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Watchdog ponders appeal in Obama-Northern Trust favoritism case

February 26, 2009 |  6:50 am

Barack and Michelle Obama's house in Hyde Park on Chicago's South Side

A grating reminder comes from  our colleague, Andrew Zajac, over at the Swamp that Chicago's Northern Trust Co., which is under heavy criticism for executive party-timing after taking federal bailout money, is the very same institution that loaned Barack and Michelle Obama $1.32 million in 2005 at very favorable rates.

The Obamas used the money to buy their $1.65-million house in Hyde Park on Chicago's South Side, now the Windy City White House.

They got a 5.67% interest rate at a time when Chicago jumbo mortgage rates were 5.93 to 6%.

A conservative watchdog group, Judicial Watch, formally complained to the Federal Election Commission, charging favoritism by the banking institution. The FEC reportedly has dismissed the complaint, but Zajac reports Judicial Watch is considering an appeal. He has more details over here.

-- Andrew Malcolm

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Photo: The Obama house in Chicago. Credit: Associated Press

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