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Obama Fannie Mae/Freddie Mac Chicago Home Mortgage $903,000 over Legal Limit

December 14, 2008

While researching an article about Obama’s Chicago home about the circumstances surrounding who is the “owner”, I happened across a bit of information: Obama’s home has a Fannie Mae-Freddie Mac mortgage to the tune of $1,320,000. (Page 5 of Cook County Property Assessment Record)

The information comes from the Cook County Clerk’s office where the “owner” of the Obama home is listed as William Miceli, a former supervisor of Obama’s when he worked at the David Law Firm.

What’s unusual about the Obama mortgage is that the upper limits of a Fannie Mae loan on a single family dwelling as of January, 2008, is $417,000 while mortgages in “high cost” areas cannot exceed $729,750.

The Obama’s mortage, through Northern Trust Company, is in the amount of $1,320,000.

For the rest of the story …..

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