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02 Jul 2008 09:42 am
The WaPo And Obama's Mortgage
Nate Silver has a point:
Unless the Washington
Post has access to Obama's FICO score -- and unless it has rented an
apartment to him, it probably doesn't -- it is missing a pretty
important piece of information on what Obama's mortgage rate ought to
have been. What was Obama's FICO score? I don't know, but considering that...
* Obama had just gotten a $2.27 million book deal from Random House -- about $1 million more than the value of the mortgage.
* The Obamas each had exceptionally secure jobs that paid them a combined annual salary of about $500,000 per year.
* The Obamas had just sold their condo, on which they had realized a $137,500 profit.
*
The Obamas were prominent public figures whose political futures
depended in part on maintaining a reputation for responsibility and
trustworthiness.
* The Obamas are known to be relatively thrifty and have no credit card debt but substantial savings.
...I
would think that the Obamas were exceptionally creditworthy. So indeed,
Obama received a "discount" -- the same discount that any borrower in
his position would have received.
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