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December 16, 2008

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OH MY GOD!!!!!! this man (Obama) and all of his buddies are sooooooo corrupt. It is not that I didn't suspect that Obama was as crooked as a snake in motion all along, because everything he said and put forth for any kind of public consuption was changed every other time he opened his mouth or gave any sort of interview. But this one really takes the cake..... NO WONDER HE WANTS TO MOVE TO BLAIR HOUSE BEFORE HE IS OFFICIALLY SUPPOSED TO. He has to get his Butt out of that house (or thought he had to, until this was uncovered) before anyone found out that he didn't really own it after all......

I am sorry, but what PIGs he and his wife both are.... They are a total living lie, about everything that goes on in any form in their lives. He doesn't deserve any allegiance from one American Citizen who works for a living or has a dream, or appreciates this country in any form. We must get him out of the POTUS position before he really does total destruction to everything this country stands for.

Can I be permitted to copy and past this article to some other posts that are reputable? There are a few places that I would like to have this seen, so that word can get spread around a bit faster and people can get more knowledge about what a scum sucker we have that is posing as President-Elect of this nation....

I will check back and see what your answer is, (I do hope it will be affirmative), thanks....

~~~~~~~~~~~~~~~~~~~~~~~~~~~
{From DR --- Yes, Claudia, please do. We need to get the word out!

Pro Patria}

thanks, will do as much as I can.....

With regard to Rezko's lawyer owning Obama's house...
I'm confused....On the Obama's 2006 Federal Income Tax Return, Schedule A Line 6 (Real Estate Tax - $16,181) and Line 10 (Mortgage $60,449)
see pg 8 of pdf...
http://taxprof.typepad.com/taxprof_blog/files/obama_2006_tax_return.pdf

The Obama's claimed a deduction for a mortgage and paid real estate taxes... Do they own another house? Or did they claim a deduction on the house owned by WILLIAM MICELI (according to the 2006 assessment)?

Did Miceli allow the Obama's to claim the deduction? Did Miceli claim a deduction on this property as well?

Part of what is missing here is the "easement" factor most property owners have no idea exists.

In most localities, like Chicago, having a cow kicking a lantern which burns down a city, there are easements. It protects your house from some idiot buying a lot next to you and building on the property line, so when his house burns down your home doesn't burn up as the idiot built too close to you.

In the Rezko situation, this is key as Obama would never sign an easement so a dubba wide could be placed next to his mansion. It could not be done for safety or property value sake.

That is what is the worst criminality in this as this was a felony bribe of Obama which Patrick Fitzgerald and the FBI have been deliberately sidestepping. Obama just didn't get his mansion with an extension, he obtained the entire property, under value, without having to pay taxes on it, for the time his name is or is not on the title.

That is an extremely hefty sum of cash and as noted it is income that should be taxable by the IRS as one is benefiting from someone else paying for property which is of benefit to you.

In fact, the Rezko property is a cash drain and if no easements were ever signed, it would mean they would eventually default on it, and as is the case in most cities they would simply contact the adjacent landowner who would then pick it up for taxes.

That too in this scheme is a huge financial boon for Barack and Michelle Obama, let us not forget this is their property and both of these people are involved in a very shady kickback or bribery that is still costing taxpayers money by undervalued home sales and the degraded value of the Rezko property.

To literally obtain a several hundred thousand dollar lot for taxes, and then by joining that lot to your home, which would increase it's value from a million dollars to a million and a half dollars is something every homeowner in America would just love to have the opportunity to do.

There are felonies galore in the Rezko Obama land swindle and Chicago, US Attorney, FBI, County Property Assessment, Bank Auditors and the IRS should be all over this as the bottom line is American citizens are being cheated out of tax revenues by the degraded property value which funds our schools and rebuilds our streets.

~~~~~~~~~~~~~~~~~~~~~~~~~
{From DR -- Yes, I agree with your comments. If this is what Obama means by "spreading the wealth around", it may not be Socialism he is pushing. More like a good old garden-variety elitist dictatorship.

As Berlusconi might say, "A taller, better looking Mussolini with a sun tan".

A few notes about "easements" and such. I understand the concept, but I'm not sure how it applies here. I don't know how the vacant lot was zoned. I also don't understand why the city would permit such a silly subdivision of a property. It makes the remainder of the lot unbuildable.

Some critics just attribute the fiasco to Daley-style politics where zoning and easement restrictions are dispensable if you know the right people.

I don't know, but I expect more dirt on this is coming. With this guy, it never stops.

Ms Rezko is on record as having sold her remaining "mini-lot" in 2007, buyer and price unknown (yet).

Obama swears he never uses the adjacent lot, but he admits he has the grass cut.

He must also have the hedge trimmed. And I guess he waters the grass. And weeds it. And fertilizes it. And fixes the hedge if it gets ragged. And maintains the driveway to his garages. And shovels the snow on the front and side sidewalks. And puts salt on the sidewalks in winter. And keeps trespassers off. And makes sure no one leaves dog droppings on it.

So really, that extra lot is not Obama's property at all. So what's the problem?

Pro Patria}

Please explain to me who ROBERT MAO YUAN CHEN is in the pdf file? Was he the property assessor? Thank you

__________________________________

{From DR -- Sorry, I don't know. You might try Googling the name along with Obama, or Rezko, or Miceli. You could probably find the name, address and phone number in Chicago with 411.com. Also, you can click on the links I provide in my story to see if they mention the name. Lastly, any Realtor which operates in the Chicago Hyde Park area may know who he is. You could call them.

If you find out, please let us know. There are many pieces of this puzzle, and Obama's determination to bury this story simply makes it more interesting.

Pro Patria}

"The price was too high for Obama, so he went to Rezko for help. Rezko’s plan was to buy the adjacent property on the same day Obama bought the house. Obama would still have to overpay, even for just the house. But once the whole deal was finished, the package would become a reasonably good deal."

This article clearly explains the relationship between the two properties, the mansion and the lot. It also proves the corrupt nature of the deal.
http://www.gopmom.com/2008/10/clever-real-estate-strategies-for-politicians/

I am not sure I understand 'Obama would still have to overpay'.
The house and the lot, when combined as a package was an acceptable deal to the Wondisfords.

_____________________________
{From DR -- Thanks wrench!}

the point here is that OBAMA DOESN'T OWN THE HOUSE OR THE LAND AT ALL, it is owned by William Miceli and either Obama rents it or it is being used as some sort of collateral in a backhanded shady deal for pay-for-play, just like Blago and others of the Chicago field have gotten away with for many generations, and OBAMA knows full well how to get what he wants without committing to giving anything back.

Just like he bought the Presidency, folks,..... start looking at the reality here, someone is behind him that is bigger than every minor player in this country. Someone is going about an inside job to topple America right at the knees. FOLLOW THE MONEY!!!

Whether or not the easement is owned by Obama or Miceli and used by anyone is irrelevant, totally. An easement is only that, just a way of preventing someone else from getting that portion of land, whether devised as a utility easement, flood easement, rights easement, or easement by some other purpose, it generally makes that land in question unusable for any large extent.

My current business that I own and do is as a Private Property Document Analyst and Retrieval Processor. Although I am in Nevada, in most places the laws are pretty much the same and apply pretty reasonably to the same sets of circumstances.

Obama doesn't own the property and has not paid taxes on it, and either pays rent to Miceli or someone else who negotiates the rest back to Miceli in some way, for grants given or some such payback. There may not be any money at all changing hands in this, but rather favors of some sort.

Better beware soon America will be a surburb of Italy...

Come on people, these comments illustrate that none of you understands how a land trust works. In a land trust, YOUR TRUSTEE owns legal and equitable title to the property.

The Beneficiary has all the responsibilities of home ownership including paying the mortgage and taxes. Title has nothing to do with that.

The use of a land trust is for asset protection, shields the property from liens or encumbrances, and it provides anonymity from public scrutiny. Disneyland was purchased using a land trust. It is used by the wealthy and powerful in this nation and has been for over a century. There is nothing unethical or immoral about its usage. The land trust was streamlined by Chicago Title Company in the 1920's.

Instead of making false allegations based upon your lack of knowledge or understanding, I recommend a course in land trusts.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

{From DR -- Dear Gary. Thank you for your comment.

HOWEVER, you missed the point of my post. I noted in my post that a land trust appears to have been set up. But there isn't sufficient information to ascertain what the nature and structure of that trust is.

THE KEY PROBLEM is Obama's house is owned by Rezko's lawyer. This may or may not be done via a trust of some sort. If there is a trust, we don't know how it is structured. But the problem remains. Somehow, Obama's house is owned by Rezko's lawyer.

Obama has previously claimed that he owns the house. That's clearly not true. Furthermore, Obama has made no effort to expose the true nature of this ownership arrangement. As you point out, "[A Land Trust... provides anonymity from public scrutiny. ]"

Since the documents themselves expose a conflict of interest, the onus is on the politician to publish and explain these documents. It is unethical for him to conceal them from his electorate.

Rezko is in prison after conviction on political corruption and racketeering charges. There is evidence that the house and financing were obtained illegally. Rezko and his wife participated in this corruption.

Rezko's lawyer still owns the house. Irrespective of the details of any trust arrangement, this is clearly a business arrangement that is favorable to Obama, to Rezko's lawyer, and to Rezko.

Therefore, no matter how you spin this, "the deal was unethical (and perhaps illegal) because Rezko had conferred a benefit by helping Obama obtain something he couldn’t otherwise afford."

So please don't deflect from my main point by digressing into the technicalities of land trusts. It doesn't clarify the issues, it confuses them.

You could help the situation by applying your skills to the 48 page title document. Perhaps you can shed light on how the land trust is actually structured.

Pro Patria}

First: I am not an Obama fan, however, I believe in truth and accuracy.

Second: I received some information on the property assessment records through what I believe to be a very reliable source.

After reading and rereading and researching the property assessment documents; I feel reasonably certain that William Miceli is not the owner of the Obama properties, but rather the trustee.

Northern Trust (Trustee/Conservator) who the Obama's went through when they purchased the home, and Miceli, the Obama's attorney, would be able to sign documents for the trust on behalf of the Obama's.

That means that if something happened to the Obamas, he would follow through with the wishes of the trust. When a house is in trust, the actual owner’s name is never on the deed, but they still own the house and reap all the tax benefits and write offs.

A trust would also allow a couple who owns their home together (joint tenancy) to sell or refinance the house in the event of one spouses sickness or death. When your house is in trust, you are still responsible for the mortgage and taxes.

You still get to claim the interest paid on the loan as well, and you are still the "owner" of the property. Whenever a property is in trust, the "trust" (Miceli) is listed on the deed as the owner of the property. A lot of famous people and very wealthy people have their homes in trust to avoid their assets becoming public knowledge. Its not necessarily hiding anything, and is perfectly legal.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

{From DR -- Dear Lurker. Thanks for your comment.

However, there are several problems with it. First, you might want to read my reply to Gary, above. You state, "Its not necessarily hiding anything, and is perfectly legal."

But you missed the point of my post.

For sure, if a land trust is set up in a way that breaks no laws, then that trust is perfectly legal. This is called a tautology, or a circular argument. The logic can be reduced to, "legal things are legal."

But of course, people who do illegal or unethical things do abide by some laws. Gus Karpas, the notorious Chicago gangster, always legally bought a new car before he robbed a bank. Later he abandoned the car. Karpas said he didn't want to steal a car because it might break down. So the car purchase was legal, but the bank robbery wasn't.

For Obama to set up a land trust with Tony Rezko and Rezko's lawyer is unethical and possibly illegal. The trust itself may (or may not) be legal. But the entire house purchase initiative itself was unethical (and perhaps illegal), because Rezko conferred a benefit upon Obama, by helping him buy a house Obama could not otherwise afford.

In other words, Rezko did something for Obama that was worth a lot of money. Rezko probably did this expecting to get something in return. This is why this violates the legislator's code of ethics, and why it may be illegal.

Purchasing the house through a land trust with Rezko's lawyer doesn't exonerate Obama. It makes it worse:

(1) Obama is the "owner", whereas the land trust, managed by Rezko's lawyer, is the real owner. Obama is in bed with a friend who is in prison for political corruption.

(2) Rezko and his lawyer continue to confer a benefit on Obama, so long as the land trust exists. By definition, the only reason Obama entered into the land trust arrangement was because it was beneficial to Obama. This is straight from contract law. By definition, all contracts involve a benefit exchange between the contracted parties.

(3) So Obama got help from Rezko to help him buy his house. And he got another ongoing benefit from Rezko through this land trust deal. For one thing, the land trust enabled Obama to get a huge mortgage from Fannie Mae/Freddie Mac.

(4) Without this mortgage, Obama couldn't have bought the house. So for all the time Obama lives in the house and pays his mortgage, he is receiving ongoing benefits from Rezko, and Rezko' lawyer. Without the land trust, Obama could not live in the house.

So now, Lurker, do you see why I don't like this deal? The house purchase was at least unethical, perhaps illegal, and as Obama said, "boneheaded".

But the present ownership by Rezko's lawyer and the land trust is even worse, because for years to come, Rezko and his lawyer are conferring unethical (and perhaps illegal) financial benefits on Obama. This could go on for decades.

Pro Patria}

okay.... but now what?

What is the question for legal issues related to Fitzgerald?
~~~~~~~~~~~~~~~~~~~~~~~~~~

{From DR -- Dear Chalice.

One question to put to Fitzgerald, or any other prosecutor is as follows.

"Did any aspect of Obama's house deal break the law? Specifically, did any of the parties involved confer an illegal benefit upon Barack Obama, Michelle Obama, or any of their children?

This includes, but is not limited to, Rezko, Rezko's wife, Miceli, Miles, Valerie Jarrett, the bank(s) which arranged the financing, Fannie Mae /Freddie Mac, and the sellers. If there is evidence of illegal activity, we ask the prosecutor to please bring charges."

Pro Patria}

Welcome the era of TRANSPARENCY. The word TRANSPARENCY has a new meaning when Obama SEALS his Birth Records, his home records, his school records, and his legal records. We see the tangled web with Tony Rezko and the law firm of Miner, Barnhill & Galland where Obama used to work and attorney William Miceli who pays the taxes on Obama’s house. Eric Holder, Obama’s chosen AG was Gov. Blagajevich’s chosen Special Investigator for the gaming board (gambling) in Illinois but he forgot to put that fact in his report to the Senate Judiciary Committee . Holder forgot his $300,000 recent job. The Hill is taken by Chicago thugs. If they did not have anything to hide and if Obama really wants to have TRANSPARENCY, then let us look at what he is hiding. Deceit and corruption WILL be exposed as Chicago style politics and gangsters escalate the killings. More murders are already taking place in Chicago than in Iraq in the same period of time. Will we let them do to the nation what they have done to Illinois?

DR, if you are going to use my work, you should at least site the source. The document you posted with the 5046 greenwood av PDF from Lexis is part of my in depth investigation of Obama and his land deals. You can read my entire research at the Strata-Sphere Blog here and here.

Here is a some of what I uncovered.

Regarding his first Hyde Park Condo, here is the summary of what was found in the records:

1. A Lexis property search for Obama in Illinois shows the Hyde Park property in Obama's name beginning in 1998, but Obama supposedly bought the property in 1993.

2. All tax assessments from 1998-2004 are in the name of Emil - is this the person paying taxes on the property for the Obamas until they sold the property in 2005?

3. Cook County Recorder shows completely different information than Lexis: Emil owns the property from 1986-1989, so why is he listed as paying taxes from 1998-2004 in other records?

4. There is the Warranty Deed to Obama from Anderson in 1993, however release of the Anderson Mortgage is not recorded until 1998, and there is a requests it be sent to Obama's former Law Firm.

5. The Obama address in the 1999 records was shown as 927 W. Argyle 1W, not Hyde Park.

6. The final sale by the Obamas was financed by Northern Trust, the same company that was used to purchase Obama's new mansion which partially paid for by Rezko, who bought part of the land which he later sold to Obama.

Regarding the mansion purchase.

Major Update: SBD in a comment below speculates on how Rezko and Obama may be tied to Nadhmi Auchi, a billionaire Iraqi who did business for Saddam Hussien:

Here are a few interestiing quotes from the court documents in the Rezko criminal case.

Through records from Northern Trust Bank, the government has learned there was an approximately $3.5 million wire transfer in April 2007 of which a substantial portion immediately was directed to Rezko's relatives. More specifically, according to Northern Trust bank records, on April 4, 2007, a bank account (the "MMDA account") held at Northern Trust by the law firm of Freeborn & Peters ("Freeborn") received an incoming wire transfer of approximately $3,499,471 from a bank in Beirut, Lebanon. The originator of the wire transfer was identified as General Mediterranean Holdings, SA ("General Mediterranean").

General Mediterranean is owned by Nadhmi Auchi, who public source documents describe as a British-based Iraqi billionaire who was convicted several years ago in France on fraud charges. Auchi was sentenced to 15 months in prison and fined $2 million euros, but the sentence was suspended as long as Auchi committed no new crimes. Thereafter, in November 2005, after Auchi was unable to enter the United States, Rezko directly appealed to the State Department to permit Auchi to enter the United States and, it appears, asked certain Illinois government officials to do the same.

The plot thickens! Check out this bit of info:

In 2004, Rezko's phones were already being wiretapped and several of these recording have been released to the public. At the same time, his banking transactions were already coming under scrutiny. Therefore, Fitzpatrick knows exactly how Obama purchased that mansion, and I bet it wasn't from book sales!!

In June 2004, Aboud Rezko wrote a $25,000 check to Individual U. Prior to the Aboud Rezko check, Individual U received checks from a company affiliated with Individual D; checks that the government has alleged were the proceeds of the charged fraud scheme in the instant case. See 12/21/07 Santiago Proffer at 36. After the June 2004 Aboud Rezko check, until at least May 2006, Rezko-related businesses wrote nearly monthly $25,000 or $30,000 checks to Individual U, for a total of over $500,000.

[SBD: If I remember correctly, wasn't the price Obama paid for that mansion $1,675,000??]

On April 5, 2007, a $275,000 check drawn on the client's fund account [Northern Trust] was issued to CI2. According to CI2, as of March 1, 2006, Rezko owed CI2 approximately $1,675,000 with interest at an annual rate of approximately 20% interest.

CI2 has been cooperating with the government since approximately March 2006. To date, the information that he/she has provided has proven accurate. CI2 has not been provided with any financial incentives for his/her cooperation. Evidence gathered to date indicates that CI2 has been involved in several fraud and other criminal schemes, and has been informed by the government he/she will be charged in relation to his/her criminal activity. The fact ofCI2's cooperation with the government was not disclosed to Rezko until December 2007.

In his second analysis SBD finds one very interesting name tied to Obama's new mansion - that of a former employer in a law firm which had many questionable dealings with convicted felon Tony Rezko.

The name is William Miceli who was Obama's Supervisor when he worked at the Davis Law firm where Rezko was his client and a partner with the firm on some expensively failed housing projects for the poor.

This is important to know because at this time, in late spring of 2005, Obama was supposedly not having business dealings with Rezko or the Davis Law firm, even though Rezko's wife purchased a portion of an attached lot at a high price and resold it to the Obama's later at a lower price. So if Obama is not having any quid pro quo with Rezko, why is Miceli's name associated with his new home?

SBD

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
{From DemocracyRules -- Dear SBD.

Sorry, and thanks so much for your comments! Of course you deserve credit for having done so much vital work on this! As for the PDF document of the title history of Obama's house, I made a mistake. When I saw the document, I saved it. But later I couldn't remember where I got it.

So thanks for telling me what I should have kept in mind. And thanks again for taking time to add your comments. They add a lot, and this is a vital issue.

Frankly I would prefer that Obama were thrown out of office because he is ineligible to serve. To me, that's the worst thing he has done. But that probably won't happen, so it's important to establish that Obama has committed a large number of unethical and dishonorable things, far more than the average person, and far more than the average politician.

We don't get away with it so many illegal things, and that's good, people should not get away with doing them. Obama should not get away with them either.

Having a dishonest person as President is dangerous. He has no morality, and with no morality and that much power, there is a risk that he will do immoral things.

If you don't mind I will elevate and edit your comment into a post.

Pro Patria}

Hello,

Popped in to see what you guys were talking about...You mentioned Northern trust mortgage company....If you go to this site you will look for the board of directors..look for michelle obama..the gentleman right underneath her name is william osborn...he arranged their mortgage....

From what i understand...this whole arrangement was a "campaign contribution" from rezko, whom the obama's did some type of favor for. i can find so much more. I think at one point someone pinpointed exactly what the "favor" was.

http://www.thechicagocouncil.org/chicago_council_board_directors.php

I guess this means I can kiss help from the new government goodbye. I'm involved in several lawsuits involving government contracting corruption. The more I dug, the more I found out how connected everyone was. Even the Georgia Senators benefited from the corruption, so nothing was done to help me.

Kickbacks and bribery...government contracting...Congress bailouts and the defendants... all in a days work.

I'm so disgusted with all of them. I was really hoping there would be an end to my cases next year, but apparently, the new administration is just as, if not more, corrupt. Apparently, pork belly and sweetheart deals are the name of the game. Didn't Obama make donations to Freddie Mac.

~~~~~~~~~~~~~~~~~~~~
{From DR -- Dear SharkGirl. Well please don't give up!

I think for Obama and his minions, this is just Illinois business as usual. But Obama is up to his eyeballs in it. Georgia may be better, but it still has serious corruption. The key question is what are we going to do about it?

Severe political corruption existed at least back to 1880. I know that because I've read about Chester Arthur, who served as President at that time. Arthur was probably the only other ineligible President. His dad seems to have been an Irish citizen, not a US citizen. Thus, Arthur probably wasn't "natural born".

Anyway, my main point is that the politics of 1880 were horribly sleazy, with unethical and dishonest conduct going on in plain view.

But with the internet we can dig, and readily share our findings, and hold specific individuals to account for their dishonest behavior. The Internet is what exposed the Monica Lewinsky scandal. Of course, Clinton went on to destroy himself by lying about it.

Pro Patria}

We need to clear this up now not eight years from now. We are being used by Obama and his thugs. I can't believe we are this ease to not stop this now.

With all this information, then can someone PLEASE find out why Michelle Obama was "COURT ORDERED" not to renew her Attorney's License?

Here is the rest of the Michelle Obama issue about her License:
Michelle Obama is on COURT ORDERED INACTIVE STATUS--order said since she has been placed INACTIVE that "no malpractice record required."

WHAT DID SHE DO THAT in 1993 -- AFTER only 4 YEARS -- HER LICENSE to PRACTICE LAW WAS REVIEWED AND PUT ON INACTIVE by a DISCIPLINARY AGENCY?

The house is clearly owned by Obama's attorney, not Obama. What did Obama do for them (or IS he doing for them) in exchange for this deal which details are probably laid out in this complicated land trust thing they worked out. But is there any evidence of a land trust? I wonder if it even exists, because if this is going on, Obama will likely have to flee the country after he accomplishes his goal and will never live in that house again. I wonder if Michelle and the girls know if he's going to take them along or leave them behind.

And guess what folks? Our country along with the U.S. Treasury is in the control of these GOONS and FOREIGN ENTITIES. This has got to be the biggest international scam of all time! I wonder how long it will take Obama to clean out the treasury and bring down the country completely. And don't think for a minute this isn't the plan.

And by the way, does anyone know why Michelle Obama's LAW LICENSE was taken away by ORDER OF A COURT?

Trena posted: From what i understand...this whole arrangement was a "campaign contribution" from rezko, whom the obama's did some type of favor for. i can find so much more. I think at one point someone pinpointed exactly what the "favor" was.
__________

In my opinion the favor was for Barack to gut the U.S. Treasury when he gets elected, and funnel plenty of money to the GOONS and bring down this country completely.

Obama wants us all to lose our houses to his low-life pals, because we have been playing by the rules, but have run into hard times, thanks to the corrupt feds!

He also is going after Swiss bank accounts, now. If he doesn't own his "home", and doesn't pay taxes on same, it's time to let the world know, and see how it feels...

It's interesting that Northern Trust received $1.6 billion from the Obama Stimulus bailout when they don't need it. In fact, they never even asked for it. A wee tip for tight lips?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

{From DR -- Dear Lurker. Thank for this tip. Can you confirm it, or show us where you sourced it?

Pro Patria}

DR,
It was all over the news the other day, because they are the ones who held that "Big" party in Los Angeles or San Francisco and are now being told that they shouldn't have had it, even though they didn't "use bailout money for the party" they still should NOT have had the party. Even reported on by the MSM.... check in on Google and see where you can find a piece about it.

Reply to Dr.: This just in from AP

Northern Trust says it'll repay $1.6B gov't loan
41 minutes ago

http://www.google.com/hostednews/ap/article/ALeqM5ghjJo28JwcyZHWeFpb9OdZWt0MUQD96K7M281

I heard a brief blurb on Fox last night that NT financed Obama's house. I guess they heard it too. lol Looks like NT doesn't want anyone diggin'.

(From article)...But why? And who pays this mortgage? Why would Obama pay a mortgage on a house he doesn’t own? Does he just pay rent, while Rezko’s lawyer pays the mortgage?

Answer is:

Islamic Mortgage - Sharia law of Islam type of Mortgage

Under the Sharia law of Islam, the payment or receipt of riba (interest) is prohibited, and thus a conventional mortgage cannot be utilized by a practicing Muslim.

Obviously this poses a problem, as home prices are far too expensive to buy outright for the typical consumer.

However, this can be solved by having an individual or the bank purchase the property and sell it back to the mortgagee in one of three ways.

The individual or bank will either sell the property at a higher price to the mortgagee under an installment plan, or rent it to the tenant/homeowner, and have the mortgagee pay a contribution towards the equity of the home each month until it is paid off in full.

The second method is also known as “lease to purchase” because the homeowner “rents” the property while paying down principal and gaining equity.

Another option is to create an LLC whereby the finance company and the homebuyer own shares.

Great points Cindy,
I hadn't even thought about the Sharia Law implications of Obama paying for his house and Rezcko and that other attorney owning the house...... makes total sense, though, when you look at it through a Muslim perspective.

regarding the Dec 16, '08 story: "Rezko’s Lawyer Owns Obama’s House". Is there any news to followup on? What appears to be a well researched article, should have filtered back up, don't you think?

Great post! You have a well discussed topic here and everybody has shared their opinions with regards to Obama's house. Some says that that Obama's personally guilty of fraud in his home mortgage which is literally everywhere while some says the President might have paid back Rezco with any favors. There's so many negative notions with his property I just hope he didn't do any of the two speculations mentioned.

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