to make their case that they have zero credibility.
But the Republican pundits seem to know their audience. No danger of any of them bothering to look into the facts. - 7thchild, on 07/09/2008, -37/+61Question is, Will America wake up to Obama. He has left the Left, and everyone else, behind for his run to the Center.
- jojensen, on 07/09/2008, -39/+62it was only a matter of time.
- inboxnews, on 07/09/2008, -11/+32Just words.
- tehsilentcircus, on 07/10/2008, -2/+22Who ever would have thought responsibility paid off?
But that doesn't happen in America! /s
People only see these things they want to see them. And most of what they see is based on the fact that they have no knowledge of how things really work in the world.
Props to you to point out this is truly a non-issue. Dugg.
- superkendall, on 07/10/2008, -7/+27This actually turned out to be nothing, the rates he got were similar to ones around at the time:
http://pajamasmedia.com/instapundit/archives2/0212 ...
There's other oddities though like what he paid for his house... - mikesbaker, on 07/10/2008, -11/+30did anybody actually read this - its over .4 of a point? no crap if you have really good interest you have a better interest rate
- iMattK, on 07/09/2008, -11/+28Change and then some -- mega dollars is more like it!
- Jareth86, on 07/10/2008, -11/+27I love how fickle Digg is.
You guys praised this guy like a living messiah for months, and now all you do is lay into him. He's the same guy he was at the beginning of this election; he was doing all this stuff the entire time. You all projected your own image of the perfect candidate on him, and are now shocked to realize he is in fact, not the candidate of your dreams. He may be better than most, but he's still a politician. - ajwinder, on 07/10/2008, -6/+22Oh yeah, look, its the same ***** story that came out in the Washington Post this week, but now we've jumped from Moonies-level-craziness to believing PACs are handing out just top notch information.
Obama paid a slightly lower mortgage rate than the average in his area. However, his family held little debt, he had just released a novel to stellar reviews, and they had an excellent credit history. Oh yeah, he was a prime candidate for needing to bribe his way to a decent mortgage. They're also talking about Rezko as if that story not only was firmly grounded in fact, but that it was a foregone conclusion that Obama had any wrongdoings in that ridiculous fairytale.
The writing in that piece is absolutely ridiculous. A wine cellar and a solarium? Lets start talking about the 7 houses McCain has, I'm pretty sure these are just about "Standard Equipment" there.
Moral of the story? For the love of god, lets just do some source checking, especially before we go and make something like this front page news. - ZenMojo, on 07/10/2008, -8/+22This came out a week ago in the Washington Post:
http://www.washingtonpost.com/wp-dyn/content/artic ...
And it was debunked by just about every news organization. In fact, it debunks itself.
FTA:
"Modest adjustments in mortgage rates are common among financial institutions as they compete for business or develop relationships with wealthy families."
Translation: the more money you have, the lower your mortgage rates. Barack Obama got several million dollars for selling his book that year. Furthermore, he paid off his student loans, increasing his credit rating.
The *average* loan was 5.9. Obama got his at 5.6. Do people really think the average Chicago mortgage lendee has a multi-million dollar book hot off the presses and that it's Obama's VIP status as a senator that got him the discount? I'm just curious what mindset floats this kind of thing as serious news a week after it's been shown to be anything but.
Seriously, this made the rounds and flared up over the span of about 12 hours before everyone realized it was stupid.
From The Swamp:
http://www.swamppolitics.com/news/politics/blog/20 ...
"For a bank that offers substantial private-banking business to rich clients, doing whatever it could to attract future business from the millionaire Obamas, including giving them a great price on a mortgage is arguably just plain good business sense."
From Salon:
http://www.salon.com/politics/war_room/2008/07/02/ ...
"As controversies go, this is pretty thin. Obama got a legitimate mortgage, at a competitive rate. He didn't try to conceal anything, and even posted the records related to his house purchase on his website."
And from the Politico:
http://www.politico.com/blogs/thecrypt/0708/Obama_ ...
"The Obama campaign explained to The Crypt this morning that the Obamas did not get a special deal because of his position in the Senate. Rather, he got the deal because he borrowed $1.3 million but agreed to bring nearly $3 million in assets to the bank, which was more than happy to knock off a few points from his interest rate in order to manage his cash. Such a lower rate is often offered to wealthy individuals if there is competition for the loan, which there was in Obama's case."
Even American Thinker rolled its eyes at this:
"The Obamas' loan documents (warning: large file) show that they received a 30 year fixed rate loan at an interest rate of 5.625% with no points. This interest rate seems to be in line with the going rates for a Jumbo mortgage which are typically about 0.25 to 0.5% higher than a smaller, conventional mortgage. Freddie Mac lists an average rate of 5.58% for June 2005 and 0.6 points. Obama paid no points and given the jumbo differential, his rate is better than the average. The first payment is given as $7,598.67 presumably due August 1, 2005 which is consistent with the loan terms."
Granted, they proceeded to go off on a long non-sequitur about Tony Rezko just to smear Obama and his wife, but on the mortgage they couldn't find anything suspicious about it and got out ahead of the actual Washington Post story. - Robart, on 07/09/2008, -42/+56My prediction....this article will never make it to the front page unless they change every "Obama" to "McCain".
- siszam, on 07/10/2008, -10/+23This has been debunked over and over. Check your information before you post lies.
http://www.youtube.com/watch?v=TOyc6odLj30&feature ...
http://factcheck.barackobama.com/factcheck/2008/07 ... - kemp34, on 07/09/2008, -31/+44Charlatan.
- pong32, on 07/10/2008, -11/+24OMG!! Obama is a crooked politician, just like all the rest?!?! I'm am in complete shock! LOL
Obama supporters are such naive tools. - jdowland, on 07/10/2008, -13/+24"Barack Obama received a *suspicious* deal on a home mortgage"?
This "news" is coming from a Republican website based in Washington run by Republican politicians. "Suspicious" is not news. - ganymede2010, on 07/10/2008, -4/+15This is *****. I'm a Mortgage Consultant myself. Everyone with good credit who knows someone in the company can get a 1.5% discount in loan fee's. When the Mortgage Market was stable, anyone could get any rate they wanted. It was all about how much you were willing to pay in points to attain that rate. Most Senators are getting a rate of 4.875% on a 15 year loan. That would normally cost about 3.5% in points. With the application of their 1.5% discount, they'll end up paying 2 points. The fact remains, you and I can get the same rate as the exalted Senators, however, we'll have to end up paying more. And that's life, it's all about who you know when it comes to situations like this.
- fadeout, on 07/10/2008, -10/+21This isn't exactly an unbiased source, people: http://en.wikipedia.org/wiki/FreedomWorks
It's a PAC/501/527 run by Dick Armey, a former Republic Congressman (and a homophobe and racist). - spankaccount, on 07/10/2008, -1/+12You mean we have to wait for Thinkprogress or the HuffPo to mention it?
- shupy, on 07/10/2008, -6/+16No, because loan rates are determined on income and credit rating. Obama's were excellent and his mortgage loan was in line with other loan rates at the time. Many people received similar rates, not because they are VIPs but because they also have excellent income and credit ratings.
- ericjohnson0, on 07/09/2008, -39/+49Well this isn't that new, but the MSM refuses to cover it:
http://thesaloon.net/blog/_archives/2008/7/3/37746 ...
Keep sticking it in their faces, gents. - patpl22391, on 07/10/2008, -10/+20This must have been the culture of corruption the Democrats said all those evil Republicans were supposedly involved in during the 2006 midterm elections!
- jchrome, on 07/10/2008, -4/+13What Others Are Saying About FreedomWorks
"Folks, you've got to get to know this organization ... They have been doing a great job all over the country educating people."
-President George W. Bush - ethornquist, on 07/10/2008, -6/+14Agree with ajwinder. Check your sources. Before this I was not for one side or another but this story
is ridiculous.
Here's the real story. Obama has good credit. Because he has good credit,
he gets a better interest rate. Done. That's how banking works, people.
This PAC story has been debunked by CNN, the Washington Post, and the New York Times
in the past two weeks. Yet it continues because www.freedomworks.com repeatedly seeds
the story then follows it up with their paid yahoos spamming the comment box.
And let me thank former Republican Senator Dick Armey and his gang of hired word thugs.
As of now I am still unsure who I will vote for.
But after this GOP-hit story, I know who I will vote against.
You have just lost a vote. - jdowland, on 07/10/2008, -6/+14The Left should vote for the far Right because their candidate "moved to the center?"
That doesn't make sense. - shupy, on 07/10/2008, -14/+22Aside from the Dick Armey connection, this is a non-story.
Loan rates are determined by credit ratings. Obama's rating is excellent, and credit ratings are not a matter of public record. Without the details of the loan agreement, no one can pass judgement on weather or not this was a "sweetheart" deal. There is nothing suspicious about the loan at all.
Given the fact that Diggers seem to be too young to have ever held a mortgage, they are easy targets for anyone who want to whip up a scandal concerning a loan rate. You may be an ex-mortgage broker, but the reality is that regardless of your personal opinion 5.6% loans were available in 2004 because, yes the fed dropped the FFR to next to nothing. - whatthefu, on 07/10/2008, -7/+15Let's summarize Digg right now: either you love or you hate Obama and think you're making witty comments regardless. There is no middle ground.
- almostnormal, on 07/10/2008, -1/+9I bet you had to pay points, right? 1 percent of his loan is $130,000. He didn't pay any.
- zenerdiode, on 07/10/2008, -4/+11You need to be dugg to the top.
Can diggers really be that out of touch with the way the credit world works?
I got a 30-yr Jumbo in CA in 2005 at 5.625%
That's pretty darn close to Obama and my credit score is only in the mid 700s. I have a feeling Obama's is a bit higher than mine.
This is a non-story. Let's get back to bashing him on the FISA vote. Seriously...ignore the fluff and concentrate on the real issues. - PacketScan, on 07/10/2008, -3/+10That rate isn't so great.. my 30 year fixed is better.
People with money usually take super jumbo's to save on interest. - swrostmore, on 07/10/2008, -3/+91) he just voted with the GOP on warrantless wiretapping
2) so?
3) racist criticism will be generally muted for fear of being obvious - ZenMojo, on 07/10/2008, -2/+8You left out the fact that its employees donated 730,000 dollars that year in FEDERAL elections. Only 1/10th of that money went to Obama. GTFO.
- radiofrequency, on 07/09/2008, -5/+11A charlatan AND a demagogue.
- HappyScrappy, on 07/10/2008, -5/+11Inaccurate. With my credit, I would have received a better discount on my mortgage than he did. And I'm nobody.
- siszam, on 07/10/2008, -6/+12They won't cover it because it has been debunked. Sigh. It took my ten seconds to find multip sources which I listed further down the page. Do you people believe anything your told? Do you ever think for yourselves?! You should be ashamed to allow yourselves to be so easily lead around.
- TheTardis, on 07/10/2008, -7/+13I don't about the rest of you-- but this is my story.
I gave the bank all my financial information.
They gave me an offer.
I looked at the number and thought -- I can deal with that for 15 years.
I did not think about much more.
I had stuff to do.
I did not read each and every line of the next score of documents I had to sign
(I know, I am not as smart as you)
I never thought about if I was getting a better deal than other people.
Given my credit rating and the fact that I got my loan just before the housing market went insane
I probably did really well. Well, insanely well if you knew what I got for what I paid.
But really, lets just be fair. Didn't most of you look at the number and thing you could pay it.
Assigning anything else to this story is just casting hate and accusations about things you don't and can't know.
Or you can just spew hate - elebrio, on 07/09/2008, -32/+37As a former mortgage broker I can personally GUARANTEE he got a sweetheart deal just looking at the rate. Jumbo loans are generally 1/2 point higher than conventional loans. 5.6% would be pushing it even in 2004 when the fed dropped the FFR to next to nothing.
- nedzeve, on 07/10/2008, -1/+6You mean, a bank lent him money to buy a house!!?? What a corporate sell out! Barack Obama -- tool of the banking industry.
- inactive, on 07/10/2008, -0/+5Quit putting up logical truth on Digg! It goes against the Digg creed.
- unitedkronos, on 07/10/2008, -7/+11He got a better deal because he earns a lot of money and has a good track record, there's nothing shocking about this. It's the republicans trying to leech blood out of a stone to be honest.
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