On Wednesday, President Obama touted his real estate record by explaining that he would “probably benefit from refinancing right now. I would save some money.” Obama was giving his perspective on the mortgage market during a question-and-answer with Zillow.com. Obama said he had not refinanced because “when you’re president you have to be a little careful about those transactions.”
According to his latest records, Obama owes somewhere between $500,000 and $1 million on his home, and has a 30-year mortgage at 5.625 percent. He did not mention on his financial records anything about sweetheart deals with convict Tony Rezko, under which the Obama’s paid $300,000 beneath asking price for the home, and bought up a strip of property from Rezko for well below market price. Rezko and his friends gave Obama more than $120,000 during his Senate run.
Ben Shapiro is Editor-At-Large of Breitbart News and author of the New York Times bestseller “Bullies: How the Left’s Culture of Fear and Intimidation Silences America” (Threshold Editions, January 8, 2013).