Ethics Complaint Targets Obama’s Below-Market Mortgage

Posted on July 11, 2008. Filed under: Media Bias, Politicians |

Very interesting. Imagine that, the Messiah-Obama is shady?  Oh that’s right, we’ll never hear about this from the MSM because they worship him. 

Ethics complaint targets Obama’s below-market mortgage
Watchdog group asks if ‘special’ deal constitutes a gift to senator

Posted: July 11, 2008
© 2008 WorldNetDaily

Complaints have been filed with both the U.S. Senate Ethics Committee and the Federal Election Commission over a deal Sen. Barack Obama, now the likely Democratic nominee for president this year, got on his mortgage.

Officials with Judicial Watch, a public interest watchdog group that investigates and prosecutes government corruption, said the mortgage loan granted to the senator in 2005 was below market rates and apparently not available to the general consumer.

“It appears that due to his position as a United States Senator, Barack Obama received improper special treatment from Northern Trust resulting in an illicit ‘gift’ which has a value of almost $125,000 in interest savings,” the organization wrote in its request to the Senate ethics committee. “Judicial Watch therefore respectfully requests a full investigation into whether the special Northern Trust mortgage received by Senator Barack Obama constitutes a gift that is prohibited by Senate ethics rules.”

Judicial Watch’s FEC complaint also seeks a full investigation into whether the deal was “a disguised and illegal corporate campaign contribution to Senator Obama.”

The complaints say Obama reportedly got a home loan of $1.32 million at a rate of 5.625 percent. That’s even though the average going rate on the day was, according to two different surveys, between 5.93 percent and 6 percent.

The “special below-market ‘super super jumbo’ loan was secured without an origination fee or discount points,” the organization added. Origination fees often are 1 percent of the loan and can add thousands to its costs.

“Northern Trust has supported Barack Obama’s political campaigns for elected office since 1990,” the complaints continued. “According to the Center for Responsive Politics, cited by The Washington Post, Northern Trust employees have donated $71,000. The Northern Trust political action committee gave $1,250 to Senator Obama’s 2004 campaign for the United States Senate.”

Judicial Watch also cited statements from John O’Connell, Northern Trust’s vice president. He “essentially admitted” the company gave preferential treatment, Judicial Watch said.

“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.

“Americans ought to be suspicious when a United States senator such as Barack Obama obtains a sweetheart mortgage deal,” said Tom Fitton, the president of Judicial Watch. “We have serious concerns that Senator Obama’s mortgage may have violated the law and Senate ethics rules.”

Obama’s campaign has admitted the rate was adjusted by Northern Trust to match a competitive offer from someone else.



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